Global Adhesive Tapes Market Size, and Outline:
The global market for adhesive tapes was valued at USD XX.XX million in 2017 and is expected to reach USD XX.XX million in 2023, with a CAGR of X.X% during the forecast period. It is expected that the large-scale consumption of tapes for various packaging applications in industries such as electricity, electronics, and electronic commerce will support the growth of the adhesive tape market during the foreseen period.
The adhesive tape can be defined as a continuous web of paper, metal foil, cloth or plastic film coated with a thin layer of permanent adhesive on one or both sides. These tapes are commercially available in the form of rolls or sheets of various sizes and are commonly known as pressure sensitive tapes, self-adhesive tapes and other tapes. These tapes are increasingly used to join and package products associated with the food and beverage, healthcare and e-commerce industries.
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Global Adhesive Tapes Market Drivers and Restraints:
The expanding automotive industry is the main driver of growth in the adhesive tape market. In this industry, tapes with adhesive properties are mainly used in the form of double-sided tapes and protective tapes. Automakers are moving from mechanical fasteners to automotive tapes with adhesive properties to reduce the weight of the vehicle. As mechanical fasteners, such as bolts and screws, increase the weight of vehicles, these products are increasingly being replaced by lightweight adhesive solutions. Therefore, it is expected that the increasing adoption of these tapes in the automotive industry will boost the adhesive tape market.
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The strict regulatory standards due to health problems are the main restriction in the tape market. Chemicals such as azodicarbonamide (ADCA), silane and formaldehyde are used in the manufacture of adhesive solutions. Since these chemicals are hazardous and can have a negative impact on health, the companies involved in the production of these chemicals meet several safety standards. In addition, the growing concern for health is leading to legislation that restricts the use of these chemicals in several countries. As a result, this has a negative impact on the growth of the adhesive tape market.
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Global Adhesive Tapes Market Geographic Segmentation:
Regionally, APAC was the largest region in the adhesive tape market in terms of volume, representing more than 50.0% of the shares in 2017. During the forecast period, the adhesive tape market is expected to witness fastest growth in the Asia Pacific. This can be attributed to the increasing use of adhesive tapes in China, as the country witnesses’ developments in the electronics, automotive and healthcare sectors.
Global Adhesive Tapes Market key Players:
Some of the prominent players of the market include 3M Company, Nitto Denko Corporation, Tesa SE, LINTEC Corporation, Avery Dennison Corporation, Intertape Polymer Group Inc., Shurtape Technologies LLC, Scapa Group plc, Lohmann GmbH & Co. KG, and Nichiban Co. Ltd.
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