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The adhesive films market size is forecast to increase by USD 7.61 billion, at a CAGR of 6% between 2023 and 2028. Market growth hinges on various factors, notably the automotive industry's expansion, increasing demand for adhesive films in the Asia-Pacific region, and technological strides within the labels sector. These elements collectively propel the market forward, with the automotive sector serving as a significant driver due to its widespread application of adhesive films. Additionally, the Asia-Pacific region's burgeoning demand underscores its pivotal role in market dynamics. Technological advancements within the labels industry further enhance market prospects, fostering innovation and product development. Overall, these factors contribute synergistically to the market's upward trajectory, highlighting the interplay between industry growth, regional demand patterns, and technological evolution.
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The market encompasses a wide range of high-quality products used in various industries. These films are primarily made from petroleum-based raw materials such as crude oil, polymers, and polymer films. The consumption of these films is significant in the consumer durables sector, particularly in the production of plastics, phenolic resins, melamine resins, vinyl films, and handheld adhesive films. The demand for adhesive films is driven by the growth in the electrical & electronics industry, capacity expansions, joint ventures, mergers & acquisitions, and aerospace applications. Solvent cast adhesives and fasteners are essential components of adhesive films, further expanding their applications. Commodity prices, particularly oil, play a crucial role in the market. The prices of crude oil and other raw materials impact the production costs and, consequently, the market dynamics. E-commerce platforms have also emerged as significant sales channels for adhesive films, enabling easy access to customers across the globe. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in the automotive industry is the key factor driving the growth of the global market. Adhesive films are used to bond composites, nonwovens, and plastics in automotive applications due to their improved adhesion and durability. These are used in automotive components such as headliners, door panels, overhead systems and seat inserts. It is also used to bond windshields, rearview mirrors, and exterior panels. The use of adhesive films to join automotive parts eliminates the need for fasteners and reduces vehicle weight. The use of adhesive foils can reduce vehicle weight by approximately 30% compared to using mechanical fasteners.
According to the US Environmental Protection Agency (EPA) estimates, a reduction of 10% in vehicle weight will increase fuel efficiency by almost 5%-7%. The growing demand for passenger and commercial vehicles, particularly from developing countries, including China, India, and Indonesia, is expected to drive the growth of the market growth. The growing preference for fuel-efficient vehicles with reduced weight is expected to drive the growth of the market in focus during the forecast period.
Growing demand for bio-adhesive films is the primary trend in the global market. Bioadhesives are natural polymeric materials used to glue or join two materials together. Bioadhesive films are used in a variety of applications in the medical and food and beverage industries. This is due to the lower VOC content compared to petroleum-based adhesive films.
Moreover, bio-adhesive films are commonly used in biomedical applications in the healthcare sector. This is owing to their excellent interfaces with biological fluids and tissues within the human body. The growing innovation and product development on the use of bio-adhesive films for medical applications, including surgical tapes, surgical drapery, and wound closing tapes, are expected to positively influence the growth of the market during the forecast period.
Stringent regulations and policies is a major challenge to the growth of the global market. Stringent regulations by the EPA and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) on the volatile organic compounds (VOC) content of adhesive films pose serious challenges to the market growth. In California, the US, the authorities have strict regulations regarding the limit for VOC emission through different end-use industries. The state also has set 13 Air Pollution Control Districts (APCD) or Air Quality Management Districts (AQMD), each with its own limits for VOC for adhesive films.
Moreover, the US Food and Drug Administration (FDA) has imposed firm regulations on the use of adhesive films in food packaging applications. The Code of Federal Regulations (CFR) Title 21 (Section-175.105) provides guidelines regarding the use of adhesive films as an indirect food additive. The growing health hazards regarding the use of adhesive films for various applications, including packaging, are expected to impede the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adhesive Films Inc.: The company offers adhesive films such as AF 163 2, AF 147, AF 325 LS White. Also, this segment focuses on manufacturing heat activated thermoplastic adhesives films.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the tapes segment will be significant during the forecast period. Tapes consist of carrier materials such as plastic film, paper, and foam, which are coated with an adhesive film and a release liner. The increase in demand for adhesive tapes in the medical sector, including silicone, epoxy, and polyurethane-based adhesive tapes in the healthcare industry, will have a positive impact on market growth.
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The tapes segment was valued at USD 9.25 billion in 2018. They are used in the healthcare industry to manufacture surgical tapes, bandages and dressings in the healthcare industry, due to their impact resistance and durability. Increasing demand for adhesive tapes in various countries in the Asia-Pacific region, such as China, India, South Korea, Japan, and Taiwan, is expected to have a positive impact on the growth of the adhesive film market. Growth in end-use industries such as packaging, healthcare, electrical/electronics, and construction is expected to boost the demand for adhesive films in the above countries.
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APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to their strength, durability and chemical resistance, they are widely used in various end-use industries such as packaging, construction, automotive and personal care. It also increases the durability and strength of tapes and labels. These films are used as label layers for a variety of packaging products such as food and beverages, consumer goods and cosmetics. Organized retailing in APAC is also likely to have a positive impact on the food packaging industry. The increasing number of supermarkets and hypermarkets has contributed to the growth of organized retailing. Hence, the growing demand for labels to provide product information is expected to drive the demand during the forecast period.
The market is a significant sector in the global packaging industry. These films are essential in various applications due to their ability to bond different materials effectively. Adhesive Films are used extensively in industries such as automotive, construction, healthcare, and electronics. The demand for these films is driven by factors like increasing industrialization, Medical application, growing consumer awareness, and technological advancements. The market is significantly impacted by the ongoing Russia - Ukraine war, which has disrupted raw material supplies crucial for the production of petroleum-based products like polypropylene and self-adhesive tapes. These materials are essential across various sectors, including automotive & transportation, Electronics and electrical industry, and medical equipment manufacturing. The demand for electronic circuit components drives innovation in polymer chemistry, leading to advanced epoxy film adhesives that cater to medical applications and the DIY industry. Additionally, the medical industry, Electronics and electrical sector, and paper/printing industry rely on these adhesives for efficient operations, underscoring their vital role in maintaining living standards despite current geopolitical challenges.
Furthermore, adhesive Films come in various types, including pressure-sensitive, hot melt, and solvent-based adhesives. The choice of adhesive type depends on the specific application requirements. For instance, pressure-sensitive adhesives are commonly used in labeling and packaging applications, while hot melt adhesives are preferred in the automotive industry. The market for Adhesive Films is expected to grow steadily due to the increasing demand for lightweight and durable materials in various industries. Additionally, the rising trend of sustainable packaging is expected to boost the demand for biodegradable and recyclable adhesive films. Overall, the market is a dynamic and evolving sector, offering numerous opportunities for growth and innovation.
Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2024-2028 |
USD 7.61 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.5 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
China, US, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Adhesive Films Inc., Adhesives Research Inc., ADHETEC, Arkema SA, Ashland Inc., Avery Dennison Corp., Coveris Management GmbH, GRANITOL, H.B. Fuller Co., Henkel AG and Co. KGaA, Hexcel Corp., Master Bond Inc., Mondi Plc, Pontacol AG, Resonac Holdings Corp., Rogers Corp., Specialty Adhesive Film Co. Inc., Toray TCAC Holding B.V., and UPM Kymmene Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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