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Automotive Adhesive Tapes Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Automotive Adhesive Tapes Global Market
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According to The Business Research Company's, The automotive adhesive tapes market size has grown strongly in recent years. It will grow from $4.94 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased vehicle production, regulatory compliance and safety standards, shift towards lightweight materials, cost efficiency and process streamlining, improved durability and weather resistance .
The automotive adhesive tapes market size is expected to see strong growth in the next few years. It will grow to $6.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to electric vehicle (ev) adoption, rise in autonomous vehicles, continued lightweighting efforts, globalization and emerging markets. Major trends in the forecast period include bio-based and recyclable adhesives, smart adhesive technologies, flexible and conformable adhesive solutions, increased focus on safety and crash resistance, predictive maintenance solutions.
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Market Drivers and Trends:
The rising trend of electric vehicles is expected to boost the growth of the automotive adhesive tapes market going forward. An electric vehicle (EV) refers to a vehicle that can move forward using an electric motor that draws power from a battery and can be externally charged. Automotive adhesive tape is used to permanently bind battery cells and insulate electrical components in the batteries of electric vehicles; hence the rising trend of electric vehicles is expected to boost the automotive adhesive tapes market. For instance, according to a report published by the International Energy Agency, a France-based inter-governmental organization, in 2021, sales of electronic vehicles doubled, compared to 2020, with a record of 6.6 million. In 2022, 2 million electric cars were sold in the first quarter, 75% more than the Q1 2021. Therefore, the rising trend of electric vehicles is driving the growth of the automotive adhesive tapes market.
Product innovation is the key trend gaining popularity in the automotive adhesive tapes market. Major companies operating in the automotive adhesive tapes market are focusing on developing new products. For instance, in August 2022, Lohmann Technologies, a US-based manufacturer of tapes and films, launched DuploCOLL LE, a range of adhesive tapes for use in vehicle interiors to bond low-emission materials. It is a portfolio of high-tech adhesive tapes with low emissions and low odors for bonding in vehicle interiors. It is also made in an energy-efficient manner. The new DuploCOLL LE 59xx*x (Low Emission) series of double-sided pressure-sensitive tapes satisfy OEMs' stringent demands for materials and components that have low VOC, fogging, and odor values in accordance with VDA 278. The bonding of rear seat coverings, pillar or door trims (NVH felts), which involve large-area applications and high-volume adhesive tape use, has no negative effects on the interior air quality.
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Major Key Players of the Market:
Saint-Gobain, 3M, Henkel AG & Co. KGaA, PPG Industries Ohio Inc., Berry Global Inc., Sika Services AG, Avery Dennison Corporation, DIC Corporation, Nitto Denko Corporation, Lintec Corporation, Tesa SE, ORAFOL Europe GmbH, Lohmann GmbH & Co. KG, ThreeBond Holdings Co. Ltd., Shurtape Technologies LLC, Scapa Group, Coroplast Tape Corporation, MACtac, HALCO, American Biltrite Inc., L&L Products Inc., PPM Industries Group, Adhesives Research Inc., JBC Technologies Inc, Advance Tapes International Ltd., ATP Adhesive Systems AG, Adhesive Specialties, Ajit Industries Private Limited, Presto Tape, NADCO Tapes ＆ Labels Inc.
Automotive Adhesive Tapes Market 2024 Key Insights:
• The automotive adhesive tapes market size is expected to see strong growth in the next few years. It will grow to $6.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Electric Vehicle Adoption Fuels Growth In Automotive Adhesive Tapes Market
• Innovative Adhesive Solutions: Lohmann Technologies Launches Low-Emission Tapes For Vehicle Interiors
• Asia-Pacific was the largest region in the automotive adhesive tapes market in 2023
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