Labels, Tapes And Films Market Size

Labels, Tapes And Films Market Size

Labels, Tapes and Films Market for Electronics Industry size was valued at around USD 3.5 billion in 2020 and is estimated to exhibit 5.1% CAGR from 2021 to 2027 owing to their superior characteristics over conventional fastening methods. The industry is estimated to grow at a CAGR of 4% in terms of volume while attaining a valuation of 4,839.6 Million Square Meter through the projected timeframe.

Consumer durable companies are focusing on reliable and effective fastening solutions for their products. Growing technological advancements in the field of bonding & joining material will drive product demand around the globe. Adhesive tapes are gaining significant attention from appliance companies owing to their excellent UV resistance, long-lasting bonding power, and superior viscoelasticity.

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Another key growth-enabling factor is rising consumer electronics and household appliances around the globe. China and India have been experiencing progress in terms of disposable income owing to increasing population and steady economic growth. Growing sales of air conditioners, washing machines, televisions, smartphones, etc., in response to changing consumer buying behavior are stimulating product development in the region.

The global consumer electronics market revenue was valued at USD 20 billion in 2020. Air conditioners demand is also growing around the globe due to rising residential and commercial building construction. In China, demand for air conditioners reached 44.63 million units in 2018, which is further expected to increase the labels, tapes and films industry for electronics sector by 2027.
 

The ongoing coronavirus pandemic is estimated to slow down industry development in 2020, which is subjected to the production output of major electronics in the country. The shutdown of major consumer appliances facilities together with a shortage of labor and materials will decline electronics production during the pandemic. Europe and North America have been affected harshly owing to a rising number of coronavirus cases and disrupted supply chain activities.
 

Countries relying on imports to meet their domestic consumption are the ones that will experience tremendous losses in terms of labels, tapes and films sales in electronics sector from 2020 to 2021. The stable output of electronic goods together with the reopening of international trade around the globe is projected to drive industry share by 2027.