Adhesive Films Market

The adhesive films market is projected to grow from USD 82.0 billion in 2022 to USD 116.9 billion by 2030, at a cagr 4.4% and cagr 4.7% between 2022-2027 and 2028-2030 respectively. The adhesive tapes, by application segment in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for adhesive films.

Adhesive Films Market Dynamics

Drivers: Increasing urban population in Asia Pacific

The increasing urban population is a major factor which is attributed to the increase in the demand for products such as medicines, beverages, FMCGs, and other consumer durables. In the Asia Pacific region, the population shift has raised growth in urban population even further. According to the Population Division of the United Nations, the total population of the Asia Pacific is projected to reach 5.1 billion by 2050, wherein the urban population is expected to account for at least 64% of the total. The positive shift in living standards is expected to increase the demand for high-quality products, which is expected to lead to the rise in the demand for adhesive films.

Restraints: Volatility in prices of raw materials

The prices and availability of raw materials are the major factors that affect the prices of end products. Crude oil is among the major raw materials used in the production of various polymers. The raw materials required for polymer films (and other plastics) have witnessed oscillating price trends due to the shortages occurring as a result of supply chain disruptions after the Russia - Ukraine war. Most of the raw materials of adhesive films are petroleum-based products such as phenolic resins, melamine resins, and vinyl films which are vulnerable to fluctuations in commodity prices. Prices of oil have been fluctuating by up to 8.0% in recent years. These fluctuations in raw material prices are restraining the growth of the market.

Opportunities: Increase in demand for bioplastic polymers

Rising environmental concerns are driving the market for bioplastic materials. Bioplastic films are made from cellulose, a biodegradable material. Polymers such as PE, PP, and PVC can also be made from renewable resources such as bioethanol and can also be used as raw materials for laminated graphic films. These polymers are derived from renewable biomass sources or biodegradable sources. Bioplastic films are therefore compostable or biodegradable and have a negligible carbon footprint as compared to conventional plastic materials. The use of these materials in applications such as tapes, labels, and graphic films are expected to offer newer opportunities in the adhesive films market.

Challenges: Implementation of stringent regulatory policies

The chemical industry is facing challenges from regulatory authorities such as the Control of Substances Hazardous to Health (COSHH), European Union (EU), Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Globally Harmonized System (GHS), and Environmental Protection Agency (EPA) in Europe and North America. Adhesive films release solvents into the environment, which, if inhaled, can harm individuals. Manufacturers in Europe and North America are adhering to these regulations in the production and usage of adhesive films in various applications to reduce VOC emissions. This has affected the production of those companies who were mainly manufacturing adhesive films through the use of the solvent-based technology. These regulations require manufacturers to shift from the solvent-based to the water-based adhesive tape technology, which is a significant challenge for manufacturers.

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Adhesive Tapes accounted for the fastest growing segment of the adhesive films market between 2022 and 2030.

Adhesive tapes are of various types based on the technological developments and requirements of the applications, namely, single-coated, double-coated, reinforced, and unsupported. Single-coated tapes have adhesives applied to only one side of the backing. Double-coated tapes have adhesive applied to both sides of the backing. The tape is coated on both sides of the carrier, which is typically a polymeric film such as 0.5 mil polyester. Examples of double-coated tapes include mounting, medical, and membrane switch tapes. Reinforced adhesive tapes include a reinforcement layer of woven or knitted cloth or glass strands parallel to the machine direction in addition to backing and adhesive. Unsupported adhesive tapes consist of release liners and adhesives. Adhesive tapes are extensively used due to their properties such as corrosion resistance, superior bonding, and esthetics. The trend toward using lightweight devices is leading to the increasing applications of adhesive tapes in the electrical & electronics industry.

Asia Pacific is the fastest-growing adhesive films market.

Asia Pacific is the fastest adhesive films market in terms of value and volume during the forecast period. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across different manufacturing industries.

3M Company (US), Avery Dennison Corporation (US), Henkel AG & Co. KGAA (Germany), UPM-Kymmene Oyj (Finland), and H.B. Fuller Company (US) are the key players in the global adhesive films market.

Avery Dennison Corporation manufactures, markets, and sells pressure sensitive materials, self-adhesive base materials, and self-adhesive consumer & office products. The company, through its Labels and Graphic Materials segment, manufactures and sells pressure sensitive labels and packaging materials, reflective products, and tapes for the automotive, building & construction, electronics, industrial, and personal care sectors. It manufactures and markets medical-grade skin adhesives and wound dressings.

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Scope of the Report

This research report categorizes the adhesive films market based on resin type, film material, application, end-use industry, and region.

By Resin Type:

• Acrylic
• Rubber
• Silicone
• Others

By Film Material:

• PVC
• PP
• PE
• Others

By Application:

• Tapes
• Graphic Films
• Labels

By End-use Industry:

• Packaging
• Construction
• Transportation
• Electrical & Electronics
• Others

By Region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• In January 2021, Avery Dennison Corporation acquired the majority of Acpo’s assets. Acpo Ltd. is a US based, privately owned company which manufactures self-wound, pressure-sensitive roll label films for the label printing and flexible packaging industries as well as industrial tapes.
• In February 2021, Avery Dennison Corporation acquired JDC Solutions Inc. JDC manufactures specialty tapes for use in a variety of high-value industrial applications and has longstanding relationships with us converters serving the automotive, consumer appliance, and building & construction industries, among others. With the completion of the acquisition, JDC’s manufacturing operations, workforce, and product portfolio are expected to become part of Avery Dennison’s performance tapes North America business.

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