The global adhesive films market is expected to post a CAGR of close to 5% from 2019-2023, according to a recent market research report by Technavio. A key factor driving the growth of the global adhesive films market is increasing demand in the Asia-Pacific region. 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.
The rapidly growing packaging industry in these advancing economies is further expected to augment adhesive films demand in the upcoming years. In addition, the emergence of India and China as manufacturing hubs for packaging, construction, automobile, and other industries—coupled with supporting government initiatives—will foster growth for the adhesive films market during the forecast period.
Technavio also reports that the rising adoption of lightweight vehicles will have a positive impact on the market and significantly contribute to its growth 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 adhesive films market growth during the forecast period.
Regionally, Asia-Pacific led the market in 2018, followed by North America, Europe, Middle East and Africa, and South America, respectively. Market growth in Asia-Pacific can be attributed to the several advantages offered by adhesive films in different end-user industries, including their superior strength, durability, and chemical resistance.
Additional details are available at www.technavio.com.