The bonding films market was valued at USD 613.5 Million in 2016 and is projected to reach USD 985.5 Million by 2022, at a CAGR of 8.2% from 2017 to 2022. The increased demand for bonding films in the high-end applications of the electrical & electronics and transportation industries is expected to drive the growth of the bonding films market during the forecast period.
The bonding films market has been classified on the basis of type into epoxy, acrylic, polyurethane, and others. Among types, the epoxy segment of the bonding films market is projected to grow at the highest CAGR during the forecast period. The growth of this segment of the market can be attributed to the high bonding strength of epoxy bonding films and their ability to bond with various types of substrates. Moreover, these bonding films offer high bond strength and controlled bond line thickness control. They are capable of being cured at various temperatures.
On the basis of the end-use industry, the bonding films market has been classified into electrical & electronics, transportation, packaging, and others. The electrical & electronics end-use industry segment is projected to lead the bonding films market during the forecast period. The growth of this segment of the market can be attributed to the increasing use of bonding films in automotive, consumer, industrial, and defense & aerospace applications. The electrical & electronics end-use industry segment of the bonding films market is projected to grow at the highest CAGR between 2017 and 2022.
The Asia Pacific region is the largest market for bonding films across the globe. The Asia Pacific bonding films market is projected to grow at the highest CAGR between 2016 and 2022. The growth of the Asia Pacific bonding films can be attributed to the presence of various key manufacturers of bonding films in the region and increasing demand for bonding films from various end-use industries such as electrical & electronics and transportation of the countries such as China, South Korea, Japan, and Taiwan of the Asia Pacific region. Moreover, the easy availability of raw materials in the Asia Pacific region has attracted several global companies and investors to set up their production facilities in the region, thereby fueling the growth of the Asia Pacific bonding films market.
Some of the key players operating in the bonding films market are Henkel AG & Co. KGaA (Germany), 3M (US), Cytec Solvay Group (Belgium), Hitachi Chemical Co., Ltd. (Japan), Arkema S.A. (France), H.B. Fuller (US), Hexcel Corporation (US), Gurit (Switzerland), DuPont (US), and Rogers Corporation (US). The competition among these players is high, and they mostly compete with each other on the prices and quality of the products, their product portfolios, after sale services, customized solutions, etc.