Global Pressure Sensitive Tapes Market Anticipated to Surge at a CAGR of 6.7% Through 2024

New research report offers a comprehensive analysis of the “Pressure Sensitive Tapes - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024“The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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Global Pressure Sensitive Tape Market: Snapshot

Pressure sensitive tape is a universal commodity employed for bonding and sealing applications. Pressure sensitive tape are widely used for packaging, sealing, labeling, electrical insulation, stationery, and other general purpose applications. These tapes are based on many kinds of pressure sensitive adhesives where in adhesive is applied on one side or on both sides. They can be easily put on any surface by applying slight mechanical or manual pressure.

Adhesive tapes are widely used for labelling, packaging, sealing, stationery, electric insulation, and general-purpose applications. In the automotive industry, adhesive tapes are used for joining interior parts, roof, and glass bonding. These tapes are also extensively used in the construction industry for applications associated with ceramic tiles, concrete, floorings, panels, and roofing. The demand for pressure sensitive tapes has continued to rise over the years as application areas have increased.

Transparency Market Research estimates that the market, which valued at US$53,906.5 mn in 2015, will reach a valuation of US$96,105.0 mn by 2024, expanding at a CAGR of 6.7% between 2016 and 2024.

Specialty Tapes to Gain Increased Adoption

In terms of product, the pressure sensitive tape market has been segmented into cartoon sealing tape, masking tape, double sided tape, and specialty tape. Of these, the segment of cartoon sealing tape emerged as the leading product segment of the pressure sensitive tape market in 2015. The segment accounted for more than 60% share in the global market in terms of volume in 2015.

In terms of revenue, specialty tape segment is expected to be the key product segment in terms of growth, expanding at a CAGR of 7.7% during the forecast period. Specialty tapes consists of unique properties as per the requirement when compared to general varieties of pressure sensitive tapes. The promising future growth prospects of this segment are attributed to the high demand for pressure sensitive tapes for specific operation and purpose. The segment is expected to acquire significant global market share owing increasing demand in applications such as vibration, masking, insulation, wire harnessing, and labeling.

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Asia Pacific Market to Remain Strong

Asia Pacific leads the global pressure sensitive tape market. The demand in this region is driven due to the steady expansion of economies such as India, Indonesia, and Vietnam, rising population, and rapid industrialization. Technological advancements, easy availability of raw materials, and strong manufacturing base, particularly in China and Japan, are the key factors favoring the growth of pressure sensitive tape market in the region. The Asia Pacific market is expected to capture significant market share in future expanding at a CAGR of 7.3% during the forecast period.

The pressure sensitive tape market in North America is likely to expand at a promising pace during the forecast period due to surging automotive sector and increasing use of pressure sensitive tape in place of mechanical fasteners. In terms of revenue, Europe held a significant 21.8% share in the global pressure sensitive tapes market. Rise in purchasing power of people and steady expansion of the consumer goods industry are likely to drive the pressure sensitive tape industry in the region. The countries such as Italy, Germany, France, U.K. and Spain are booming packaging markets, which, in turn, is also likely to boost the demand for packaging tapes in the region.

Some of the leading companies operating in the global pressure sensitive tape market profiled in the report are Kruse Adhesive Tape, 3M, Nitto Denko Corporation, tesa SE, H.B.Fuller, LINTEC Corporation, Saint-Gobain, Surface Shields, CCT Tapes, Scapa Group plc., Advance Tapes International, Vibac Group S.p.a., CMS Group of Companies, Lohmann GmbH & Co.KG., NICHIBAN CO., LTD.

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