ADHESIVE FILMS MARKET ANALYSIS

Global adhesive films market is projected to reach around US$ 25.37 Bn by 2030, in terms of revenue, exhibiting a CAGR of 5.8% during the forecast period (2023-2030).

Global Adhesive Films Market: Drivers

Rising Demand for Compact and Lighter Electronic Devices

Increasing demand for compact and lighter electronic devices is expected to drive the global adhesive films market growth. Growing demand for miniaturization of electronic devices such as portable personal computers, tablets, and cell phones are boosting demand for adhesive films. Growing smartphone market is also expected to drive the global adhesive films market growth. Also, increasing sales of electronic devices around the globe is further projected to propel the global adhesive films market growth. For instance, in 2022, global sales of electronic devices reached US$ 3.7 trillion. This represents a growth of 5.2% from 2021.

 Increasing Demand for Medical Films and Tapes

Growing demand for medical films and tapes for wound care is expected to drive the global adhesive films market growth. Growing healthcare industry coupled with increasing investment in the medical industry for improving healthcare facilities is driving the market growth. Increasing accidents and other injuries is creating demand for medical tapes and films.  The market for medical adhesive films is expected to experience a surge in demand due to the prevalence of accidents and injuries. For instance, in 2022, global sales of medical adhesive films reached to US% 7.7 billion. This represents a growth of 6.2% from 2021.

Global Adhesive Films Market: Restraints

Fluctuations in Prices of Raw Materials

The fluctuating price of raw materials used in the production of the adhesive films is expected to hinder the global adhesive films market growth. Epoxy, acrylates, polyolefin, and polyurethanes are some of the key raw materials that are 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.

 Global Adhesive Films Market: Opportunity

Rising Usage of Adhesive Film in Various Sector

The widespread use of adhesive films for reinforcement plates, door hinge washers, and bracket attachments in the automotive industry is expected to drive the market growth. Adhesive films are also used in food and beverage packaging, solar energy, defense and aerospace, LED lighting, and many other industries.

Global Adhesive Films Market: Trends

Increasing Demand for Packaged Food Products

Growing demand for packaged food products due to increasing spending by consumers is expected to drive the market growth. Increasing health and wellness trend is encouraging consumers to spend more on food products. Rising disposable income of the consumers coupled with the busy the lifestyle of the consumers is propelling demand for frozen food products.

Rising Demand from End-use Industries

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 increasing end-use sectors around the globe is further expected to drive the global adhesive films market growth over the forecast period.

Global Adhesive Films Market: Key Developments

In January 2023, BASF SE, is a chemical company,  announced that it had invested in the capacity expansion of polymer dispersions at its production site in Merak, Indonesia.  The expansion will provide enhanced reliability of supply to meet the increasing demand for Acrylics and Styrene-Butadiene Dispersions in the markets of South East Asia, Australia and New Zealand.

In January 2023, H. B Fuller Company, is formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products, announced the launch of Swift melt 1515-I, its first bio-compatible product compliant in IMEA – India, Middle East, and Africa. The product is used for medical tape applications in stick-to-skin under unique climatic conditions such as the high temperatures and humidity in the Indian sub-continent.

In June 2023, Avery Dennison Corporation, is a multinational manufacturer and distributor of pressure-sensitive adhesive materials (such as self-adhesive labels), apparel branding labels and tags, RFID inlays, and specialty medical products, and Emerald Technology Ventures, specializes in clean technology venture capital,  entered into a partnership with the goal of focusing on industrial, green, and novel packaging and material technologies that support the company's strategic innovation and sustainability objectives.

In December 2022, Dow Chemical Company announced the launch of its SILASTIC SA 994X Liquid Silicone Rubber (LSR) series, as the company continues to innovate smarter, safer, and more sustainable technologies for the mobility and transportation industry. SILASTIC SA 994X LSR series is a range of primer less, self-adhesive, general purpose and self-lubricating, one-to-one mix ratio LSRs designed for two-component injection molding with thermoplastic substrates including polybutylene terephthalate and polyamide.

Global Adhesive Films Market: Regional Analysis

Asia Pacific dominated the global adhesive films market due to rising demand for adhesive films from significant end-use industries like the automotive, electronic, and construction industries in the region.

Figure 1. Global Adhesive Films Market Share (%), By Region, 2022

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Regionally, Asia Pacific dominated the global adhesive films market in terms of revenue, in 2022, followed by  North America and Europe, respectively.

Global Adhesive Films Market: Segmentation

Global adhesive film market is segmented into film material type, product type, application, and end use, and region.

On the basis of film material type, the market is segmented into acrylic, PVAc, polyurethane, PVB, epoxy and others.

On the basis of product type the market is segmented into: pressure sensitive, hot-melt, light-cured, and others.

On the basis of application, the market is segmented into tapes, labels, graphics and others.

On the basis of end use, the market is segmented into packaging, automotive, medical, electronics, others (building and construction).

Figure 2. Global Adhesive Films Market Share (%), By Application, 2022

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On the basis of application, in 2022, the tapes segment accounted for the largest market share of 42% in terms of value, followed by the labels and graphics.

Global Adhesive Films Market: Impact of Coronavirus (COVID-19) Pandemic

 The worldwide adhesive films market experienced a significant surge in demand from the electronic commerce and food & beverages sectors within the packaging adhesive film portfolio due to the coronavirus pandemic. The medical devices, equipment and antimicrobial products associated with the pandemic posed a significant demand for adhesive films among healthcare providers, which bodes well for the 2022-2030 adhesive films forecast. However, the automotive industry is expected to experience a decrease due to the effects of the pandemic on its automotive supply chains.

Global Adhesive Films Market: Key Companies

Key companies operating in global adhesive films market are BASF SE, 3M, 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.

*Definition:  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.