Labels, Tapes And Films Market For Electronics Industry Size, Share, Industry Analysis By Product (Tapes, Labels, Films) and Application (Consumer Electronics, [Computers & Laptops, Smartphones, Tablets], Home Appliances [Television, Refrigerator, Washing Machine, Air Conditioning) Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027
The labels, tapes and films market for electronics industry is anticipated to witness significant growth by 2027 primarily due to technological advancements in the product. Moreover, rising demand for electronics and household appliances is speculated to propel market growth through the forecast period.
The COVID-19 pandemic-induced lockdown restrictions has forced people to connect virtually for work, social engagements, and entertainment, thereby boosting the demand for smartphones, tablets, AI-integrated television, and laptops, among other electronic appliances. Additionally, surging focus on product upgradation and technological innovation has expanded the scope of the electronics market, which has positively influenced the global business landscape.
Major industry players have been focusing on product development, acquisition, mergers, and partnerships to monetize the escalating product demand, which has improved market dynamics. For instance, in March 2021, 3M-owned Post-it, a key manufacturer of stationery products, announced a partnership with Miro, an online collaboration platform, to enhance the functionality of the Post-it App by integrating Miro’s platform with the app to allow users to exchange post-its across their social groups.
In another instance, in July 2020, CCL Industries, a major label maker, announced the acquisition of In-Touch Label and Packaging Co. to expand its direct-to-consumer label business. Furthermore, in June 2021, FLEXcon Company, an adhesive coating and lamination giant, introduced the FLEXcon NEXgenTM, its new line of durable labelling materials with cross-platform printability that simplifies product selection as well as UL and CSA compliance for printers. As a result, growing focus of companies on the development of novel products has been favorable for industry adoption.
The labels, tapes and films market for electronics industry has been bifurcated based on product, application, and region. With respect to product, the market has further been categorized into labels, tapes, and films. The tapes sub-segment is estimated to grow substantially at a CAGR of about 5.6% over the assessment period. Mounting demand for durable packaging tapes in the electronics industry is likely to support segmental expansion in the coming years.
In terms of application, the labels, tapes and films market for electronics industry has been divided into consumer electronics (tablets, smartphones, computers & laptops, and others) and home appliances (washing machine, air conditioner, refrigerator, television, and others).
The tablets sub-segment is expected to grow at a rapid pace through the projected timeline. In emerging countries, the popularity of tablets is set to be driven by increasing preference for work-from-home culture and proliferating focus on e-learning in schools and universities. Prevalent demand of labels, cassettes, and films owing to these trends is slated to propel segmental growth over the following years.
From the regional perspective, the Latin America labels, tapes and films market for electronics industry is calculated to grow at a CAGR of around 2.4% in terms of volume over the forecast period. Higher reliance on imports to meet electronics demand across LATAM is speculated to foster regional market outlook in the future.
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