According to a new research report by Global Market Insights Inc., the Labels, Tapes and Films Market for Electronics Industry size is forecast to exceed USD 4.5 billion by 2027. Favorable government initiatives to enhance the electronics industry at the local level will drive the industry growth during the forecast timeframe.
In 2015, the Government of China launched the ‘‘Made in China 2025’’, an industrial initiative focused upon lowering dependency on foreign manufacturers and enhancement of local production. Similarly, the Indian government launched the “Make In India” and “Atmanirbhar Bharat” to increase its manufacturing capability. In 2019, the country also planned to produce more than one billion smartphones by 2025 under the National Policy on Electronics. Such trends are expected to drive the sales of labels, tapes & films in the electronics sector by the end of the forecast timeframe.
Although the industry is expanding at a significant rate, challenges associated with fluctuating raw material prices and stringent government regulations may slow down the global labels, tapes and films market for electronics industry during the forecast timeframe. Since the labels, tapes and films are manufactured using petroleum-based products, the price of tapes, labels & films is largely dependent upon the availability and prices of oil-derived products. Besides, government bodies including the OSHA, the European Union, EPA, etc., have specified regulations on emission control and hazardous impacts of the product on the environment. These trends may hamper industry development by the end of the forecast timeframe.
Browse key industry insights spread across 215 pages with 178 market data tables & 25 figures & charts from the report, “Labels, Tapes And Films Market For Electronics Industry Size, By Product (Tapes, Labels, Films), By Application (Consumer Electronics, [Computers & Laptops, Smartphones, Tablets], Home Appliances [Television, Refrigerator, Washing Machine, Air Conditioning), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Labels are projected to grow at a 5.1% rate in the global market over the forecast timeframe. The product is extensively utilized to inform consumers about the safe usage of the product, parts, manufacturing locations, and to provide information related to the product authenticity & quality standards. This product is used in various consumer electronics products & home appliances to adhere and to maintain a strong bond with plastic or metallic surfaces. Rising household electronic product manufacturing globally will further increase the penetration of tapes, labels & films over the forecast timeframe.
Rising share of air conditioner output worldwide will enhance product share
Air conditioners will account for an 8% share in the global labels, tapes and films market for electronics industry over the projected timeframe. Growing acceptance of air conditioners in emerging nations for utility purposes will propel labels, tapes and films demand in the segment. Growing concerns of humidity and indoor air pollution are also propelling the usage of technologically advanced air conditioners enabled with air purifiers and inverters, which will further propel household appliances sales globally.
The North America labels, tapes and films market for electronics industry will reach around USD 700 million in terms of revenue by the end of the forecast timeframe. Rising consumer electronics production in the U.S. is scaling up product’s sales volume in this country. The growing consumer preference for technologically advanced products has increased home appliances and electronics consumption in the region. The ongoing COVID-19 pandemic will lower the sales of consumer electronic products in North America, which is expected to hamper product development by the end of the forecast timeframe.
Some of the major companies in the labels, tapes and films industry for electronics sector include American Biltrite, Avery Dennison, CCL Industries, FLEXcon Company, Inc., 3M, Tesa SE, Scapa Group and UPM Corporation.