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Foam Tape Global Market Poised to Reach $13.77 Billion with a CAGR of 8.3% By 2028, Predicts The Business Research Company
Foam Tape Global Market
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According to The Business Research Company's, The foam tape market size has grown strongly in recent years. It will grow from $9.26 billion in 2023 to $10.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to automotive industry has been a major consumer of foam tapes, growth of the construction industry, widely adopted in the electronics industry for various applications, industries like automotive and aerospace prioritizing lightweight materials for fuel efficiency, pressure-sensitive adhesives and acrylic adhesives used in foam tapes.
The foam tape market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to demand for low-emission, eco-friendly foam tapes, rise of electric vehicles will likely drive the foam tape, smart home devices and Internet of Things (IoT) technology, e-commerce continues its rapid expansion, increasing emphasis on energy conservation. Major trends in the forecast period include developing bio-based foam tapes with lower VOC emissions, shift towards more advanced foam tapes, increasing automation in industries such as automotive and electronics, manufacturers will focus more on providing customized solutions, expanding infrastructure, automotive production.
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Market Drivers and Trends:
The increasing demand from the construction industry is expected to propel the growth of the foam tape market going forward. Construction activities encompass a wide range of tasks and operations involved in developing infrastructure for sewage, stormwater, and nonpoint-source projects. An increase in construction activity is due to rapid urbanization, infrastructure development, and technological advancements. Foam tape is extremely beneficial in construction activities such as sealing gaps and joints in construction projects, particularly around windows, doors, and other openings. For instance, in June 2024, according to TST Europe, a Switzerland-based manufacturer specializing in quick-release couplings and coupling systems, total construction spending in the U.S. reached $1.98 trillion in 2023, reflecting a 7.4% increase from the previous year. The number of construction businesses in the U.S. stood at approximately 745,000 as of 2023. Therefore, an increasing demand from the construction industry is driving the foam tape market.
Major companies operating in the foam tapes market are developing acrylic foam tapes to provide superior bonding strength and durability. Acrylic foam tapes are known for their excellent adhesion to a variety of surfaces, including metals, plastics, and glass, and they offer resistance to extreme temperatures, moisture, and UV exposure. For instance, in November 2023, CCL Design, a Canada-based packaging and labeling company, launched 5400 LSE acrylic foam tape series to offer primerless adhesion to plastics, simplifying the application process and improving efficiency. It provides an ultra-strong bond to polypropylene (PP) and excellent adhesion to automotive paints, making it suitable for automotive applications. The foam tape is free from perfluoroalkyl and polyfluoroalkyl substances (PFAS), aligning with growing demands for environmentally friendly products.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
3M Company, Avery Dennison, Berry Global Inc., Nitto Denko Corporation, Tesa Se, LINTEC Corporation, Intertape Polymer Group, Scapa Group, Vibac Group S.p.A., Yongle Tape Co Ltd., American Biltrite, CCT Tapes, DeWAL Industries Inc., Parafix Tapes & Conversions Ltd., Advance Tapes International Ltd., HALCO Europe Ltd., AFT Company, ECHOtape, 3F Industries, Ajit Industries, Lynvale Ltd., Saint-Gobain Performance Plastics, Tape-Rite Co Inc., Seal King Ind Co. Ltd., Zhongshan Crown Adhesive Products Co Ltd
Foam Tape Market 2024 Key Insights:
• The foam tape market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Demand from the Construction Industry Fuels Foam Tape Market Growth
• Innovative Acrylic Foam Tapes Driving Sustainability and Efficiency in Automotive Applications
• Asia-Pacific was the largest region in the foam tape market in 2023, and is expected to be the fastest-growing region in the forecast period
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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