The market for specialty tapes is expected to register a CAGR of over 4% during the forecast period. The major factors driving the market studied are increasing demand from the medical sector and increasing residential and commercial construction activities in the Asia-Pacific region. On the flip side, the slowdown in global automotive production and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The healthcare segment dominated the specialty tapes market is expected to grow during the forecast period, owing to the increasing healthcare expenditure in the developing countries.
- The development of new products in acrylic foam-based specialty tapes is forecasted to offer various opportunities for the growth of the market over the forecast period.
- The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand from Healthcare Segment
- The healthcare segment accounted for the largest share in the specialty tapes market, owing to increasing applications, such as tapes on surgical instruments, wound care.
- The United States healthcare sector is, by far, one of the most advanced sectors in the country. The increasing geriatric population and growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the healthcare sector.
- According to a recent analysis from the United States Federal Government Actuaries, expenditure on health care reached more than USD 4 trillion in the year 2019. This is considered as by far the highest spending in the world, according to the Organization for Economic Co-operation and Development.
- Medical tape is one of the major applications in the healthcare segment. The increasing out of pocket healthcare expenditure in developing countries is expected to drive the market for this segment during the forecast period.
Asia-Pacific Region to Dominate the Market
- Currently, the Asia-Pacific region dominates the global market in specialty tapes. China and Japan are the leading consumers of specialty tapes in the region.
- The increasing healthcare expenditure and the increasing penetration of modern healthcare facilities in India and ASEAN countries are driving the market for medical tapes in the region.
- Furthermore, increasing construction activities and electronics production in the region has been on the rise. For example, the electronics assembly market in countries, such as India and Vietnam, witnessed double-digit growth over the past 3 years.
- The automotive production in major manufacturing countries, such as China, India, and Japan, have been on the decline in 2019 due to the weak demand. This has slightly hampered the growth of the market.
- All these factors are expected to increase the demand for specialty tapes in the region during the forecast period.
The global specialty tapes market is partially consolidated. Some of the major companies include 3M, AVERY DENNISON CORPORATION, Tesa SE - A Beiersdorf Company, NITTO DENKO CORPORATION, and LINTEC Corporation.
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