Adhesive Films Market Players Stare at a Period of Contraction: Study
The global adhesive films market is expected to witness a steady CAGR of 5.5% during 2020-2030, according to a new report by ESOMAR-certified market research firm Future Market Insights (FMI).
Adhesive Films Market
A recent market report published by Future Market Insights on the Adhesive Films market pr...
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.
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.
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.
Global Adhesive Films Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global adhesive films market, analysing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the adhesive films market on the basis of material (BOPP, PE, PVC, PA and Others), adhesive type (acrylic, rubber, and silicone), and application (labels, tapes, and graphic films), by end use (electrical and electronics, building and construction, aerospace, automotive, packaging, transportation, and others), and region (North America, Latin America, Europe, the Middle East and Africa, East Asia, South Asia, and Oceania).
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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