Film Adhesives Market was valued at $ 20.4 billion in 2022 and is expected to reach $ 25.6 billion by 2028, with a CAGR of 7.7% from 2023-2028
Film adhesive, as the name suggests, is a type of adhesive tape used for large and small substrates in various end-use industries. In the electronics industry, given the reduction in assembly with increasing power requirements, good thermal management becomes vital. The application of plastic film in electronics and electricity provides thermal and mechanical properties and reduces assembly costs. The adhesive film's ability to apply evenly to the substrate with the least amount of waste makes it a preferred choice for bonding complex shapes and in applications that require precise bond lines. Therefore, they are used to glue substrates in the housing of the microelectronic package, where sensors and other sensitive electronic components are involved.
Increased demand for film adhesives from many end-use industries including aerospace, consumer electronics, automotive and transportation, and electrical and electronics. This high demand is attributable to its excellent properties such as high strength and resistance to high temperatures, which are essential in the automotive industry. Furthermore, film adhesives can be applied directly, which facilitates the use of film adhesives and drives the growth of film adhesives market. Adhesive films are extensively utilized to reduce the deployment of fasteners on automotive components, consisting of exterior body parts, axles, and suspension systems. With the acquisition of adhesive films as an alternative to fasteners, the overall weight of vehicles is remarkably reduced. Hence, the increasing adoption of light-duty vehicles will directly boost the growth of the Adhesive Films market during the forecast period. Additionally, the fact that light-duty vehicles help reduce fuel emissions and meet carbon dioxide emission standards makes them a viable solution for end users in the automotive industry. Therefore, with the increasing demand for light vehicles, the need for adhesive films will also increase in the years to come. One of the types of film adhesives, such as epoxy adhesives, is in high demand from the automotive and transportation industries due to its high performance and high strength. Epoxy film adhesives can operate under high pressure and fatigue resistance, thereby enhancing the growth of the global film adhesives market.
Drivers in the Film Adhesives Market
A major factor in the growth of the global adhesive films market is the escalating call for the adhesive films market globally. Multiple adhesive film manufacturers are shifting their manufacturing activities to emerging economies such as China, India, Indonesia, Taiwan, and the Philippines due to the easy availability of raw materials, low transportation costs, and regulations less stringent government. In addition, the rapidly growing packaging industry in these growing economies is expected to further increase the demand for adhesive films in the coming years. In addition, the emergence of India and China as manufacturing centers for the packaging, construction, automotive, and other industries, coupled with support for government initiatives in the region APAC, will fuel the growth of the adhesive films market during the forecast period.
The high production cost and the complexity of producing such films are expected to slow the growth of the global film adhesives market. High storage and transportation costs and tedious processing techniques are anticipated to slow the growth of the film adhesives market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
7.7% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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Epoxy
Cyanate Ester
Acrylic
Others
In the Resin Type, the epoxy segment is anticipated to be the largest growing segment in the film adhesives market. Epoxies are high-performance adhesives that offer high strength, high-temperature resistance, and high fatigue resistance.
The packaging, DIY, and medical equipment industries are expected to be the least affected by this crisis. Staying at home has improved DIY skills in people, leading to increased demand for products, such as sealants, putties, and tapes, especially for interior repairs and renovations. The growing demand for packaged food is expected to benefit the growth of the film adhesives industry, especially during the current crisis.
According to the application, the adhesive film market has been segmented into electronic and electrical, medical, automotive, and others. Electronics and electricity accounted for the highest volume proportion of 34.7% in 2019 due to the extensive use of adhesive films in electronic and electrical components and household appliances, such as bonding of internal components and exterior, decorative trims and logo mounting, electronic corrosion prevention, internal insulation, surface protection, high-temperature resistant masking, dirt and debris prevention, and thermal management.
The medical sector is expected to experience the fastest growth during the forecast period. Its use has been stepped up amid the pandemic with a growing need for medical equipment. The other segment of applications includes construction, aerospace and defense, paper/printing, and others. The segment is expected to experience slow growth, as well as automotive and transportation. The decline in manufacturing and industrial activities around the world, coupled with transportation-related delays in the supply of raw materials, affected the growth of the segment.
However, the film adhesives market is expected to grow slowly over the forecast period due to the availability of substitutes in the market and the Covid-19 pandemic around the world. The crisis has had a significant impact on the supply of raw materials for adhesives and sealants. In addition to resins and binders, a number of other materials are used in production, which is moving into other applications. For example, alcohol are shipped for hand sanitizers and photoinitiators for UV applications.
Recent Developments:
In July 2020, Decal released a self-adhesive antimicrobial film. Decal has become the latest manufacturer to release an antimicrobial film to support Covid's security efforts in the food service industry, industry, retail, and transportation.
In April 2020, Hexcel is launching the new low-temperature curing HexBond 679 adhesive film for marine composite structures. Hexcel is pleased to announce the launch of its new HexBond 679 low-temperature fast-curing adhesive film.
In May 2020, Herma partially opens its new coating plant. Herma has decided to partially open its new label adhesive coating plant thanks to the implementation of better distancing measures between production equipment and a higher degree of automation that reduces the scope of interaction human.
In June 2020, Bostik is launching product lines for retort and metalized film applications. Bostik, a global specialist in adhesives for the industrial, construction, and consumer markets is proud to announce a new series of high-performance flexible lamination solutions.
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