Among film types, epoxy films are expected to witness a higher growth rate during the forecasted period.
The global bonding films market is expected to grow from $632.41 million in 2016 to reach $1.21 billion by 2023 with a compound annual growth rate (CAGR) of 9.8%, according to a recent report from Research and Markets. Growing demand from the transportation and the electrical and electronics industry, as well as improvements in adhesive technologies, and more robust properties than conventional adhesives, are some of the factors reportedly boosting the global bonding films market growth. In addition, raising adoption in wearable technology and the growth in the semiconductor industry are other factors propelling this market growth. However, strict government regulations, large storage and heavy transportation costs are hindering the market growth, according to the report.
Among film types, epoxy films are expected to witness a higher growth rate during the forecasted period. The growth is attributed to a high adoption in the electronic industry and stronger adhesive properties than conventional substrates. Epoxy bonding films are more convenient to handle, and are reportedly better performers in rugged environmental conditions. By the end user, the electrical and electronics segment is anticipated to command the global bonding films market with the highest growth rate predicted over the forecasted period.
North America represents the largest market in terms of revenue and the Asia-Pacific region is expected to register higher growth rates owing to increasing adoption of technologies and raising capital investments from major companies. Moreover, ease of raw materials accessibility and the high growth of the electronics industry in emerging countries such as Japan, China, and South Korea are driving the market growth in the Asia-Pacific region.