The market for adhesive tapes is expected to grow at a CAGR of over 5% during the forecast period. Major factors driving the market studied are the growing demand from lightweight automotive vehicles and increasing demand from the packaging and medical industries.
- The packaging industry dominated the adhesive tapes market by adding value to various manufacturing sectors, including agriculture, pharma, retail, FMCG, etc.
- Usage of adhesive clips as an alternative to stitches is likely to act as an opportunity in the future
- Asia-Pacific dominated the adhesive tape market across the world with the most significant consumption from countries, such as China and India.
Key Market Trends
Increasing Demand from Automotive Industry
- Adhesive tape is a combination of a material and an adhesive film, which is used to bond or join objects together instead of using fasteners, screws, or welding. Adhesive tapes enable its use at room temperature and can protect the surface area.
- Weight reduction has become an essential part of vehicle design with increasing consumer and government calls for lower carbon emissions, enhanced passenger comfort, passenger safety, and improved performance.
- The development of smaller and more efficient power systems is important on the need for lighter and more efficient designs.
- Automotive adhesive tapes are designed to withstand varied environmental conditions, including moisture, salt spray, temperature variances, and UV radiation.
- There has been a significant reduction in the amount of noise inside the vehicle, due to the advanced properties of adhesives tapes, such as its acoustic insulating properties and vibration absorption.
- Pressure sensitive adhesive (PSA) tapes are highly used in specialist vehicle and transportation systems to bond the outer vehicle skin to the supporting structure.
- Hence, with the rapid increase in demand from the automotive segment across the world, the market for adhesive tapes is expected to rapidly increase over the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific dominated the adhesive tapes market and is anticipated to continue so during the forecast period. Japan is one of the major markets for adhesive tapes, owing to the massive production of appliances, and health care products.
- The growing packaging industries in countries, like China, Japan, and India, are further expected to augment the demand for adhesive tapes.
- China state council announced a 10-year manufacturing plan called 'Made in China 2025', which focuses on high-end equipment manufacturing in various segments, like automotive, appliances, etc. This is expected to drive the demand for adhesive tapes in the country.
- China remained as the global leader in the production of automobiles across the world, with a production of 27,809,196 units in the recent past. Though there is a huge decrease in the production of automobiles in China, there is a considerable demand from the current manufacturing vehicles.
- From the above-mentioned factors, it is evident that the demand for adhesive tapes is expected to further increase in the Asia-Pacific region, over the forecast period.
The adhesive tapes market is highly fragmented. The major companies include 3M, Henkel AG & Co. KGaA, DuPont de Nemours, Inc., AVERY DENNISON CORPORATION, and H.B. Fuller Company, amongst others.
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