By ICN GroupPetro Chemical, March 20, 2020
Global adhesive films market to grow by 1.39 mn tons in next five years
A key factor driving the growth of the global adhesive films market is the rise in demand for adhesive films in APAC
The adhesive films market is expected to grow by 1.39 mn tons during 2019-2023, according to the latest market research report by Technavio Research.
A key factor driving the growth of the global adhesive films market is the rise in demand for adhesive films in APAC. Many adhesive film manufacturers are shifting their manufacturing activities to emerging economies including China, India, Indonesia, Taiwan, and the Philippines due to the easy availability of raw materials, low transportation costs and less stringent government regulations. Also, the rapidly growing packaging industry in these advancing economies is further expected to further augment the demand for adhesive films in the upcoming years. Furthermore, the emergence of India and China as the manufacturing hubs for packaging, construction, automobile and other industries coupled with supporting government initiatives in APAC will foster the adhesive films market growth during the forecast period.
As per Technavio, the rising adoption of lightweight vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. Adhesive films are increasingly being used to reduce the deployment of fasteners in automobile components, including exterior body parts, axles, and suspension systems. With the adoption of adhesive films as an alternative to fasteners, the overall weight of vehicles is significantly reduced. Therefore, the growing adoption of lightweight vehicles will directly drive the adhesive films market growth during the forecast period. Moreover, the fact that lightweight vehicles help in reducing fuel emissions and meeting carbon dioxide emission standards make them a viable solution for end-users in the automotive industry. Thus, with rising demand for lightweight vehicles, the need for adhesive films will also increase in the forthcoming years.
APAC offers ample growth opportunities for adhesive film manufacturers. The growth in the number of supermarkets and hypermarkets in APAC has increased the demand for labels to provide product information. The growing geriatric population and increasing public healthcare programs have increased the use of medical devices and accessories including surgical tapes and dressings. All these factors are expected to drive the growth of the adhesive films market in APAC.