Plastics Dielectric Films Market - Forecast(2024 - 2030)
Plastics Dielectric Films Market Overview
Plastic Dielectric Films Market size is
forecast to reach $1.39 billion by 2026, after growing at a CAGR of 3.6% during
2021-2026 with wide usage in geothermal
and tidal energy sources for power generation. The plastic dielectric film offers high stability, long shelf life, low
equivalent series resistance, low self-inductance, and a high ability to absorb
power surges. These films are derived from heavy byproducts of petroleum such
as ethylene glycol and terephthalic acid. Plastic film delivers high
reliability under extreme environmental conditions compared to other dielectric
materials. Plastic film devices have lower equivalent series resistance and
dissipation factor. Hence, the adoption of polyethylene terephthalate films is
increasing in various electronic gadgets such as cell phones, TVs, microwaves,
and tablets, which is expected to grow the plastic dielectric films industry.
The COVID-19 pandemic has
been posing a measurable impact on the global economy and, in turn, on the
plastic dielectric films market. COVID-19 has caused a lot of impact on plastic
dielectric film production, demand, and supply chain. Due to the COVID
pandemic, the production of consumer goods was stopped which in turn affected the plastics dielectric films market.
Plastics Dielectric Films Market Report
Coverage
The report: “Plastics Dielectric Films Market – Forecast (2021-2026)”, by IndustryARC,
covers an in-depth analysis of the following segments of the Plastics
Dielectric Films Industry.
By Product: Polypropylene (PP), Polyester (PE), Polycarbonate (PC), Polystyrene (PS), Polytetrafluoroethylene
(PTFE), Polyethylene Naphthalate (PEN), Polyphenylene Sulphide (
By
Application: Electrical & Electronics (LEDs, Smartphones,
Computers, LCDs, Microwave Devices, Others), Automotive (Passenger Vehicles,
Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), Aerospace
(Commercial, Military, Others), Wind & Solar Energy System, and others
By Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest
of Europe), Asia Pacific (China, Japan, India, South Korea, ANZ, Indonesia,
Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina,
Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).
Key Takeaways
- Asia-Pacific dominates the plastics dielectric films market owing to increasing demand from consumer electronic products such as smartphones, tablets, LCDs, and other electronic gadgets.
- Increasing adoption from electrical &
electronics, renewable sector, and automotive for recyclable polyethylene
terephthalate plastic film will be increasing the market for plastics
dielectric films soon.
- Ethylene glycol and terephthalic acid are key raw materials, which are derived from crude oil, used in the production of the plastic dielectric film market. So the fluctuation of crude oil may hamper the market growth.
Figure: APAC Plastics Dielectric Films Market Revenue, 2021-2026 (US$ Billion)
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Plastics Dielectric Films Market Segment Analysis – By Product
Polyethylene
terephthalate (PET) plastic film is expected to
lead the plastics dielectric films market by product segment in 2020 due to various
properties such as extreme durability, dimensional stability, excellent
chemical resistance, and abrasion resistance. PET plastic
film is a fully recyclable product that can be converted into fibers, fabrics, and
sheets for the manufacturing of automotive parts. In addition, polyethylene
terephthalate is widely used in the electrical & electronics industry with
excellent electrical insulating properties, high structural and dimensional
stability. Hence, the properties of PET is
highly suitable for high voltage alternate current (AC) and direct current (DC)
system. Thus, all factors are increasing the usage of PET as plastics
dielectric films.
Plastics Dielectric Films Market Segment Analysis – By Application
Electrical &
electronics segment dominated the plastics dielectric films market in 2020 and
is growing at a CAGR of 3.8% during 2021-2026. Plastics dielectric films offer high stability, long shelf life, and a high ability to absorb power
surges. These are extensively used in electrical applications, such as
telecommunication, power transmissions wire & cable, and other display
technologies including LCD, LEDs, and OLEDs. Plastic films are frequently used to
provide electrical insulation in various applications including aerospace
electrical design, printed circuit boards, capacitors, radiofrequency and
microwave circuits, electrical wiring, high voltage equipment, and so on. It is frequently used for insulation of electric wiring in computer
applications, which will be propelling the demand for plastic dielectric films.
Plastics Dielectric Films Market Segment Analysis - By Geography
Asia Pacific dominated the plastics dielectric films market with a share of 30% in 2020 owing to an increase in demand for energy due to the rise in industrialization and digitalization in developing countries such as China, and India. The demand for plastics dielectric films rapidly increases from various end-use industries such as electronics, automobile, and renewable sectors in the region. Apart from this, China dominates the market with a rapidly growing renewable power generation sector. Most of the electricity in China comes from coal, which accounted for 65% of the electricity generation mix in 2019. As of 2020, China installed solar power with a capacity of 240GW and wind power with a capacity of 240 GW. Also, the rapidly growing electronics industry, mainly in Southeast Asian countries such as Vietnam, and Malaysia is driving the regional market growth of plastic dielectric films. According to the International Trade Center (ITC), in Malaysia, the LED TVs exportation increased by US$ 5.3 million in 2020 as compared to US$ 4.05 million in 2019. Additionally, in Vietnam, TV exportation increased from US$ 56.3 million in 2019 to US$ 69.6 million in 2020. Hence, such factors are growing demand for plastics dielectric films during the projected era.
Plastics Dielectric Films Market Drivers
Increasing Demand from Electrical & Electronics Sector
Plastics dielectric films are widely used in consumer electronic products such as LCD, TVs, PCs, printers, and media tablets, as these are lightweight, small in size, and cost-efficient. Polycarbonate materials are widely used in smartphones due to their high impact resistance, good temperature resistance, and flexibility. Plastic dielectric films are providing excellent dielectric properties such as low shrinkage and thermal stability, thus it is widely used in display technologies such as LCDs, smartphones, and LEDs. According to the India Brand Equity Foundation (IBEF), smartphone users are expected to reach 780 million in 2021, thus the Indian Government set a target to produce smartphones around US$ 190 billion by 2025. Hence, such factors are increasing the market size.
Increasing Consumption in Renewable Energy Sector
Plastic dielectric films are
widely used in renewable energy systems, such
as solar, wind, geothermal, and tidal energy, as they possess
properties such as refractory operating temperature and compact size. Plastic
dielectric films have the highest power density because of their ultra-fast
charge and discharge capability. Hence, due to various
properties, the consumption of plastic dielectric films in solar systems is
continuously increasing. According to the India Brand Equity Foundation (IBEF),
India is expected to invest worth US$ 500 billion in the renewable energy
sector by 2028. In addition, according to the International Energy Agency
(IEA), the global solar photovoltaics development is forecast to reach
162 GW by 2022. Hence, such factors are is estimated to grow the market size.
Plastics Dielectric Films Market Challenges
Volatile Raw Material Prices
Plastics are derived from natural, organic materials such
as cellulose, coal and natural gas, salt, and crude oil.
Most polymers are obtained from crude oil often found deep
within the earth's crust. It is accessed by drilling, which can be a costly and
messy process. Plastic polymer, ethylene glycol, terephthalic acid are basic
raw materials for the production of plastic dielectric films, which are also
derived from crude oil. According
to BP static, Oil prices declined US$64.21/bbl in 2019 as compared with
US$71.31/bbl in 2018. Hence, the fluctuation of crude oil prices and the costly process may
hamper the production of plastics dielectric films.
Plastics Dielectric Films Market Landscape
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Plastics Dielectric
Films market. Major players in the Plastics Dielectric Films Market are Treofan Group, Toray Plastics (America) Inc., Bollore
Group, Steiner GmbH & CO. KG, DuPont Teijin Films, Mitsui Chemicals, Inc.,
Kopafilm Elektrofolien GmbH, Tervakoski Films Group, Birkelbach
Kondensatortechnik GmbH, Shin-etsu Film Company Limited, Sungmoon Electronics
Co. Ltd., Wenling Wanbao Capacitor Factory (Taizhou Yongji Electronics Co.,
Ltd.), PPI Adhesive Products (C.E.) S.r.o., Tricor Packaging, Arcwise
Packaging, Inc., and others.
Acquisitions/Technology Launches
- In July 2020, KEMET, a leading supplier of electronic components, launched three series of PP capacitor films: C44U-M, C44P-R, and R75H. The products were primarily designed for high power conversion system applications across industrial, green energy, and energy storage systems.
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