VALLEY COTTAGE, N.Y.--(BUSINESS WIRE)--Leading functional films manufacturers, such as 3M, Toray Industries, Nagase & Co., Ltd., Eastman Chemical Company, Tatsuta Electric Wire and Cable Co., Ltd. are focusing on product innovation through research and development (R&D) and supply chain stability, according to a new report by Future Market Insights.
The report titled, “Functional Films Market: Global Industry Analysis and Opportunity Assessment 2015-2020”, estimates the functional films market to expand at a compound annual growth rate (CAGR) of 4.9% during the period 2015-2020, and reach a valuation of US$ 27.32 Bn.
Minnesota-based 3M is investing heavily in R&D to maintain a steady flow of new products. The company invested US$ 1.8 Bn in R&D in 2014. North America is the largest market for 3M, accounting for nearly 36.8% of the revenue of the company in 2014.
Tokyo-based Toray Industries, Inc. offers a range of products in the functional films segment, including polyamide films and battery-separator films for lithium-ion batteries. The company is targeting consolidated net sales of US$ 28.5 Bn by 2020 and plans to expand its global operations through expansion.
Nagase & Co., Ltd., another Tokyo-based company, is a well-known player in the advanced material and processing segment. Through its ‘Change-S2014' plan, the company aims to strengthen its manufacturing base and accelerate global expansion.
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Advanced materials account for nearly 25% of revenue of Tennessee-based Eastman Chemical Company. Companies acquired by Eastman Chemical Company include Taminco Corporation, BP Global Aviatio Turbine Oil Business, Commonwealth Laminating & Coating, Inc. and Knowlton Technologies, LLC.
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Tatsuta Electric Wire and Cable Co., Ltd. is focusing on research and development (R&D) to keep pace with future trends, especially in the smartphone and ultrabook market.
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