GLOBAL ADHESIVE TAPES MARKET EXPECTED TO CROSS VALUE OF US$ 111 BILLION BY 2027; ASIA PACIFIC TO BE THE KEY REGIONS FOR ADHESIVE TAPES MARKET
Global Adhesive Tapes Market: Highlights
- The global adhesive tapes market is projected to grow at a CAGR of more than 6.5% between 2019 and 2027. The market’s growth is also the result of growing use of these tapes in industries like automobiles and manufacturing. These industries implement adhesive tapes in various applications like fixing a leak, placing dashboards and various others.
- Shift towards miniaturization of electronic devices is likely to drive global adhesive tapes market. Rising disposable income and changing lifestyles of people coupled with increased dependence on the use of electronic devices is the reason for high increase in sales of electronic devices across the world. Adhesive tapes acts as a substitute for screws and fasteners.
- Increasing use of adhesive tapes in automotive interior parts to provide better resistance and excellent adhesion ability is likely to propel the adhesive tapes market during the forecast period
- Environmental regulations affect the pressure-sensitive tape technology in two areas: manufacturing process and product design. While forming an adhesive layer on the backing material, adhesives such as low-viscosity natural rubber and resins are coated by solvents such as xylene and toluene. Without proper containment devices, these solvents are simply released into the atmosphere. Moreover, energy required to evaporate these solvents emits carbon dioxide into the atmosphere.
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Global Adhesive Tapes Market: Segmental Trends
- In terms of volume, automotive segment accounted for major share in global adhesive tapes market in 2018. This is because, it uses these tapes in various applications such as placement of dashboards, insulating electric wires, and holding slots for connectors in the vehicles. These applications in the automotive industry are expected to make it the fastest growing segment in the global adhesive tapes market from 2019 to 2027.
- Electronic industry is also a major contributor to the growth of global adhesive tapes market. The industry uses these tapes in forms of insulators and collectors for the electronic components to be used in a device. The adhesive tapes are made from compounds like rubber, acrylic, and silicon, which are some of the best insulators. Moreover, the flexibility offered by these tapes also plays a crucial role in fueling their use in electronic devices. Based on these applications and benefits the electronic industry is projected to fuel the growth of global adhesive tapes market from 2019 to 2027.
- Polypropylene is the major backing materials used for adhesive tapes. It accounted for more than 60% volume share in global adhesive tapes market in 2018. The demand for the same is driven by specialty tapes such as double coated, transfer and masking tape.
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Global Adhesive Tapes Market: Regional Highlights
- Asia Pacific lead the global adhesive tapes market, followed by Europe and North America in 2018. Demand for adhesive tapes in the region is driven by the recent technological advancements and easy availability of raw material.
- Rising demand for adhesive tapes in countries such as Brazil, Mexico, and Argentina is expected to boost the adhesive tapes market in Latin America. Demand for adhesive tapes in Middle East & Africa is driven by the emerging industrial and consumer products segments.
- North America and Europe are mature markets for adhesive tapes with presence of various small scale players and local manufacturing facilities. The U.S. and Italy are among the key producers of adhesive tapes.
Global Adhesive Tapes Market: Competition Landscape
- Major companies dominating the global adhesive tapes market are Advance Tapes International, NICHIBAN CO., LTD., CMS Group of Companies, Lohmann GmbH & Co.KG., and Surface Shields.
- Major players of the market are focusing in manufacturing more innovative products so as to draw more revenue and surge the demand for adhesive tapes in the market. New techniques are being adopted in order to enhance the capacity of production and so as to develop new techniques and to draw more revenue into the market.
- Leading vendors of the adhesive tapes market are also focusing on new merger and acquisition strategies in order to boost the market globally. The high rate of raw materials are making it difficult for new players to enter the market but the manufacturers who are already established take this as an opportunity and consider it as a boon in order to boost their product in the market and attract more revenue share in the market.
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