Saurashtra News

Adhesive Film Market Forecast to Reach US$22.3 Billion by 2027

 Breaking News
  • No posts were found

Adhesive Film Market Forecast to Reach US$22.3 Billion by 2027

May 04
12:21 2022
Adhesive Film Market Forecast to Reach US$22.3 Billion by 2027
Adhesive Film Market | IndustryARC
The Demand for Consumer Electronics Globally Is Increasing and This Will Drive the Growth of the Adhesive Film Market in the Forecast Period.

The Adhesive Film Market size is forecast to reach US$22.3 billion by 2027 after growing at a CAGR of 5.5% during 2022-2027. Adhesive films such as tapes and protective films are extensively used in the automotive industry for attaching and protecting various auto components. The automotive industry globally is booming with the increase in production and sales of vehicles and this will drive the market’s growth in the forecast period. For instance, as per the August 2020 data by the China Association of Automobile Manufacturers, the Chinese passenger vehicle segment is expected to reach 30 million units by 2029 which was 21.44 million units in 2019. Furthermore, adhesive films find their high usage in consumer electronics for superior bonding performance. The demand for consumer electronics globally is increasing and this will drive the growth of the market in the forecast period. For instance, as per the July 2021 statistics by China.org.cn, consumer electronics exports witnessed a growth trajectory for 12 months in a row. In technology, hot melt adhesives projected will witness the highest demand in the forecast period and will be followed by pressure sensitive adhesives. Protective films application will drive the growth of the market followed by graphic films and tapes. The price fluctuation of raw materials such as polypropylene, polyethylene, and polyvinyl chloride might hamper the growth of the market in the forecast period.

COVID-19 Impact

The adhesive film market was badly impacted during the COVID-19 pandemic. Supply chain disruption and the temporary shutdown of factories are the challenges that surfaced in the market. Accordingly, market players changed their work pattern to withstand the impact of COVID-19 but it was not sufficient. Many players in the market faced difficulty in maintaining a standard business amid the pandemic. For instance, as per the COVID-19 global update report by Avery Dennison, the company came up with contingency plans for multiple sites which got impacted during the pandemic. Moreover, the reduced production of automobiles and fewer construction activities globally affected the growth of the adhesive film market. Going forward, the market is projected to witness robust growth in the forecast period owing to expanding automotive and consumer electronics sector.

Adhesive Film Market – By Film Material

Polypropylene dominated the adhesive film market in 2021. This material helps adhesive films to be cost-effective, durable, and versatile. Moreover, polypropylene material is easy to shape and offers high resistance to several acids and solvent solutions. Owing to such superior qualities, market players are focusing on the higher implementation of polypropylene material in various adhesive films. For instance, in April 2020, UPM Raflatac, a Finland-based global supplier of label materials, launched an innovative polypropylene (PP) label film developed from post-consumer recycled (PCR) plastic. Such developments of adhesive films with the involvement of polypropylene will increase its demand in the forecast period. Polyethylene is anticipated to witness significant demand in the adhesive film market during the forecast period.

For More Information About Adhesive Film Market @

https://www.industryarc.com/Research/Adhesive-Film-Market-Research-505545

Report Price: $ 4500 (Single User License)

Adhesive Film Market – By Technology

Hot melt technology dominated the adhesive film market in 2021. This technology is used to produce hot melt adhesives which are implemented in a wide range of product assemblies such as large surface lamination, small joint assembly, mounting, and trip attachment. Product assembly in multiple industries such as automotive, construction, consumer goods, and packaging uses hot melt adhesives. Such an extended portfolio of hot melt adhesive encourages market players to make higher usage of this technology. For instance, in August 2021, US-based Avery Dennison, which deals with adhesive materials, announced a new hot melt adhesive to support sustainable film solutions in the packaging industry. Owing to the development of this new hot melt adhesive, the company received biopreferred certification from the USDA. Such increasing development in the hot melt adhesives will increase the demand for hot melt technology in the forecast period. Pressure sensitive adhesives technology will witness significant demand in the adhesive film market during the forecast period.

Adhesive Film Market – By Application

The protective films segment dominated the adhesive film market in 2021 and is growing at a CAGR of 5.8% in the forecast period. Protective films offer protection to multiple product surfaces from scratch and abrasion. Automobile surfaces, television screens, computer monitors, LCD screens on cell phones, and many more product surfaces get robust protection from protective films. Accordingly, market players are involved in the development of more protective films to meet the end-use requirements. For instance, in May 2021, Germany-based adhesive film manufacturer Orafol introduced its new protection film named ORAGUARD 2815GF, designed for protecting car surfaces. Such innovations expand the protective films portfolio, and in turn, this will contribute to the growth of the adhesive film market in the forecast period. Tapes and graphic films applications will drive the growth of the market significantly in the forecast period.

Adhesive Film Market – By End Use Industry

The automotive industry dominated the adhesive film market in 2021. Adhesive films are widely used for simplifying the joining process and protecting various automotive parts such as bumpers, exterior, and interior trims, bonnets, and dashboards. The automotive industry globally is booming with increasing sales and this will augment the higher uses of adhesive film in the forecast period. For instance, as per the statistics by the China Association of Automobile Manufacturers, the annual sales volume of Chinese new energy vehicles is anticipated to reach 3 million units by 2025 compared to 1.2 million units in 2019. Similarly, according to the June 2021 report by European Automobile Manufacturers Association, in May 2021, the European Union passenger car registrations jumped by 53.4% compared to May 2020. Such massive growth in the global automotive sector will stimulate the demand for adhesive films for various automotive parts, and in turn, this will drive the growth of the market in the forecast period. Consumer electronics will witness significant demand for adhesive films in the forecast period owing to the expansion of consumer electronic products globally.

Adhesive Film Market – By Geography

The Asia-Pacific region held the largest market share in the adhesive film market in 2021 with a market share of up to 34%. The high demand for adhesive films is attributed to the growing automobile sector in the region. For instance, according to the data by the China Association of Automobile Manufacturers, production of Chinese commercial vehicles reached 310000 units in September 2021, increasing 35.5% month on month. Similarly, as per the data by India Brand Equity Foundation, India’s electric vehicle market segment is expected to be a US$ 7.09 billion market by 2025 with two-wheelers and three-wheelers projected to witness highest the demand. Such massive expansion in the automotive sector will increase the higher uses of adhesive films in the forecast period. The European region is projected to witness significant for adhesive films owing to the increase in consumer electronics demand in the region.

Adhesive Film Market Drivers

The increasing consumer electronics sector will drive the market’s growth

Adhesive films are extensively used in the consumer electronics sector where they provide excellent bonding performance and superior impact resistance to various products. The global demand for consumer electronics is on the rise, augmenting the requirement for adhesive films in numerous consumer electronic products and this will drive the growth of the market. For instance, as per the September 2021 data by China.org.cn, China’s Zhejiang witnessed a jump in online retail sales in which consumer electronics ranked in the top categories. Similarly, according to the September 2021 statistics by UK’s Office for National Statistics, the import value of consumer electronics in the European Union was 109.2 in the first quarter of 2021 compared to 108.4 in the first quarter in the previous year. Such high demand for consumer electronics globally will increase the use of adhesive films in several consumer electronics goods, and this will drive the growth of the adhesive films market in the forecast period.

Booming automobile sector will drive the market’s growth

Adhesive films such as tapes and protective films are broadly used in the automotive industry for simplifying the joining process and offering protection to several vehicle parts such as door panels, roofs, seats, dashboard, and exterior bodywork parts. The automotive industry is booming globally and this will drive the growth of the adhesive film market. For instance, according to the European Automobile Manufacturers Association data, hybrid electric vehicles accounted for 11.9% of total cars sold in 2020 which was 5.7% in 2019. Similarly, as per India Brand Equity Foundation data, in 2020, India became the fifth-largest automobile industry with 3.49 million units of automotive sold combinedly in the commercial and passenger vehicles segment. Such high demand for automobiles globally will amplify the implementation of adhesive films which will contribute to the growth of the market in the forecast period.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=505545

Adhesive Film Market Challenges

Fluctuation in raw material prices might hamper the market’s growth

The adhesive film market includes raw materials such as polyethylene, polypropylene, and polyvinyl chloride. These are petroleum-based raw materials whose prices are fluctuating due to the volatility in petroleum prices and this might affect the growth of the adhesive film market in the forecast period. Petroleum prices plunged historically during the pandemic. As per the data by ourworldindata.org, the crude oil price in 2017 accounted for US$ 54.19 per barrel which surged to US$ 64.21 per barrel in 2019. In 2020, the oil price again dropped to US$ 41.84 per barrel. Such fluctuations in oil prices created volatility in the petroleum prices, ultimately fluctuating the raw material prices. These fluctuations in the raw material prices might affect the growth of the adhesive film market in the forecast period.

Adhesive Film Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Adhesive Film top 10 companies include:

3M Company

Avery Dennison

UPM Raflatac

Scapa Group

SWM International

Orafol

Henkel

DuPontToray Industries

BASFDow Chemicals and Others

Recent Developments

In March 2021, Avery Dennison launched an innovative protective film named Avery Dennison Supreme Defence Gloss.

Key Takeaways :

Polypropylene film material is leading the adhesive film market. Polypropylene makes adhesive films cost-effective and versatile which allows its higher uses in the market.

The automotive sector will drive the growth of the market in the forecast period. For instance, according to the statistics by the European Automobile Manufacturers Association, in July 2021, the passenger cars registrations jumped by +10.4% compared to the registrations in June 2020.

The Asia-Pacific region will witness the maximum demand for the adhesive film market in the forecast period owing to the region’s booming automotive sector. As per the data by India Brand Equity Foundation, the passenger vehicle segment registered a growth of 28.39% as sales clocked 279,745 units in March 2021 compared to 2,17,879 units in March 2020.

Relevant Reports

Seal Adhesive Tape Market

https://www.industryarc.com/Research/Seal-Adhesive-Tape-Market-Research-501675

For more Chemicals and Materials related reports, Please Click Here

About IndustryARC : IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/

Related Articles