The Adhesive Tapes Market perceives exponential traction. It is an application-based market and relies heavily on its usage across sectors like food & beverages, construction, and automotive, driving the market demand. Besides, the market growth attributes to the spurring rise in packaging and healthcare industries worldwide. The increasing consumption of adhesive tapes across all the sectors, both as commodity tapes and specialty tapes, escalate market growth.
According to Market Research Future (MRFR), the global adhesive tapes market is projected to cross a valuation of USD 62 BN by 2022, registering approximately 5% CAGR during the review period (2016 -2022). Versatile adhesive tapes suit a range of tasks and provide long-term, effective insulation. As a result, Adhesive tapes enjoy colossal prominence, and its market garners exponential traction globally. Additionally, robust growth in the construction industry boosts the market demand.
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Furthermore, advances in adhesion techniques and increasing demand for effective and advanced adhesion technology boost the market size. The augmenting demand for sustainable and environment-friendly adhesive tapes due to environmental regulations and consumer preference propels the market growth on a large scale.
Segmentation
The global adhesive tapes market is segmented by material, technology, and application.
By material, it is segmented into paper, polyvinyl chloride, and polypropylene. The polypropylene segment is expected to capture a large market share owing to its use in automotive adhesive tapes. The bonding of electrical components can facilitate the segment growth.
By technology, it is segmented into solvent, hot melt, and others.
By application, it is segmented into construction, healthcare, food & beverages, packaging, and others. The healthcare segment is expected to gain the lead in the global adhesive tapes market owing to use in monitoring electrodes, surgical containers, and other medical devices.
Global Adhesive Tapes Market – Regional Analysis
North America dominates the global adhesive tapes market. The largest market share attributes to the rapidly growing e-commerce industries in the region. Besides, increased investments in the organized retail sector drive market growth. Moreover, the increasing demand from the shipment & courier companies in the region accelerates market sales. Well-established markets in Canada and Mexico contribute to the regional market growth, majorly.
Growing construction projects and infrastructure development projects hugely contribute to the market growth in the region. Also, the growing automotive sectors, along with the growing adhesive market in the region, foster the market demand. The North American adhesive tapes market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global adhesive tapes market. The market growth is driven by the burgeoning packaging sector, led by the rising demand for packaged food in the industry. Additionally, the spurring rise in the food & beverage and consumer goods sectors boost the growth of the regional market significantly. Burgeoning end-use industries, such as automotive, construction, food & beverages, and consumer, healthcare influence the growth in the regional market.
Rapid industrialization, alongside urbanization, impacts market growth positively. Furthermore, rise in productivity, R&D investments, and disposable income in demographics create substantial market demand. The European adhesive tapes market is anticipated to grow at an impressive CAGR during the assessment period.
The Asia Pacific region is a promising market for adhesive tapes globally. Factors such as the growing awareness among consumers and spurting growth in the healthcare sector in the region boost market growth. Also, increased investment in infrastructure and construction sectors to support the rapid population growth and urbanization has further led to the increasing demand for adhesive tapes in the construction sector.
Besides, the continually rising consumption of adhesive tapes and the burgeoning packaging industry drive the regional market growth. Moreover, upsurge in demand from countries such as India, China, and Japan due to the growing food & beverages and consumer goods industry accelerates the market growth. The APAC adhesive tapes market is expected to register a phenomenal CAGR during the assessment period.
Global Adhesive Tapes Market – Competitive Analysis
Highly competitive, the global adhesive tapes market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players incorporate strategic initiatives, such as mergers & acquisitions, collaborations, expansion, and product/technology launch.
Matured players make substantial investments in innovation/R&D, brand building, and form strong relationships with customers to maintain their position in the morning. Manufacturers operating in the market strive to deliver innovative solutions that can improve the packaging process in businesses worldwide. Also, industry players apply the science of adhesion and technologies to help consumers improve the packaging.
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Major Players:
Players leading the adhesive tapes market are Avery Dennison Corporation, 3M Company, Tesa SE, Lintec Corporation, Nitto Denko Corporation, Henkel AG & Company KGaA, Lintec Corporation, Intertape Polymer Group, Shurtape Technologies LLC, Lohmann GmbH & Co.KG., and Scapa Group Plc., among others.
Industry/ Innovation/ Related News:
May 27, 2020 ---- Tesa SE (Germany), a leading global manufacturer of technical adhesive tapes and self-adhesive system solutions, announced the expansion plan of its production capacities. German adhesive tape manufacturer confirmed that it would build a Euro 55 MN (US$60.3 MN) plant in Vietnam, making it the 15th production site that Tesa operates worldwide.
Tesa is the most influential brand in production of hi-tech tape for the electronics and automotive industries. This latest movement is a timely step for the group to tap into the potential of the dynamic Asian adhesive tape market and build up its already strong position in this remarkable region. The new plant would be located on a 70,000sq.m site in DEEP C Industrial Zones in the port city of Haiphòng in Northern Vietnam, and the production would start in 2023.
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