Adhesive Tapes Market to Offer More than $74,900.0 Million Investment Opportunity by 2023

In today's time, the need to reduce air pollution is rife across the world. As emissions from automobiles play a major part in the escalating pollution levels, regulations are being formed to curb them. This is why the focus on reducing the weight of the vehicles is growing, as less weight means requirement for less automotive power, which, in turn, leads to reduced fuel consumption and, ultimately, decreased emissions. Automakers are rapidly replacing the steel and iron used in automobiles with aluminum and even carbon fiber. Due to the delicate nature of such materials, the use of traditional nuts and bolts for their fastening is discouraged, which is leading to the rising usage of adhesive tapes.

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From $54,333.4 million in 2017, the value of the adhesive tapes market is expected to increase to $74,954.6 million in 2023. Apart from the automotive sector, such products are also being increasingly utilized in the electrical and electronics, healthcare,and construction and building sectors. This is why of the two types of tapes -- specialty and commodity -- the specialty type's sales are expected to grow faster during the forecast period.

In the healthcare niche, breathable and hypoallergenictapes are used in ostomy, diagnostics, wound care and surgical incision closure,device attachment (to the skin), medical device assembly, and optical products. The global healthcare industry is expected to value $372 billion by 2022, according to the Indian Brand Equity Foundation. With the growth in the geriatric population and increase in the prevalence of chronic diseases, the patient pool would also expand. This would result in the rising demand for medical services and devices, thereby raising the use of adhesive tapes in the industry.

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Adhesive Tapes Market Competitive Landscape

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.

GLOBAL ADHESIVE TAPES MARKET SEGMENTATION

By Type

Commodity
Specialty
By Technology

Water-Based
Solvent-Based
Hot-Melt-Based
By End Use

Packaging
Consumer and Office
Healthcare
Automotive
Electrical and Electronics
Building and Construction
Others (Furniture, Printing, Agriculture, and Entertainment)
By Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
APAC
China
Japan
India
Rest of APAC
Latin America (LATAM)
Brazil
Mexico
Rest of LATAM
Middle East and Africa (MEA)
Saudi Arabia
South Africa
Rest of MEA

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This release was published on openPR.