The global adhesive films market is expected to post a CAGR of close to 5% during the period 2019-2023
A key factor driving the growth of the global adhesive films market is the rise in demand for adhesive films in APAC. 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. Also, the rapidly growing packaging industry in these advancing economies is further expected to augment the adhesive films demand in the upcoming years. Furthermore, the emergence of India and China as the manufacturing hubs for packaging, construction, automobile and other industries coupled with supporting government initiatives in APAC will foster the adhesive films market growth during the forecast period.
Global adhesive films market: Rising adoption of lightweight vehicles
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 the adhesive films market growth during the forecast period. Moreover, the fact that lightweight vehicles help in reducing fuel emissions and meeting carbon dioxide emission standards make them a viable solution for end-users in the automotive industry. Thus, with rising demand for lightweight vehicles, the need for adhesive films will also increase in the forthcoming years.