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Plastic Dielectric Films Market Size Forecast to Reach $1.39 Billion by 2026

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Plastic Dielectric Films Market Size Forecast to Reach $1.39 Billion by 2026

October 29
20:34 2021
Plastic Dielectric Films Market Size Forecast to Reach $1.39 Billion by 2026
Plastic Dielectric Films Market
Increasing Consumption in Renewable Energy Sector Driving the Growth of Plastics Dielectric Films Market.

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 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.

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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.

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. 

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Related Reports:

A. Plastic Films Market

https://www.industryarc.com/Report/19317/plastic-films-market.html

B. Polyethylene Films Market

https://www.industryarc.com/Research/Polyethylene-Films-Market-Research-501659

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

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