5% CAGR expected in adhesive film market
Manufacturing activities from many adhesive film producers are shifting to emerging economies including China, India, Indonesia, Taiwan, and the Philippines. This is due to economic reasons such as easy availability of raw materials, low transportation costs, and less-stringent government regulations. These developments are expected to result in a CAGR of close to 5% from 2019-2023 for the global adhesive films market.
Increasing demand for adhesive films
Both the growth of the packing industry and the increasing adoption of lightweight vehicles will have a positive impact on the adhesive film market and significantly contribute to its growth. Growth of the adhesive films market will be generated by the emergence of India and China as manufacturing hubs for packaging, construction, automobile, and other industries.
Also, the increasing use of adhesive films as an alternative to fasteners in automobile components, including exterior body parts, axles, and suspension systems, drives this market growth. With the adoption of adhesive films as an alternative to fasteners,
the overall weight of vehicles is significantly reduced.