The adhesive film market size is estimated at USD 57.2 billion in 2018 and is projected to reach USD 75.4 billion by 2023, at a CAGR of 5.7%. The growth of end-use industries such as packaging, automotive & transportation, and electrical & electronics is the key factor driving the growth of the adhesive film market.
Based on film material, the polypropylene (PP) segment is estimated to account for the largest share and is also projected to witness the highest CAGR during the forecast period. PP is used in a variety of tape applications such as food packaging and multi-purpose packaging. The demand for PP-based adhesive film is primarily triggered by its usage in various applications in the fast-moving consumer goods (FMCG) sector, which is growing rapidly owing to the increase in population and disposable income.
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On the basis of application, the labels segment is expected to witness the highest CAGR during the forecast period. The adhesive film-based labels market is growing in accordance with the growth trends of the converting and packaging industries. Factors such as rapid urbanization, demand for pharmaceutical supplies, increasing consumer awareness, and growth of the e-commerce industry have propelled the growth of the self-adhesive labels market.
The major players operating in the adhesive film market include 3M Company (US), Avery Dennison Corporation (US), UPM-Kymmene OYJ (Finland), CCL Industries (Canada), and Toray Industries (Japan). The key growth strategies adopted by these companies include expansions, acquisitions, and new product developments.
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3M offers a wide variety of products, including adhesives, bonding materials, coatings, and specialty materials. The company operates through five business segments, namely, industrial, safety & graphics, electronics & energy, health care, and consumer. The company manufactures adhesive tapes, adhesive labels, and graphic films for various applications. The company operates with production sites in 70 countries and offers products and solutions to customers in, approximately, 200 countries in the Americas, APAC, Europe, and the Middle East & Africa. Strategically, the company has adopted organic strategies to increase its share in the adhesive film market. For instance, in March 2015, 3M made an investment of USD 1.8 billion in 2015 to enhance its five business segments, namely, Industrial, Safety and Graphics, Health Care, Electronics and Energy, and Consumer. The company aims to enhance the products portfolio of adhesive tapes to meet the growing demand from various regions.
Avery Dennison Corporation manufactures, markets, and sells pressure-sensitive materials, self-double coated base materials, and self-double coated consumer & office products. The company operates through three business segments, namely, labels and graphic materials, retail branding and information solutions, and industrial and healthcare materials. The company, through its pressure-sensitive materials segment, manufactures and sells pressure-sensitive labels and packaging materials, reflective products, and tapes for automotive, building and & construction, electronics, industrial, and personal care sectors.
The company operates in around 50 countries across the globe with 180 manufacturing and distribution facilities. In February 2017, Avery Dennison Corporation completed the acquisition of Yongle Tape Company Ltd., a manufacturer of specialty tapes and related products for a variety of industrial markets. Yongle Tape would operate within Avery Dennison’s Industrial and Healthcare Materials business group, working in close collaboration with the company’s global Performance Tapes and Fastener Solutions businesses.
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