TAGS: Acrylic Adhesives Waterborne Adhesives Solvent borne Adhesives
Future Market Insights (FMI) anticipates that the global adhesive films market is expected to go the linear transition way, i.e. reach USD 96.6 bn by the year 2030 at a CAGR of 4.6% between 2022 and 2030.
The global adhesive films market was worth US$ 61 Bn in the year 2020. It is bound to grow substantially in the forecast period. BOPP is expected to lead throughout the forecast period.
The market is witnessing adoption of LED light strips across household, commercial, and industrial purposes.
These adhesive films also withstand the harsh weather conditions. The biggest advantage is that they do stay impervious to water as rain and snow could cause fire hazards if seeping through an electric unit happens. The adhesive films market is bound to grow 2X in the forecast period.
Increased Demand from Automotive Sector
The automotive sector sees an influx of structural adhesives like methacrylate. It has been found that this adhesive easily bonds materials like plastic, metal, and composite. Food & packaging industry could also not get ignored, as it helped the market stay afloat during trying times.
Water-based adhesive films are more feasible than solvent-based adhesive films in terms of monetary gain as well as bonding. They could also be used with several substrates and are odourless. Low VOC content is another advantage.
In the construction vertical, joining methods like screwing, welding, riveting, and soldering are getting replaced by adhesive films. Plus, refurbishment and restoration are in place. This would again call for adhesive films for applications like countertop lamination, wall coverings, carpet laying, going for pre-fabricated panels, and timber joining. Thus the overall cost would also get reduced along with simplification of work.
Aerospace vertical does rely heavily on the utilization of adhesive films on a significant note for coming up with aircrafts such that they would be a sight to behold. Also, military aircrafts are subject to increasing frequency of maintenance and repair, and fleets. Adhesive films find their presence in exterior, interior, and engine compartments of aircraft, which are inclusive of overhead lockers, handy seat trays, and likewise.
Effects of COVID-19
With accidental cases on the rise, the demand for tapes has increased and the scenario is expected to persist even in the forecast period. As such, the wound care solutions market is bound to gloat over the success of the adhesive films market. Also, providing packaged food to patients needs robust packaging, which asks for efficient adhesive films market.
The outbreak of Covid-19 did disrupt the supply chain pertaining to adhesive films from March 2020 to September 2021. However, the situation has seen improvement in the post-Covid era, which is expected to work wonders for adhesive films market in the forecast period.
Material-wise, out of BOPP, PVC, PE, PA, and likewise, BOPP holds the largest market share due to its nature too adhere to environmental-friendliness and being durable. By adhesive type, it’s silicone, rubber, and acrylic. Silicone is expected to dominate in the forecast period to get away with non-recyclability of acrylic and unwanted emissions from rubber after discarding it. Application-wise, it’s tapes, labels, and graphic films. Tapes are the flagbearers.
Highest Growth in APAC Region
As per analysis by FMI, the demand for adhesive films would increase in the Asia-Pacific as the emerging economies therein are increasing the manufacturing activities. This increase is seen with respect to medical devices, automobiles, and electronics devices. Plus, the Asia-Pacific is subject to low entry barriers, which acts as an advantage to the players operating at the global level. However, Europe and MEA are expected to witness a sagacious growth due to strict norms in place.
The top 4 players hold more than 30% of the market share. They are expected to supersede each other based on pricing in the next 10 years. Also, both – organic and inorganic modes of expansion are being tried out.
Avery Dennison Corporation has Yongle Tape Company Ltd. under its belt since 2017. It has been working towards the former’s “performance Tapes and Fastener Solutions” businesses. 3M Company is into enhancing its product portfolio if adhesive tapes for meeting the increasing demand from several regions.
Source: Future Market Insights