Pressure Sensitive Tape Market is estimated to reach US$96,105.0 Mn by 2024

In the highly competitive global pressure sensitive tapes market, companies are lending more attention to R&D activities aimed at the development of biodegradable pressure sensitive adhesive tapes to gain an edge against competitors, observes Transparency Market Research in a recent report. With stringent environmental regulations bearing upon several decisions in the packaging industry, which happens to be one of the leading consumers of a variety of pressure sensitive tapes, biodegradable products are witnessing unprecedented demand globally. This trend could emerge as one of the key growth opportunities for aspiring companies in the market.

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According to the recent TMR report, the global pressure sensitive tape market was valued at US$53,906.5 mn in 2015 and is estimated to reach US$96,105.0 mn by 2024, expanding at a CAGR of 6.7% between 2016 and 2024. In terms of volume, the market is expected to expand to 69,745.2 mn sq m in 2024.

Asia Pacific to Hold on to Its Leading Position

Geographically, the market in Asia Pacific presently dominates the global pressure sensitive tapes market both in terms of revenue and volume. The regional market is likely to remain strong and expand at a CAGR of 7.3% in terms of revenue over the forecast period. Cartoon sealing tape was the leading product segment of the pressure sensitive tape market in 2015. The segment accounted for more than 60% share the global 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.

Rising Set of Application Areas to Benefit Market

Pressure sensitive tapes are rapidly replacing fasteners, screws, bolts, and rivets in vehicles and electronic devices as focus on reducing the weight and form factor of the final product has increased in the recent yeas. The steadily expanding electronics industry employs pressure-sensitive tapes and adhesives to install parts directly in devices. Thus the trend of miniaturization of electronic devices, especially cell phones, portable personal computers, and tablets is expected to emerge as a leading growth factor for the adhesive tapes market in the next few years.

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Rising usage of pressure sensitive tapes across the packaging industry is also proving highly beneficial for the market. Thus the promising growth of the global consumer goods industry is likely to drive the global adhesive tapes market during the forecast period on account of suitability of adhesive tapes in packaging application.

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This release was published on openPR.