PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438156
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438156
According to Stratistics MRC, the Global Thermoplastic Adhesive Films Market is accounted for $1879.1 million in 2023 and is expected to reach $3018.5 million by 2030 growing at a CAGR of 7% during the forecast period. Thermoplastic adhesive films are versatile materials that soften when heated and solidify upon cooling, providing strong and flexible bonds. These films are commonly used in various industries, such as automotive, packaging, and textiles, offering efficient bonding solutions for diverse applications due to their ease of processing, excellent adhesion properties, and ability to conform to different surfaces.
According to the European Automobile Manufacturers Association data, hybrid electric vehicles accounted for 11.9% of total cars sold in 2020 which was 5.7% in 2019. According to the data by the China Association of Automobile Manufacturers, production of Chinese commercial vehicles reached 310000 units in September 2021, increasing 35.5% month on month.
Expansion of end-use industries
Industries such as automotive, packaging, electronics and construction are witnessing robust growth, creating a heightened demand for efficient bonding solutions. Thermoplastic adhesive films, with their versatility and adaptability, play a crucial role in meeting the evolving needs of these industries. As end-use sectors expand, the thermoplastic adhesive film market experiences increased adoption, fostering innovation and driving market growth.
Fluctuations in raw material prices
Fluctuations in raw material prices pose a restraint in the thermoplastic adhesive film market. Variability in the costs of key components, such as polymers and additives, can impact production costs, leading to pricing uncertainties for manufacturers. These fluctuations may affect profit margins and competitiveness, limiting market growth.
Rising demand for lightweight and energy-efficient materials
The increasing demand for lightweight and energy-efficient materials presents a significant opportunity in the thermoplastic adhesive film market. As industries strive for sustainability and efficiency, these films offer advantages such as reduced weight, enhanced fuel efficiency in transportation, and improved energy performance in construction. This trend aligns with environmental initiatives and regulations, creating a favorable market landscape.
Competition from alternative bonding technologies
Bonding methods, such as liquid adhesives, mechanical fasteners, and welding techniques, offer diverse solutions with varying characteristics. Factors such as cost-effectiveness speed of application, and specific material requirements drive industries to explore alternatives. In addition, traditional methods and emerging technologies may challenge the adoption of thermoplastic adhesive films, hindering widespread adoption.
The COVID-19 pandemic initially disrupted the thermoplastic adhesive film market, causing supply chain challenges and a slowdown in manufacturing activities. However, as industries adapted to the new normal and demand for sustainable packaging and lightweight materials increased, the market showed resilience. The emphasis on hygiene and safety measures also boosted applications in the medical and healthcare sectors. The market is expected to recover and witness steady growth post-pandemic, with a renewed focus on innovation and sustainability.
The polyethylene segment is expected to be the largest during the forecast period
The polyethylene segment is anticipated to be the largest in the thermoplastic adhesive film market during the forecast period. This dominance is attributed to polyethylene's widespread use in packaging, automotive, and construction applications. Its versatility, cost-effectiveness, and excellent adhesion properties contribute to its popularity. With an increasing demand for lightweight and durable materials, polyethylene stands out as a preferred choice, driving its market share growth and positioning it as a key player in the thermoplastic adhesive film industry.
The hot melt adhesive segment is expected to have the highest CAGR during the forecast period
The hot-melt adhesive segment is projected to achieve lucrative growth during the forecast period. This growth is attributed to the segment's versatility, efficient bonding capabilities, and widespread applications across industries like packaging, automotive, and construction. The ease of application, quick curing time, and environmental benefits make hot melt adhesives increasingly popular driving their demand. As industries seek faster and more sustainable bonding solutions, hot melt adhesives are anticipated to witness rapid expansion.
North America is positioned to claim the largest market share in the thermoplastic adhesive film industry owing to technological advancements, a robust manufacturing sector, and high demand from the automotive and aerospace industries. The region's emphasis on innovation and sustainable solutions contributes to the widespread adoption of these films. Additionally, stringent quality standards and a focus on energy-efficient products further drive market growth, making North America a key contributor to the expanding thermoplastic adhesive film market.
The Asia Pacific region anticipates robust growth in the thermoplastic adhesive film market due to increasing industrialization, rising demand in the automotive and electronics sectors, and a surge in construction activities. The region's economic expansion, coupled with advancements in manufacturing technologies, is driving the adoption of thermoplastic adhesive films. Additionally, a growing focus on sustainable and lightweight materials further propels market growth, as these films offer eco-friendly solutions and contribute to the region's dynamic industrial landscape.
Key players in the market
Some of the key players in thermoplastic adhesive films market include 3M Company, Arkema S.A., Avery Dennison Corporation, Dow Inc., Eastman Chemical Company, Evonik Industries AG, H.B. Fuller Company, Henkel AG & Co. KGaA, Lohmann GmbH & Co. KG, Lord Corporation, Permabond Engineering Adhesives, Scapa Group plc, Sika AG, Toyochem Co., Ltd. and Covestro AG.
In October 2023, German polymer supplier Covestro (Leverkusen; www.covestro.com) has announced additional production capacity at its domestic plant in Bomlitz for Platilon brand films, which are based on thermoplastic polyurethane (TPU). The company said investment in the expansion was in the low double-digit million ranges and did not supply any data on the increase in available output. In addition to production, operations at site, which is run by Covestro's Epurex Films subsidiary, include research and development.