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Adhesive Films Market growth will be driven by increasing demand from end-use industries such as food & beverages and packages till 2024

Author : Ronak Bora | Published Date : 2019-03-13 

Increasing packaging applications, particularly in food & beverages industry is likely to drive adhesive films market over the forecast period. Frozen food industry has been the predominant consumer over the past few years. These are used to bond paper with the plastics or cardboard providing the desired information. Increase in frozen food demand owing to hectic lifestyle and rise in consumer spending capacity is likely to drive adhesive films market growth.

Increasing consumer electronics demand, particularly in Asia Pacific, is likely to drive adhesive films demand. Major electronic companies are shifting their manufacturing base to countries such as China and India owing to favorable government policies and cheap labor availability. They are primarily used for electronic applications lid sealing, heat sink attach, components and substrates.

Growth in automobile production coupled with vehicle fuel efficiency demand from end-users is likely to drive adhesive films market. Stringent government norms to reduce carbon emissions by reducing vehicle weight are likely drive demand. They are used in automotive application such as bracket attachments, door hinge washers and reinforcement plates. They are also used for automotive electronics applications driven by technological advancements such as GPS, blue tooth, automobile TVs, rear view camera.

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Increasing application scope in medical industry for wound care applications is likely to drive demand for adhesive films & tapes. They are also used in other applications such as defense & aerospace, solar energy and LED lighting.

High cost & complexity in adhesive films production owing to product customization is likely to challenge industry growth as these technologies require additional curing by pressure and heat. Stringent environmental regulations owing to release of VOC material is also likely to hamper growth. Increasing investment in research to develop bioadhesive films for niche applications is likely to provide new avenues for market growth.

Global adhesive films market size was estimated at over 3.1 million tons in 2015. Revenue was estimated at over USD 10 billion in 2015 and is likely to exceed USD 16 billion by 2023, growing at over 5.8%.

Adhesive film tapes accounted for more than 45% of the total demand in 2015, with wide usage as one-sided tapes, double sided tapes & adhesive transfer tapes in several end-use industries such as automotives and electronics. Adhesive film labels market is expected to witness highest growth rate at a CAGR of more than 6% from 2016 to 2023 owing to increasing demand from end-use industries such as food & beverages and packages.

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Acrylic films market dominated demand, by accounting for more than 25% of the total volume in 2014 and is likely witness highest gains over the forecast period. Polyvinyl acetate (PVAc) films were the second largest and accounted for over 20% of the total volume in 2014. PVAs films are likely to grow owing to increasing demand from end-use industries such as footwear, furniture and construction. Polyvinyl butyral (PVB) films are expected to witness moderate gains over the forecast period and are widely preferred in automobile industry to bind windshield glass sheets on vehicles.

Asia Pacific was the largest market in 2014 and is likely to grow owing to increase in demand from large scale end-use industries such as automobiles, electronics and construction. China South Korea and India are likely to witness high growth rates over the forecast period.

The global adhesive films market share is consolidated characterized by top four companies catering to major portion of the demand. The industry participants compete on the basis of prizing & services provided to end-user industries, which signifies a high degree of competition. Major companies operating in this market include Dow Chemical, BASF, Henkel, 3M Company. Other prominent companies include Bostik, Bayer, Gluetex, Gurit, DuPont, Presco and HMT Manufacturing.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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