Adhesive Tapes Evolving Technology, Trends and industry Analysis 2024
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Further, factors such as volatile prices of raw materials and high entry barriers that avert new entrants to enter in the market consolidates the position of existing players, leading to stifled growth of the market.
The report by TMR reveals that the global adhesive tapes market is likely to rise at a CAGR of 6.8% for the forecast period between 2016 and 2024 vis-à-vis revenue. At this pace, the market is projected to become worth US$92.36 by the end of 2024 which was evaluated at US$51.54 bn in 2015. The global adhesive tapes market is likely to rise at a CAGR of 5.9% from 2016 to 2024 in terms of volume.
The global adhesive tapes market has been classified based upon end use into consumer goods, graphics, building and construction, automotive, health care, and others.
From a geographical perspective, Asia Pacific is anticipated to display promising growth over the forecast period between 2016 and 2025. This is mainly because of developing manufacturing infrastructure, technological developments, and easy availability of raw materials. Countries such as China and India are expected to contribute substantially due to economic development.
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North America stands as a significant market for adhesive tapes due to the growing demand for adhesive tapes from a host of industries.
Revival of Automotive Sector Ramps up Adhesive Tape Demand
First and foremost, the advancement of the automotive industry has been favorable to the growth of adhesive tapes market. At present, the high demand for lighter vehicles is the key factor responsible for the high demand of adhesive tapes. The use of bolts, rivets, screws, and other traditional fastening devices are increasingly being replaced by stronger adhesive tapes, which in turn leads to significant reduction in overall weight of a vehicle as well as significant reduction in the amount of metal that is used in the vehicle.
As per the lead analysts of the study, “traditional sealants and adhesives are also increasingly being used in advanced adhesive tapes that are at par in terms of shear strength, surface adhesion, and durability.” The revival of the automotive industry post the economic slump of 2008 is expected to positively impact the global adhesive tapes market.
The rising trend of miniaturization of electronic devices is also benefitting the global adhesive tapes market. The growing purchasing power of individuals leading to the demand for advanced consumer electronics that are compact in size is also acting in favor of the adhesive tapes market.
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Regulations to Monitor Emissions Limit Demand of Several Variants of Adhesive Tapes
The growth of global adhesive tapes market is anticipated to be challenged due to stringent regulations in place that monitor emission of restricted chemicals, such as volatile organic compounds. These restrictions are likely to maximum affect sales of pressure-sensitive adhesive tapes that are currently in use. Pressure-sensitive adhesive tapes are extensively used in product design and manufacturing industries.
The review presented here is based on the findings of a report by Transparency Market Research, titled “Adhesive Tapes Market (Products - Single Coated, Double Coated, Transfer Tape, and Foam Tape; Composition - Acrylic, Rubber, and Silicone; Backing Materials - Polypropylene, Paper, and Polyvinyl Chloride; End Users - Health Care, Building & Construction, Consumer Goods, Automotive, and Graphics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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