Why is Adhesive Tapes Market Predicted to Exhibit Rapid Progress in Asia-Pacific (APAC) During 2018—2023?

Due to the increasing usage of adhesive tapes in the automotive industry, their demand is rising at a rapid rate across the world. In the automotive industry, the adhesive tapes are primarily used in the form of protection tapes and double-sided tapes. Moreover, the automobile manufacturing companies are increasingly preferring the use of automotive tapes over the conventionally used mechanical fasteners such as screws and bolts, in order to reduce the weight of the automobiles as these adhesive tapes are lighter in weight than the mechanical fasteners.

Driven by the above-mentioned factors, the valuation of the global adhesive tapes market is expected to rise from $54,333.4 million in 2017 to $74,954.6 million by 2023. The market is predicted to advance at a CAGR of 5.5% during the forecast period (2018—2023). An adhesive tape is basically a continuous flexible strip made of cloth, paper, metal foil, or plastic film glazed with a thin later of permanent glutinous adhesive either on one or both sides. These tapes are also known as self-sticking tapes, sticky tapes, and pressure-sensitive tapes.

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There are mainly two types of adhesive tapes used throughout the world— specialty and commodity tapes. Between these two, the specialty adhesive tapes are expected to register faster growth in usage during the forecast period. This is primarily ascribed to the widespread usage of these tapes in several flourishing industries such as electrical and electronics, automotive, construction and building, and healthcare. In addition to this, these tapes are also extensively used in the automotive industry for the fastening and fixing of different automotive parts and components.

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Adhesive tapes are widely used in packaging, healthcare, electrical and electronics, consumer and office, building and construction, and automotive applications. Out of these, the packaging applications recorded large-scale utilization of adhesive tapes in 2017. This is credited to the fact that most of the industries incorporate the use of these tapes for packaging applications. Furthermore, the booming e-commerce industry and the growing popularity of online shopping especially in the developing countries are tremendously boosting the demand for adhesive tapes across the world.

Globally, Asia-Pacific (APAC) observed the large-scale utilization of adhesive tapes in 2017. This region is also expected to register the fastest growth in the usage of adhesive tapes during the forecast period. This is mainly attributed to the rapid advancements in the healthcare, automotive, and electrical and electronics industries in the region. Additionally, the easy availability of cheap labor and the low cost of raw materials in APAC have contributed toward the production of highly affordable tapes in the region which will in turn, boost the progress of the adhesive tapes market in the region in future.

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Therefore, it can be said without any hesitation that the demand for adhesive tapes will escalate massively around the globe in the coming years, mainly owing to the mushrooming requirement in the automotive and packaging industries.

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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