TAGS: Epoxy Adhesives Acrylic Adhesives
Fact.MR anticipates that the sales of film adhesives to multiple end-use industries are expected to reach nearly US$ 2 Bn, expanding at a CAGR of nearly 4% through the 2021-2031 forecast period. Applications are expected to remain elevated in the aerospace and electrical & electronics industries.
Developments Across Aerospace Industry
Growth prospects receded in 2020, attributed to downturns brought about by the COVID-19 pandemic, leading the market to close in at a little over US$ 1 Bn. Moreover, historical years portrayed restrained growth pattern, with a recorded CAGR exceeding 2% from 2016 to 2020.
Future growth prospects are expected to majorly rely on prolific developments across the global aerospace industry. For instance, the U.S. aerospace industry was valued at US$ 909 Bn as of 2019, as per the Aerospace Industries Association, contributing almost US$ 400 Bn to the domestic economy. Consequently, manufacturers are introducing high-end film adhesives, widening growth prospects.
Key Takeaways from the Market Study
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Film adhesives for electrical & electronic components to generate more than 2 out of 5 sales by 2031
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Medical applications of film adhesives to expand at nearly 3% CAGR across the forecast period
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By resin, epoxy film adhesives to reach almost US$ 800 Mn by 2031, growing at over 4% CAGR
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Acrylic film adhesives to surge at nearly 4% CAGR until 2031, while cyanate ester film adhesives will surge at over 3% CAGR
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U.S. market was valued at nearly US$ 340 Mn in 2020, due to high uptake in the aerospace industry
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Swelling consumer electronics industry to widen film adhesives uptake in China, poised to expand at a 7% CAGR
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India, Australia, and South Korea to surpass US$ 200 Mn by 2031
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Increasing demand for more efficient, robust and lifespan enhancing adhesives is prompting key industries to adopt film adhesives over conventional ones, attributed to their enhanced ability to withstand hostile conditions,” remarks a Fact.MR analyst.
Competitive Landscape
In June 2021, Henkel AG developed the Loctite EA 9365FST, a new two-part epoxy adhesive which reinforces and bonds thermoplastic and thermoset substrates for use in aircraft interiors. These serve as a matrix resin on fiberglass to strengthen the thin walls of thermoplastic assemblies.
Likewise, Fastel Adhesives offers a range of adhesive and sealing products for medical diagnostics, medical devices, electronics, automotive, packaging and product development industries respectively. The company offers thermal bonding films, electrically conductive films and heat/induction seal foils.
Source: Fact.MR