Adhesive Tapes Market: Silicone-based Products Largely becoming Preferred Product Variety, observes TMR

The global market for adhesive tapes features a partly fragmented competitive landscape, with over 1800 suppliers participating but the top 10 vendors accounting for over 50% of the overall market in 2015, observes Transparency Market Research (TMR) in a recent report. The market is largely fragmented in countries such as Italy and China owing to the presence of a large number of small- and medium-sized vendors catering to domestic demand. The company 3M dominates the global market with a 14.3% in 2015; company’s vast number of manufacturing units spanning around 60 global venues have allowed it to grab such as significant portion of the pie in the extremely competitive market.

Transparency Market Research states that the global adhesive tapes market will exhibit a promising 6.8% CAGR from 2016 and 2024, rising to a valuation of US$92.36 bn by 2024 from a valuation of US$51.54 bn in 2015.

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Preference Rapidly Shifting toward Silicone-based, Pressure-sensitive Adhesive Tapes

In terms of composition of adhesive tapes, the market is presently dominated by taped made from acrylic. The segment accounted for a massive share in the market in 2015 in terms of both revenue as well as volume and is expected to retain dominance throughout the forecast period of the report. The segment of silicone-based adhesive tapes, however, is also increasingly gaining traction owing to the several performance benefits of these tapes over conventional organic adhesives. These advantages include resistance to chemicals, low surface energy, better performance at extreme temperatures, and resistance to UV radiations and chemicals.

From a geographical perspective, the market for adhesive tapes in Asia Pacific accounted for a massive 48% of the global market, more than the share of North America and Europe markets combined in the same year. The region is expected to retain dominance over the next few years as well, benefiting from the booming manufacturing, automotive, and industrial sectors in countries such as India and China.

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Healthy Demand from Automotive Industry Key to Growth

The rising global demand for the development of lighter vehicles as a way of gaining excellent fuel efficiency has led to the increased replacement of metal parts such as bolts, screws, and rivets with strong adhesive tapes. This trend has played a key role in the increased consumption of adhesive tapes across the automotive industry in the past few years and is expected to remain a key driving force for the global adhesive tapes market in the years to come as well. The trend of miniaturization in the field of electronic devices is also expected to emerge as a key driving force for the global adhesive tapes market in the next few years.

Regulations banning use of Restricted Chemicals to Restrain Growth Prospects

The growth prospects of the global adhesive tapes market are expected to be restricted to a certain extent owing to the stringent regulations that ban the use of certain varieties of restricted chemicals such as volatile organic compounds. Such restrictions are mostly affecting the overall global demand especially for the product variety of conventional pressure-sensitive adhesive tapes. Such tapes find extensive usage across manufacturing and product design sectors and are one of the most popular product varieties of present times. Limitations on the use of these tapes could lead to significant loss in revenue for companies associated with these product varieties.

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