Press release
Global Adhesive Tapes Market Size To Grow At A CAGR Of 5.1% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.1%
Adhesive tapes are crucial in the packaging industry for bolstering the performance of packaging components. They can help packaging solutions providers in gaining a competitive edge in the market. Hence, the thriving packaging industry is driving the market for adhesive tapes. Over the forecast period, the anticipated increase in the demand for adhesive strings offering protection against damage is likely to propel the adhesive tapes market growth.
Adhesive tapes improve the recovery of wood in various plywood manufacturing applications. Therefore, the growing demand for plywood in the decoration of homes and interiors of commercial structures is further propelling the market growth.
Over the forecast period, the growing demand for the product in the manufacturing of commercial or industrial products such as automotive components, industrial barcode printers, semiconductors, and electronic devices, among others, is likely to drive the adhesive tapes market.
Regionally, the Asia Pacific represents a considerable share of the market owing to the growing demand for adhesive tapes in the residential sector. This can be attributed to the increasing investments in renovation and home décor applications, which are propelling the use of the product to improve the quality of doors, floors, ceilings, and walls, among others.
The rapid industrialisation across emerging economies such as India and China is likely to generate significant demand for strong and durable tapes and strings, which is expected to offer lucrative growth opportunities for the adhesive tapes market in the coming years.
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Adhesive Tapes Industry Definition and Major Segments
Adhesive tapes refer to strings or tapes that are coated with a substance that helps in the linking together of two strong objects. Adhesive tapes are strong, durable, and extremely versatile. They are majorly applied in the manufacturing process of construction components, semiconductors, and packaging materials.
Based on resin type, the market can be segmented into:
Silicone
Acrylic
Rubber
Others
The market can be broadly categorised based on material into:
Paper
Polyvinyl Chloride
Polypropylene
Others
By technology, the market is segmented into:
Water-Based
Hot-Melt-Based
Solvent-Based
Others
The significant applications of the product include:
Specialised Tapes
Packaging Tapes
Masking Tapes
Others
On the basis of region, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Adhesive Tapes Market Trends
The key trends in the adhesive tapes market include rapid urbanisation, surging investments in infrastructure development, and rising standards of living in emerging economies. Moreover, the robustly growing construction industry in both developed and developing countries is propelling the demand for adhesive tapes.
Adhesive tapes play a remarkable role in bolstering the strength of automobile components and increasing the safety of passengers. Advancements and innovations in adhesive technology are expected to boost the utilisation of adhesive tapes in advanced vehicles. Moreover, the anticipated increase in sales of new energy vehicles and hybrid cars is likely to accelerate the growth of the adhesive tapes market in the forecast period.
The rapid growth of optical-related products such as LCD televisions, smartphones, optical semiconductor devices, and tablets, among others are likely to aid the adhesive tapes market demand. Over the forecast period, the growing expansion of the e-commerce industry is expected to significantly boost sales of end-use products of adhesive tapes.
The expected increase in demand for adhesive tapes in sustainable packaging solutions owing to the growing research and development activities by the key players to introduce eco-friendly solutions are likely to aid the market in the coming years.
Key Market Players
The major players in the adhesive tapes market report are 3M Co., H.B. Fuller Company, LINTEC Corporation, Berry Global Inc., Nitto Denko Corporation, Bostik, Inc, and Sika AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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