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 various materials such as polyvinyl chloride, polyvinyl acetate, polyethylene, and polyvinyl butyrl.
The global adhesive films market is projected to surpass US$ 25030.6 million by the end of 2030, in terms of revenue, growing at a CAGR of 5.67% during the forecast period (2023 to 2030).
Regional Insights
With the growing demand from various sectors such as packaging, automotive, electrical and electronics, and construction, the adhesive films market is expected to witness an increased growth over the forecast period. The increasing urban population is a significant factor driving the demand for products such as drugs, drinks, FMCGs, and other consumer products.
The Asia Pacific region is the emerging market for the product. The growth in production operations in the Asia Pacific region will further boost the demand for adhesive films packaging. However, it is anticipated that strict public regulations in the chemical industry may hamper the industry growth in the forecast period. Further, fluctuation in the prices of raw materials could have an adverse effect on the manufacturing costs of adhesive films.
Fig 1- Global Adhesive Films Market, Revenue Share (%), By Applications, in 2022
Drivers
Increasing demand for compact and lighter electronic devices
Increasing demand for compact and lighter electronic devices is driving the adhesive films and tapes market growth. Growing demand for the miniaturization of electronic devices such as portable personal computers, tablets, and cell phones are creating demand for adhesive films. Robust growth in the smartphone market is also expected to foster the adhesive films market growth. Also, an increase in the sales of electronic devices around the globe is further projected to propel the adhesive films market growth.
Growing demand for medical films and tapes for wound care is predominantly fueling the adhesive films market growth. A rise in the healthcare industry coupled with increasing investment in the medical industry for improving healthcare facilities is propelling the market growth. Increasing accidents and other injuries is creating demand for medical tapes and films. Thus, growth in medical-grade adhesive films and tapes due to increasing accidents and injuries is expected to foster the market growth of medical films and tapes.
Market Restraints
The fluctuating price of raw materials used in the production of the adhesive films is expected to hinder the adhesive films market growth. 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 their demand. This factor is expected to hamper the market growth.
| Report Coverage | Details | ||
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| Base Year: | 2022 | Market Size in 2022: | US$ 16101.22 Mn |
| Historical Data for: | 2017-2021 | Estimated Year: | 2023 |
| Forecast Period 2023 to 2030 CAGR: | 5.67 % | Forecast Period: | 2023-2030 |
| 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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Market Trends
Growing demand for packaged food products
Growing demand for packaged food products due to increasing spending by consumers is expected to bolster the market growth. Increasing health and wellness trend is encouraging consumers to spend more on food products. An increase in the disposable income of the consumers coupled with the busy the lifestyle of the consumers is 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, the increasing urban population and rise in the end-use sectors around the globe is further expected to augment the adhesive films market growth over the forecast period.
Fig 2- Global Adhesive Films Market, Revenue Share (%), By Applications, in 2022
Key Takeaways of the Graph:
Global Adhesive Films Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic had a substantial impact on the adhesive films market, with strong demand from the e-commerce and food & beverage sectors in the packaging adhesives portfolio. Medical devices, equipment, and products such as virucides and antimicrobials have seen an increase in demand from healthcare providers, signal well for the adhesive films market forecast from 2023 to 2030. However, as a result of the impact on automotive supply chains, the transportation industry is likely to suffer a decline.
Recent Developments
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.
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:
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