Splicing Tapes Market Is Anticipated To Grow At A Robust CAGR Of 3.1% During 2022-28

According to Precision Business Insights (PBI), the latest report, the splicing tapes market is expected to be worth USD 631.8 million in 2022, growing at a 3.10% CAGR from 2022 to 2028. Key players' profiles in the splicing tapes market report are Tesa SE (Germany), Shurtape Technologies, Llc (US), Scapa Group Plc (US), Orafol Europe Gmbh (Germany), Nitto Denko Corporation (Japan), Intertape Polymer Group, Inc. (Canada), ECHOtape (US), Avery Dennison Corporation (US), 3M Company (US) and Adhesive Research, Inc. (US). The primary driver of the expansion of the global splicing tapes market is the expansion of the pulp & paper industry.

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Acrylic Segment to Dominate the Splicing Tapes Market:
Acrylic segment is expected to account for a larger revenue share in the global splicing tapes market, with a value share worldwide as it more firmly attaches to a variety of substrates. There are two different types of acrylic adhesives: water-based and solvent-based. While solvent-based acrylic systems are often more resistant to other solvents, chemicals, and water, water-based systems dry more slowly than solvent-based ones. The rubber segment held a considerable market share during the estimated period.

Asia Pacific Splicing Tapes Market:
The Asia Pacific market is expected to increase in the global splicing tapes market over the forecast period. It is projected to grow at a CAGR of 3.6% in the coming years. The region's market is being driven by a number of important factors, including the expansion of the paper, printing, and packaging industries coupled with the population. China plays a vital role in Asia-Pacific's Splicing Tapes market. China's manufacturers are investing considerably in the most modern and cutting-edge paper manufacturing facilities, which is boosting global paper trade. As manufacturers in these nations constantly invest in cutting-edge paper production facilities, fostering a highly competitive environment for international trade in paper products, the market in developing nations like China and India is predicted to rise rapidly in the near future.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global splicing tapes market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Oct 2021, In Tennessee, United States, Tesa Splicing Tapes built a fully modern facility to support industrial manufacturing.

Detailed Segmentation:
The splicing tapes market is segmented based on resin, backing material, application and geography.
Based on the resin, the market is segmented into the following:
• Acrylic
• Rubber
• Silicone
• Others

Based on the backing material, the market is segmented into the following:
• Paper/Tissue
• PET/Polyester
• Non-Woven
• Others

Based on the application, the market is segmented into the following:
• Paper & Printing
• Packaging
• Labeling
• Electronics
• Others
• Textile

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This release was published on openPR.