Global Polishing/Lapping Film Market Growth and Is Predicted Grow to Around USD 545 Million By 2030

The Global Polishing/Lapping Film Market Is Predicted to Grow by Around USD 545 Million By 2030

The global polishing/lapping film market size was worth around USD 365 Million in 2022 and is predicted to grow to around USD 545 Million by 2030 with a compound annual growth rate (CAGR) of roughly 5.15% between 2023 and 2030.

Polishing/Lapping film is polyester-based in the form of sheet powder with a coating of minerals like silicon oxide, aluminum oxide, silicon carbon, and others. The key characteristic of these minerals is that they are graded with high precision. They are most widely used in polishing or processing optical fiber connectors which are used to join transparent fiber that is made from plastic of silica with a thickness slightly higher than human hair, optical fiber. Polishing and lapping films are used extensively to polish products requiring close tolerances or micro finishing.

The attributes like the ability to chatter and traverse market eradication, grades changing within a minute, and the absolute precise outcome offered when done correctly, resulting in lesser rework or rejection are why the product is anticipated to be high in demand in the coming years. It is one of the products that can deliver fine finishes and high-grade durability without investing many monetary resources

Covid-19 resulted in the global polishing/lapping film market cap witnessing a downward trend, at least in 2020. Since these products are manufactured at large factories that were left non-operational during the lockdown, and post lockdown they could function only with limited resources. Issues concerning the supply chain also added to the decline in revenues since India and China, two of the leading regions supplying the products, were severely impacted by the pandemic.

The global polishing/lapping film market is anticipated to grow owing to the high demand for the product during the production of optical fiber connectors that are used extensively in the electronics industry. The sector is projected to grow as long as the demand from consumers grows, and with the growing population and disposable income, the market is expected to flourish in the coming years. As per statistics by Oberlo, in 2020, the revenue in the global consumer electronic market was around USD 626.5 billion, and it may reach up to USD 769.8 billion by 2023.

The polishing/lapping film industry size may also benefit from the rising demand for polyester-based and aluminum oxide films since they offer precise finishing even on extremely hard surfaces coupled with the rising applications of diamond films. The rare solid element is extremely hard to polish and requires special and concerted efforts. As the market for diamonds grows, so will the demand for the corresponding polishing films. As of 2019, the global diamond market was valued at USD 89 billion and is projected to grow by a CAGR of 2.9% by 2030.

The high turnaround time of films may restrict the polishing/lapping film industry growth while new film-backed techniques for abrasion are anticipated to allow more expansion opportunities. However, the main challenge in the global market is the outcome dependency on the skills of personnel.

The global polishing/lapping film market is segmented based on material type, application, and region

Based on material type, shrink film, adhesive film, metalized film, and stretch film are the global market divisions. Shrink film dominates the global market share, where stretch and shrink films combined are expected to generate a revenue of USD 25.657 billion by 2030.

Based on application, the global market segments are food film, medicine film, cling film, and packaging film which also leads the segmental growth. The packaging films market is currently valued at USD 144.76 billion

Asia-Pacific is projected to witness surging growth in the global polishing/lapping film market as it is currently the dominating region in terms of manufacturing these products as well as the striving diamond industry which is projected to be recovering in the coming years. The world's biggest diamond exchange “Bharat Diamond Bourse” is located in India. As per a 2022 report by Daxueconsulting China ranked second in the list of top diamond-producing countries, with the players in the region producing around half of the globe’s lab-created diamonds. Around 80% of buyers in China are young people while the same number in the United States was 40%, as per a recent report.

The electronics sector in Taiwan and Japan is anticipated to propel regional growth. In 2019, the high demand for personal computers resulted in Taiwanese integrated circuits generating a revenue of USD 22.35 billion. The high number was a result of design development along with intellectual property. North America may grow due to the various strategic initiatives taken by market players to expand their global footprint, for instance collaborating with relatively smaller units to aid new developments in polishing or lapping films

This review is based on a report by Zion Market Research, titled “Polishing/Lapping Film Market By Application (Food Film, Medicine Film, Cling Film, and Packaging Film), By Material Type (Shrink Film, Adhesive Film, Metallized Film, and Stretch Film), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/polishing-lapping-film-market

Recent Developments:

• In February 2021, 3M Health Care announced the launch of 3M ™ Polisher™ ST, which is an advanced and one-time-use anion exchange (AEX) solution. The product will replace reusable anion exchange polishing columns used in the manufacturing of biologic drugs. It improves biopharma manufacturing by lowering the number of steps involved in the process.
• In May 2021, Satisloh launched two new polishers called Multi-FLEX-2 and Multi-FLEX-2E for advanced lens production.

The global polishing/lapping film market is dominated by players like:

• 3M Electronics
• Futamura Chemical Co.
• Henan Union Abrasives Corp.
• Haining Fusen Tape Co. Ltd.
• Nantong Huaao Plastic Co. Ltd.
• Precision Fiber Products Inc.
• Lee Valley Tools
• Kemet International Ltd.
• Company 10
• Fiber Instruments Sales Inc.

The global polishing/lapping film market is segmented as follows:

By Application

• Food Film
• Medicine Film
• Cling Film
• Packaging Film

By Material Type

• Shrink Film
• Adhesive Film
• Metallized Film
• Stretch Film

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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