December 07, 2022 08:54 ET | Source: Zion Market Research Zion Market Research
Sarasota, FL, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Bonding Films Market By Technology (Pressure Cured, And Thermally Cured), By End-User (Automotive, Aerospace, Transportation, Electrical & Electronics, Packaging, And Others), By Type (Acrylic, Epoxy, And Polyurethane), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database. Rubber Edge Repair Speaker Replacement
“According to the latest research study, the demand of global Bonding Films Market size & share in terms of revenue was valued at USD 954.9 million in 2021 and it is expected to surpass around USD 1490 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 6.49% during the forecast period 2022 to 2028.”
What are Bonding Films? How big is the Bonding Films Industry?
Bonding films are adhesive agents that are used to create a strong bond between two objects ranging from electronics items to parts for the aviation industry. Although bonding files are highly compatible with almost all types of substrates, there are some that they are more compatible with as compared to others. Leather, fabric, rubber, and fiberglass are some of the most common forms of substrates that have wide applications of bonding films to improve the overall product quality.
Bonding films have gained popularity because they help in reducing waste generated from the material, to allow a consistent and uniform application of adhesives. They also act as excellent flame retardants, materials that can help prevent or slow fire. Due to the ability of these films to be customized as per requirement in terms of thickness and width, the global market share is expected to reach greater heights in the coming years. There are two main types of bonding films, namely; heat-activated and pressure sensitive.
The former need sufficient heat to create a strong bond while the latter can be used with changing pressure. Bonding films can also be classified as thermoplastic, materials that turn soft under heat and can set after cooling. This change can be repeated multiple times. In some cases, they are classified as thermosets, materials creating bonds that cannot be reversed. Several factors determine which type of bonding films to be selected depending on the end requirement. For instance, pressure-sensitive adhesives (PSAs) are thermoplastic and thus flexible depending on the curing process. They can be used for wide applications. Heat-activated adhesive, on the other hand, is more flexible and customizable.
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Global Bonding Films Market: Growth Dynamics
The global bonding films market is projected to grow due to the growing packaging industry and wide applications of adhesive agents in this sector. This is highly effective in the food-packaging sub-sector as the right packaging can be one the main ways of storing packaged food under the right conditions and avoiding any loss of nutrients or damage. Bonding films provide good transparency and can avoid water vapor. The global market may further be driven by the rising use of effective adhesives in the consumer electronics sector. Demand for smart screens, liquid-crystal displays (LCDs), and light-emitting diodes (LEDs) are at an all-time high. As per the official estimate, LCD makers are hinting at a sales target of 253 million units by the end of 2022.
The global market is expected to observe a few hindrances during its growth trajectory due to the time consumed during the process of using bonding films. The transportation cost of these adhesives is high as compared to counterparts which inhibit many consumers from using the products leading to a loss of revenue. Strict government regulations surrounding the use of base chemicals in the manufacturing of bonding films are a major contributor toward growth restrictions.
The growing technological development may provide excellent growth opportunities while fluctuating raw material prices are expected to impact the growth period.
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Bonding Films Market: Segmentation Analysis
The global bonding films market is segmented based on technology, end-user, type, and region
Based on end-user, the global market segments are automotive, aerospace, transportation, electrical & electronics, packaging, and others. The global market may generate the highest revenue in the electrical & electronics segment because of the growing consumer database in this sector. Bonding films are used to create a large number of items that fall in the electronics segment including smart devices and other consumer goods. In 2021, the global consumer electronics manufacturing sector was valued at USD 1.59 trillion, and with the growing population, the market is anticipated to reach newer heights.
Based on type, acrylic, epoxy, and polyurethane are the global market segments. In 2021, epoxy was the leading type of bonding film with the highest growth margin. The benefits associated with epoxy adhesives are a major factor contributing to higher CAGR. These bonding films can bond with almost all types of substrates and impart higher mechanical properties. They are easy to process and during curing, they show low shrinkage. However, epoxies that undergo curing at room temperature may not operate efficiently if the temperature goes over 120 °C.
The global Bonding Films market is segmented as follows:
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Some of the main competitors dominating the global Bonding Films market include -
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Asia-Pacific may lead the global bonding films market due to the highly promising chemical industries in India and China along with the growing aviation sector. It is one of the fastest-growing industries in India and by 2025, the Indian government aims to get a valuation as high as USD 25 billion. Since aerospace is one of the largest consumers of bonding and adhesive films, the global market is expected to benefit simultaneously. Growth in North America is projected to be driven by the presence of key market players and their strategic methodologies.
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