Versatile and Superior Bonding with Film Adhesives
The Film Adhesives market size was valued at US$1.803 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 5.32% over the predictive period to reach US$2.592 billion by 2027.
Adhesive films are made composed of thin layers of high-performance bonding agents accompanied by a supporting substance. Paper, plastic, fabric, foil, foam, and other materials can be used to make the carrier of sticky films. On one or both sides, the backing can be covered with adhesive and combined with a release liner if necessary. Adhesive films can provide a high level of strength and attachment, similar to that of screws, fasteners, or welding in many cases. Since adhesive films are not liquid-based, they offer an indefinite shelf-life and can be stored over a long period of time. Adhesive films are suited for automated operations and industrial applications where time-consuming problems and maintenance difficulties require to be avoided. Radiofrequency identification (RFID), LED lighting, aerospace electronics, construction, portable computing, consumer electronics, and automotive electronics are some of the applications for these films. Polyethylene, polyvinyl chloride, polypropylene, polyvinyl acetate, and polyvinyl butyral are some of the materials used in the production of film adhesives.
Application of Film Adhesives in the Automotive Industry
The growing automotive sector has seen significant developments and advancements in recent times. Owing to the stricter government regulations to make cars more environmentally friendly, the electric vehicle market has recorded an increase in demand. Electric vehicles are known to be low on maintenance costs, have lower emissions, and provide high-quality performance, at a remarkably lower cost than combustion cars. This makes electric vehicles an ideal alternative to combustion vehicles, owing to the constantly increasing fuel prices. The introduction of government initiatives to increase the sale of electric vehicles in the market has also affected the market in a positive way, making EVs more affordable and accessible to the people.
Electric vehicles are usually powered by a lithium-ion battery that needs to be charged using a power outlet. These batteries cannot be fixed using traditional screws or fasteners, since such batteries contain harmful and combustible chemicals, which may be dangerous if punctured or cracked. Hence film adhesives act as an ideal choice for automotive manufacturers to bind substances where traditional materials cannot be used to join things. Film adhesives are also used in other in-vehicle applications such as acoustics, seat cushioning, windscreen installation, crash safety, headlamps, mirrors, etc. With the increasing demand for electric vehicles, the demand for film adhesives is also expected to increase substantially. According to the International Energy Agency (IEA), electric vehicle sales are expected to jump from 3 million vehicles in 2017 to 23 million in 2030.
Increasing Packaging Industry
The COVID-19 pandemic led to the closure of a lot of industries, leading them to suffer significant losses. During this time, however, demand for the e-commerce industry increased dramatically. Due to the lockdowns and rising viral infection rates, many consumers began to prefer online purchasing and delivery choices. This shift in consumer base led to an increase in demand for the packaging market. The increase in demand for packaging led to an increase in demand for film adhesives, which is a vital bonding agent in delivery packages and parcels. This rise in the popularity of internet shopping is only predicted to continue as individuals become more accustomed to working from home. Hence, the film adhesives market is expected to increase in demand in the packaging industry.
Asia-Pacific Region to Lead the Market
The Asia-Pacific market has been reported to have the largest market share in the Film Adhesive market. Owing to the rapidly developing industrial sector in the region, the film adhesive industry is expected to rise even further. Countries such as China, India, and Japan, have reported a significant increase in the automotive and packaging industries.
China has been reported to be the global leader in the electric vehicle market. Owing to the rapid developments in the EV segment, and the inclusion of government subsidies, the Chinese electric vehicle market grew rapidly. According to the ICCT, China accounts for more than half of all electric car sales and more than 90% of all electric buses and trucks. The IEA reports that despite the Covid-19 outbreak, China's total new automobile registrations fell by around 9%. With 4.5 million electric automobiles, China now boasts the largest fleet of electric vehicles. Additionally, the Chinese government has also set aside a significant amount of money for EV charging infrastructure. China's public charging infrastructure is on par with that of the US, Europe, and Japan combined. China is home to cutting-edge battery technology, new mobility business models, and a wide range of electric car models that are gaining traction throughout the world. The electric vehicle sector has benefited greatly from China's ambition of comprehensive vehicle electrification and a long-term objective to assist accomplish mitigation targets. President Xi Jinping of China also promised to attain carbon neutrality by 2060.
India has also reported similar technological developments and is expected to considerably contribute to the EV revolution. Hence, with the increasing advancements in the automotive sector, the film adhesive market is also expected to rise in demand.
The global economic downturn caused by the COVID-19 epidemic was severe. Most significant sectors suffered losses as a result of most nations establishing lockdown measures and social distance regulations. The automotive industry also faced huge losses during this time, which significantly affected the film adhesives market, since the automotive industry owns a major share of the film adhesive market’s revenue.
However, the packaging industry saw an increase in demand during this time, owing to the prevalence of online shopping and delivery, due to the closure of physical shops and the implementation of lockdown protocols. This increase in online shopping led to an increase in demand for the film adhesive market, and with the ever-increasing e-commerce industry, the film adhesive market is expected to significantly rise in demand.
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