Specialty Tapes Market 2024 to 2033: Trends and Growth Analysis

"The Business Research Company recently released a comprehensive report on the Global Specialty Tapes Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The specialty tapes market size has grown strongly in recent years. It will grow from $55.00 billion in 2023 to $59.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the growth of consumer electronics, rising aging population, rising urbanization, rising disposable income, and increasing awareness of environmental sustainability.

The specialty tapes market size is expected to see strong growth in the next few years. It will grow to $82.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to e-commerce expansion, growth in aerospace and defense sectors, rising demand in the healthcare industry, growing use in automotive, and rising industrial expansion. Major trends in the forecast period include innovative smart tapes, innovating with multi-functionality features, supply chain optimization, innovation in tape manufacturing, and advancements in adhesive technology.

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Market Drivers and Trends:

The rising popularity of e-commerce is expected to propel the growth of the fu specialty tapes market going forward. E-commerce refers to buying and selling goods and services over the internet. It encompasses various online business activities, including retail, wholesale, and different forms of financial transactions, all conducted electronically. The rising popularity of e-commerce is due to several factors, such as improved technology, social media integration, and competitive pricing. Specialty tapes are increasingly used in e-commerce for various purposes due to their unique properties and capabilities. E-commerce businesses often use printed tapes to display logos, messages, or branding on packages, enhancing the unboxing experience for customers and promoting brand identity. For instance, in August 2024, according to the Census Bureau, a US-based government agency, the retail e-commerce sales for the second quarter of 2024, adjusted for seasonal variation but not for price changes, was $291.6 billion, an increase of 1.3% (±0.7) from the first quarter of 2024. Additionally, the second quarter 2024 e-commerce estimate increased 6.6% (±1.2) from the second quarter of 2023. Therefore, the rising popularity of e-commerce drives the specialty tapes market.

Major companies operating in the specialty tapes market are focusing on developing innovative products, such as adhesive bond industrial tapes, to provide superior adhesion to various surfaces. Adhesive bond industrial tapes are high-performance tapes specifically designed to create strong, durable bonds between materials in industrial applications, often featuring specialized adhesives that provide resistance to environmental factors such as temperature, moisture, and chemicals. For instance, in September 2024, Mactac, a US-based manufacturer of pressure-sensitive adhesive material, launched the Macbond 481 and Macbond LS55 industrial tapes. The Macbond 481 Series Tapes are distinguished by their high-performance, high-strength, UL-recognized acrylic adhesive, which provides excellent shear and ultimate bonding to medium or high surface energy materials, along with impressive high-temperature performance and lay flat release liners for easy conversion. They come in transfer or double-sided formats with a 1-mil, 3-mil, or 5-mil PET carrier. In contrast, the Macbond LS55 Series Tapes feature a high-tack acrylic adhesive renowned for its excellent temperature resistance, available as 2-mil or 4-mil transfer adhesives with a 60# PCK release liner, making them particularly effective on low surface energy materials and other challenging substrates, such as foam.

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Major Key Players of the Market:

Dow Inc., 3M Company, Henkel AG & Co. KGaA, Berry Global Inc., Avery Dennison Corporation, Lintec Corporation, Tesa SE, Essentra PLC, Scapa Group PLC, Shurtape Technologies LLC, Duraco Specialty Tapes LLC, Worthen Industries Inc., Insul-Fab Inc., CCT Tapes Inc., Advance Tapes International Ltd., Tom Brown Inc., Adchem Corporation, Presto Tape Inc., Cheever Specialty Paper & Film Inc., Penguin Tapes Inc., Saint-Gobain Performance Plastics Corporation, Vasavitapes Inc.

Specialty Tapes Market 2024 Key Insights:

• The specialty tapes market size is expected to see strong growth in the next few years. It will grow to $82.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• The Growth 0f E-Commerce Is Driving The Demand For Specialty Tapes
• New Developments In Specialty Tapes
• North America was the largest region in the specialty tapes market in 2023

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This release was published on openPR.