Global adhesive films market was valued at US$ 16.1 Bn in 2022, exhibiting a CAGR of 5.8% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 25.37 Bn by 2030.
Global Adhesive Films Market, By Film Material Type (Acrylic, PVAc, Polyurethane, PVB, Epoxy, and others), By Product Type (Pressure Sensitive, Hot-melt, Light-cured, and Others), By Application (Tapes, Labels, Graphics, and Others) By End Use (Packaging, Automotive, Medical, Electronics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) as published by Coherent Market Insights.
Global Adhesive Films Market- Driver
Growing Use of Adhesive Films in Automotive Industry
The global adhesive films market is expected to experience a surge in the coming years due to the increasing utilization of plastics and composite materials in automotive production. Automotive manufacturers are increasingly striving to create lightweight vehicles to improve fuel efficiency, and adhesive films are being increasingly utilized in the manufacturing process of heavy trucks and sports cars to replace mechanical joining processes. Methacrylates have an exceptional bonding capacity with metal, which is why they are commonly used in external applications. Their popularity is also increasing due to their ability to distribute pressure and stress load more effectively than mechanical fasteners such as rivets.
Global Adhesive Films Market- Opportunities
Rising Use of Adhesive Films in Various Sectors
Global adhesive films market is expected to witness increased growth due to t rising demand from numerous industries including construction, automotive, electrical and electronic, and packaging. Increasing demand for goods like drugs, beverages, FMCGs, and other consumer goods due to growing urban population is expected to offer growth opportunities.
Market players are constantly engaged in mergers, acquisitions, and product launches to gain competitive advantage over other players. For instance, in April 2021, 3M, a manufacturer and distributor of industrial products and solutions, launched a new product to tits adhesive range named the 2484 3M Single Coated Medical Film Tape with Hi-Tack Silicone Adhesive on Liner.
Global Adhesive Films Market- Restraints
Fluctuations in Cost of Raw Materials
Fluctuating prices of raw materials that are used in the production of adhesive films is expected to hamper the market growth. Restriction to use volatile organic compounds (VOCs) and associated emissions is expected to hamper the market growth along with related government regulations. Market growth is hampered by high manufacturing costs, production complexity, and customized production.
Negative Health Effects of Adhesive Film Raw Materials
Adhesive film manufacturing chemicals have been found to have adverse health consequences. If the chemical comes into contact with the skin or evaporates, it can cause the release of a vapour or mist into the air, which can be detrimental to health. The primary adverse effects of prolonged exposure to adhesive film chemicals are asthma, skin allergy, and nasal, skin, eye, and throat irritation, which is expected to impede the growth of the adhesive film market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/adhesive-films-market-4649
Key Takeaways:
On the basis of region, Asia Pacific is expected to grow at the fastest rate during the forecast period of global adhesive film market.
On the basis of application, tapes segment dominated the global adhesive films market with around 42% of market share in terms of revenue in 2022, followed by labels.
Global Adhesive Films Market- Trends
Increasing Use of Self-Adhesive Labels in the Packaging Industry
The growing trend of using self-adhesive labels in the packaging industry is expected to drive the market growth of the adhesive films. Increasing urban population coupled with rising demand for pharmaceutical supplies is expected to drive the market growth. Growing e-commerce industry around the globe is another major factor driving the market growth of the adhesive films. Growing popularity of labels and graphic films in electrical & electronics applications is further projected to drive the market growth.
Global Adhesive Films Market - Impact of Coronavirus (COVID-19) Pandemic
The spread of COVID-19 infection has drastically affected a wide range of industries around the globe. The pandemic has hugely impacted the distribution of raw materials for adhesives due to travel restrictions and social distancing policy. Implementation of policies has completely transformed how adhesives films business cater to their customers. Thus, the adhesives companies faced major challenges on various fronts owing to the COVID-19 pandemic.
