Polishing/Lapping Film Market Size, Share, Trends, Growth 2030

Polishing/Lapping Film Industry Prospective:

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.

The report analyzes the global polishing/lapping film market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the polishing/lapping film industry.

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Polishing/Lapping Film Market: Overview

Polishing refers to the process of creating a shiny and smooth surface using some form of chemical treatment or with the help of a polishing film. At the end of the process, the polished surface should be clean but also leave a significant regular reflection or specular reflection. In most cases, the polishing film is preferred in such processes. It is a micro-abrasive substance that is embedded with micron-graded grains slurry with an out coating of 75 micrometers (µm) / 3 mil film with high precision.

Polishing films can create finishing that is highly accurate along with features like durability and flexibility. Lapping is the process of rubbing two separate surfaces together with an abrasive substance between them. It involves the use of machines or may also be done by hand. Lapping films are polyester base sheets consisting of a coating with minutely graded minerals like aluminum oxide or diamond, which are highly preferred to polish knife edges. They are generally mounted on sheets with multiple strips, 10 in most cases, with every strip coming along with an adhesive back to help quick change-outs.

Key Insights

• As per the analysis shared by our research analyst, the global polishing/lapping film market is estimated to grow annually at a CAGR of around 5.15% over the forecast period (2023-2030).
• In terms of revenue, the global polishing/lapping film meat market size was valued at around USD 365 million in 2022 and is projected to reach USD 545 million, by 2030.
• The global polishing/lapping film industry is deemed to develop owing to the high demand for products in the electronics sector, one of the fastest-growing industries across the globe.
• Based on product material type segmentation, shrink film was predicted to show maximum market share in the year 2022
• Based on application segmentation, packaging film was the leading revenue-generating application in 2022.
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Covid-19 Impact

The global market cap was severely affected during the pandemic as a result of problems faced by manufacturing units to procure raw materials as well as in running the units themselves since all non-essential sectors faced temporary closure during the initial phase of 2020. However, with time the global market growth trend picked up momentum once the units were allowed for partial or complete operations

Polishing/Lapping Film Market: Growth Drivers

Rising demand for polishing/lapping film in the electronics industry to propel market growth

The global polishing/lapping film market is projected to grow owing to the high demand for products in the electronics sector, one of the fastest-growing industries across the globe. High-grade polishing or lapping films are used to create smooth surfaces out of the most rigid material that is widely in the electronics sector, for instance, ceramics, exotic composites & alloys, carbide, and others. The recent advancements in these films allow producers to achieve their target finishes in limited passes, which was missing in the more traditional or unadvanced polishing/lapping films. This helps end-users to increase overall production without having to invest in new machines or by adding shifts. The films created by 3M, an American multinational conglomerate, are claimed to be 50% faster than other methods of abrasion.

Polishing/Lapping Film Market: Restraints

High turnaround time of films to restrict the market growth

The use of polishing/lapping films requires highly skilled hands and the use of these films results in increasing the time talent to conduct the entire polishing process. This is owing to the number of times that the process has to be stopped and supervised to check if the target layer has been impacted or not, and it is important to protect it from any damage. The traditional ways like honing stones, slurries, and others are even more sluggish thus restricting the global market size growth

Polishing/Lapping Film Market: Opportunities

New film-backed techniques for abrasion to provide expansion opportunities

The global polishing/lapping film market cap is expected to benefit from the advancement incorporated in the new versions of film-backed abrasive techniques that provide excellent uniformity along the line of predictable finish tolerances. All of this can be achieved in less time and with reduced effort. The global market players are working toward more development in the processes involving polishing/lapping films and finding solutions for problems that cause longer turn-around times. The versatility of these films may also contribute to further growth.

Polishing/Lapping Film Market: Challenges

The outcome dependency on the skills of personnel to challenge market growth

The polishing/lapping film industry size expansion is projected to be challenged by the high dependency of the final polished outcome on the skills of the people involved in the process. Since the use of products requires high attention to detail coupled with the longer time it takes to deliver accurate output, not every person may be equipped to conduct such activity. The final output is more or less entirely dependent on human judgment, which may sometimes get affected due to external factors that cannot be controlled, failing to achieve optimum results.

Polishing/Lapping Film Market: Segmentation

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

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

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.

Recent Developments:

• In June 2021, Red Wolf Technology, a United States-based company announced the launch of technology for smart scratch removal with the help of Primo Polishing System ™. The product, thus named, is currently pending patent but it is expected to help mobile repair shops in polishing and removing some of the common scratches from the screen of mobile phones. The technology is being termed as one-of-its-kind and revolutionary in terms of managing scratches, which are the most common form of phone damage.
• In October 2019, the European Division of Engis Corporation, Engis UK, an engineering consultant, collaborated with ball valve manufacturers to create a new lapping gel specifically designed for applications in severe service ball valve lapping like petrochemical refining and oil & gas production.

Polishing/Lapping Film Market: Report Scope:

Polishing/Lapping Film Market: Regional Analysis

Asia-Pacific to generate the highest revenue

The global polishing/lapping film market is projected to be dominated by Asia-Pacific during the projection period owing to the growing economies like China, India, Japan, Korea, and Taiwan that have become favorable regions for foreign investments which are also coupled with the growing efforts of the governments for internal development. China currently is the most favored country for setting up manufacturing units which is driven by the immense availability of workforce as well the quality of the services provided.

As per other official reports, India is also emerging as a lucrative market to set up units for large-scale production and this can be observed from the number of international players entering the Indian and Chinese markets. In the fiscal year 2020, 17.4% of India’s gross domestic product (GDP) was from the manufacturing sector which is expected to grow further owing to the vision of the Indian government toward manufacturing as many products as possible domestically thus reducing reliance on import of goods.

Polishing/Lapping Film Market: Competitive Analysis

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