Anticipated Surge: Global Adhesive Films Market to Attain US$ 29.8 Billion by 2033, Propelled by Strong 4.6% CAGR from 2023 to 2033

The global adhesive films market is on track to reach a valuation of US$ 19.1 billion by 2023, with a projected growth rate of 4.6% between 2023 and 2033. This trajectory is set to propel the market to an estimated worth of US$ 29.8 billion by 2033, with the top three countries securing a significant market share of around 20% to 25% by 2023.

Handheld adhesive films are gaining prominence as a widely used pump type due to their advantageous features like compact packaging and easy storage. As a result, the handheld segment is forecasted to achieve a CAGR of 4.6% during the forecast period.

A research study conducted by Future Market Insights reveals that the adhesive films industry garnered revenues of approximately US$ 18.1 billion in 2022. Driven by surging demand for beauty and personal care products, the global adhesive films sector is expected to present an incremental growth opportunity of US$ 11.7 billion throughout the projected timeframe.

Furthermore, the adhesive films market is poised for profitable expansion during the forecast period, largely attributed to the heightened demand for packaged food and beverages. As a consequence of these driving factors, the market is projected to grow to 1.6 times its current value over the envisioned period.

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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.

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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.