Press release
Adhesive Tapes Market Demand, Sales Revenue, Market Growth, Trends, Analysis And Forecast by 2023
The global adhesive tapes market is bifurcated into commodity and specialty tapes. The market for specialty tapes is expected to register faster growth, witnessing CAGR of 6.8% in terms of value during 2018-2023. This growth can be attributed to the ongoing developments in the automotive industry, which is resulting in the increased usage of these tapes, over traditional methods, for the fixing and fastening of parts. Besides, the growing demand for medical tapes in the healthcare and hygiene market is supporting the growth of adhesive tapes market, particularly for specialty tapes.
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The adhesive tapes market is categorized into packaging, consumer and office, healthcare, automotive, electrical and electronics, building and construction, and others. Globally, packaging accounted for highest share in the adhesive tapes market in terms of value, accounting for more than 50.0% share in 2017. This is mainly driven by the fact that majority of industries utilize tapes for the packaging of products.
APAC held the largest share in the adhesive tapes market contributing more than 50.0% volume share in 2017. Emerging economies of the region, such as China, and India, are witnessing strong growth owing to ongoing R&D and advancements in the electrical and electronics, healthcare, and automotive industries. Moreover, low cost of raw materials and easy availability of cheap labor for the manufacturing of tapes with adhesion properties have resulted in the increased production of low-priced tapes in APAC, which, in turn, has contributed to the growth of the adhesive tapes market in this region.
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Globally, many countries are restricting the use of hazardous chemicals required for the production of adhesive solutions. Stringent government regulations to restrict the usage of harmful chemicals in addition to shifting focus of end users toward environment-friendly products such as water-activated tape, which is biodegradable in nature.
Some of the major players operating in the global adhesive tapes market are 3M Company, Nitto Denko Corporation, tesa SE, LINTEC Corporation, Avery Dennison Corporation, Intertape Polymer Group Inc., Shurtape Technologies LLC, Scapa Group plc, Lohmann GmbH & Co. KG, and Nichiban Co. Ltd.
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