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Adhesive Tape Market Massive Industry Development & Upcoming Trends Forecast 2022-2029
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The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Multiple industries are facing unprecedented economic loss owing to the lockdown announced by the governments across the globe that has resulted in the complete shutdown of businesses. The crippling economy, however, is being revived through collective efforts from the government, as well as the industries and is expected to bounce back in the near future.
Adhesive tapes are a combination of an adhesive film and other materials that are widely used to bond two objects. They are joined using objects such as screws, fasteners, and wielding. They are further used in several industrial applications such as automotive, paper & pulp, packaging, and transportation & logistics, among others owing to their solid rigidity and strong adhesive properties. The viscoelastic property of the adhesive tape ensures that they exhibit similar properties in both solid and liquid.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaborations that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption of E-commerce to Favor Growth
High disposable income of the working population and the growing number of smart cities has led to a high living standard globally. Owing to the technological advancement, there has been a paradigm shift in the purchasing patterns of the consumers as online purchasing gains momentum. The onset of the novel coronavirus is further pushing the online sales to greater heights as the e-commerce platforms are witnessing increased online sales. For instance, according to data by Adobe, online sales in June 2020 rose to over 76% when compared to June 2019. The increasing adoption of e-commerce platforms is expected to propel the demand for adhesive tape for packaging purposes that will boost the growth of the global adhesive tape market during the forecast period.
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List of the Companies Operating in the Global Market for Adhesive Tape:
3M
Tesa SE
Pioneer Corporation
Bemis Company, Inc.
Avery Dennison Corporation
Berry Global Inc.
JDC Solutions, Inc.
Halco
B. Fuller
Advance Tapes International
Shurtape Technologies, LLC
3F GmbH
Gergonne Industries
Symbio, Inc.
Other key players
REGIONAL INSIGHTS
Increasing Adoption of Automotive in Asia-Pacific to Surge Demand
Among all the regions, Asia-Pacific is expected to remain at the forefront while holding the highest position in the global adhesive tape market. This dominance is attributable to the increasing population that is driving the demand for automotive in the region. Adhesive tape is extensively used in car exteriors and other components owing to their high tensile strength and rigidity.
The market in North America is anticipated to showcase a substantial growth backed by the presence of established manufacturers in countries such as the U.S. The increasing demand for adhesive tape from the healthcare industry is further driving the market in this region between 2019 and 2026.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Boost Sales Revenue
The global adhesive tape market comprises of several small, medium, and large companies that are striving to strengthen their positions by acquiring other companies and boost their sales revenue. The adoption of strategies such as partnerships, collaborations, and the introduction of innovative products are expected to further contribute to the growth of the market during the forecast period.
Industry Development:
July 2019 - Berry Global, a leading packaging solutions provider, announced the acquisition of RPC Group Plc. According to the company, the acquisition is worth USD 6.5 billion and is expected to make it one of the largest plastic packaging companies in the global marketplace.
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