The global adhesive films market is expected to witness a steady CAGR of 5.5% during 2022-2030, according to a new report by ESOMAR-certified market research firm Future Market Insights (FMI).
FMI has revised the projection of the adhesive films market, considering the COVID-19 induced sluggishness in automotive industry. Although a recovery is expected in 2021, the rebuilding process will impact demand for adhesive in general, and adhesive films in particular.
According to FMI, the growth of the adhesive films market will be heavily reliant on the post-pandemic recovery in automotive sector. Demand is likely to remain subdued in the next couple of years, however, FMI opines pre-pandemic level growth rates to be witnessed again in the latter part of this decade.
In addition to the automotive industry, waning demand from construction industry has led to market correction. Infrastructure projects around the globe have been stalled, and new home purchases are at unprecedented lows. However, the long-term outlook on the construction industry remains positive, and adhesive film manufacturers will be hoping for a quick recovery.
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Key Takeaways from Global Adhesive Films Market Study
- Demand for labels across industries to determine success of adhesive films between 2020 and 2030
- Automotive sector to emerge as the leading end user globally
- Pace of construction industry recovery to determine adhesive films market growth
- Asia Pacific to emerge as the leading regional market with emerging economies thriving with manufacturing activities
The demand for adhesive films from the food packaging industry will continue to soar in the coming days as global economy witnesses a shift in consumption patterns.
The longer shelf life of packaged and frozen food become its unique selling point during the lockdowns. Growing sales have resulted in high demand for packaging solutions, which in turn fuelled the demand for adhesive films.
Analysts anticipate as the COVID-19 pandemic continues to wreak havoc it will push people to opt for packaged food, which is an essential and a means of staying indoors. Thus, food packaging industry is expected to give this market a definitive boost in the near future.
“The adhesive films market was growing at a brisk pace, however, the COVID-19 has stalled growth. The lack of momentum has been compensated, to an extent, by growing demand from food packaging industry” says FMI analyst.
Key Segment
By Material
- BOPP
- PVC
- PE
- PA
- Others
By Adhesive Type
- Acrylic
- Rubber
- Silicone
By Application
- Labels
- Tapes
- Graphic Films
By End Use
- Electrical and Electronics
- Building and Construction
- Aerospace
- Automotive
- Packaging
- Transportation
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Impact of COVID-19 on Adhesive Films Market
The impact of COVID-19 can be felt on the global adhesive films market. As automobile companies witnessed waning sales in the first and second quarter of 2020, it resulted in a massive drop of revenue for the adhesive films market.
Similarly, the market suffered as air travel faced bans and halts, reducing the need for repairs and maintenance altogether. Furthermore, no new contracts and no end in sight to allow travel fully have continued to impact the usage of adhesive films in the aerospace industry.