Adhesive films are films, tapes, and sheets that are coated with adhesives. These films are used to create a bond between two surfaces and are also easy to use. Construction, aerospace, electronics, handheld computing, and automotive are some of the key applications of adhesive films. Adhesive films are produced from different materials such as polyvinyl chloride, polyvinyl acetate, polyethylene, and polyvinyl butyral.
The global adhesive films market is projected to surpass US$ 22,945.3 million by the end of 2028, in terms of revenue, growing at CAGR of 6.0% during the forecast period (2021 to 2028).
Drivers
Increasing demand for compact and lighter electronic devices is driving the market growth of adhesive films and tapes. Growing demand for miniaturization of electronic devices such as portable personal computers, tablets, cell phones are creating demand for adhesive films. Robust growth in the smartphone market is again expected to foster the market growth of the adhesive films. Also, an increase in the sale of electronic devices around the globe is further projected to propel the market growth of the adhesive films.
The growing demand for medical films and tapes for wound-care is predominantly fueling the market growth of the adhesive films. The rise in the healthcare industry coupled with the increasing investment in the medical industry for improving healthcare facilities is again propelling the market growth. Increase in accidents and other injuries is creating demand for medical tapes and films. Thus growth in the medical-grade adhesive films and tapes due to increasing accidents and injuries is expected to foster the market growth of medical films and tapes.
Asia Pacific held dominant position in the global Adhesive films market in 2020, accounting for 35.77% share in terms of volume, followed by North America and Europe, respectively. As a result of rising construction, and aerospace industry, as well as product innovation.
Figure 1. Global Adhesive Films Market, Revenue Share (%), By Region, 2020
Market Restraints
The fluctuating price of the raw material used in the production of the adhesive films is expected to hinder the market growth of the adhesive films. Epoxy, acrylates, polyolefin, and polyurethanes are some of the key raw materials used in the production of adhesive films and all these products are petroleum derived feedstock which is highly susceptible to price volatility.
High manufacturing costs and complexities associated with the production of adhesives films are expected to limit the demand for the product. This factor is expected to hamper the market growth.
Market Opportunities
Growing research and development activities by the key manufacturer for developing innovative adhesives films with reduced production cost is expected to serve major opportunities. Rising demand for high-performance and cost-effective adhesives films is again expected to foster market growth. Moreover, the rise in the various manufacturing industries across developing regions is further expected to provide immense opportunities in the adhesive films over the forecast timeframe.
Increasing demand for hot melt adhesive films especially from the construction industry is expected to offer lucrative opportunities. Hot melt adhesive films offer high bonding strength and are easy to apply. Increasing population is creating demand for commercial as well as residential infrastructure which is again driving demand for adhesive films. Also, growth in the frozen food industry which is fueling demand for packaging applications. This, in turn, is propelling the market growth of the adhesive films.
| Report Coverage | Details | ||
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| Base Year: | 2020 | Market Size in 2020: | US$ 14,447.5 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 6.0% | 2028 Value Projection: | US$ 22,945.3 Mn |
| Geographies covered: |
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| Companies covered: |
BASF SE, 3M Company, Ashland Inc., H.B. Fuller Company, Henkel AG & Company KGaA, Avery Dennison Corporation, Adhesives Research Inc., The Dow Chemical Company, Eastman Chemical Company, Bostik S.A., Huntsman International LLC, and Kuraray Company Ltd. |
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Figure 2. Global Adhesive Films Market – Opportunity Analysis
Market Trends
The growing demand for packaged food products due to increasing spending by consumers on food products is expected to bolster market growth. Increasing health and wellness trend is encouraging consumers to spend on the food products. Increase in the disposable income of the consumers coupled with the busy the lifestyle of the consumers is again propelling demand for frozen food products. Thus, the growing demand for packaged food products is expected to propel the market growth of adhesive films.
Polypropylene material is gaining traction in the market as it is more versatile and cost-effective plastic than other plastics. Moreover, polypropylene is highly resistant to a wide range of acids and solvents solutions. It is majorly used in the food packaging and multi-purpose packaging applications. Moreover, increasing urban population and rise in the end-user sectors around the globe is further expected to augment the market growth of the adhesive films over the forecast period.
Figure 3. Global Adhesive Films Market, Revenue Share (%), By Applications, in 2020
Key Takeaways of the Graph:
Global Adhesive Films Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 pandemic has had a substantial positive impact on the adhesive films market, with strong demand expected from the e-commerce and food & beverage sectors in the packaging adhesives portfolio. Medical devices, equipment, and products like virucides and antimicrobials have seen an increase in demand from healthcare providers, signal well for the adhesive films market forecast from 2021 to 2028. However, as a result of the impact on automotive supply chains, the transportation industry is likely to suffer a decline.
Competitive Section
Key players are operating in the global adhesive films market are BASF SE, 3M Company, Ashland Inc., H.B. Fuller Company, Henkel AG & Company KGaA, Avery Dennison Corporation, Adhesives Research Inc., The Dow Chemical Company, Eastman Chemical Company, Bostik S.A., Huntsman International LLC, and Kuraray Company Ltd.
Few Recent Developments
Adhesive films are thin sheets of high-performance industrial adhesive backed by a rigid backing. While adhesives are used for a broad range of applications, including fastening, assembling, sealing, and fastening together a variety of materials, the most common application is in bonding fabrics and coatings. Despite their relatively low thickness, they provide a very good level of sealing performance comparable to rivets, screws, bolts, and other fasteners for most applications. They can also be used as a binder, meaning that they can bond two or more materials together in order to form a more complex joint. The backing polyurethane which is typically used in this type of joint also adds strength to the bond.
Market Dynamics
Increasing launch of new product by key players is expected to propel growth of the adhesive films market over the forecast period. For instance, in August 2021, Cosmo Films has launched new film products for the label and flexible packaging industry. The new range of films include BOPP face stocks, water-based and UV flexo-compatible film, direct thermal film, and synthetic paper.
High manufacturing cost is expected to limit growth of the adhesive films market over the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
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