Yahoo Finance Adhesive Tapes Market Grows at a CAGR of 5.8% by 2026 | Growth, Drivers, Industry Analysis
Chicago, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The global “Adhesive Tapes Market is estimated to grow from USD 63.1 billion in 2021 to USD 83.8 billion by 2026, at a CAGR of 5.8% during the forecast period, as per the recent study by MarketsandMarkets™. The need for advanced products in healthcare, electrical & electronics, and automotive industries has driven the demand for adhesive tapes.
Adhesive tapes can be defined as a continuous, flexible backing material of cloth, cotton, fiber, paper, or metal which is coated on one or both sides with a tacky adhesive. Adhesive tape adheres to a variety of surfaces at the application of light pressure (finger pressure), with no phase change (liquid to solid). Backing material such as PP, paper, PVC, and others coated with acrylic, rubber, or silicone adhesives provide optimum strength for adhesive tapes. These tapes can be used in electricals & electronics, healthcare, automotive, white goods, paper & printing, building & construction, and retail sectors.
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Browse In-Depth TOC On " Adhesive Tapes Market”
211 - Market Data Tables
69 - Figures
265 - Pages
List of Key Players in Adhesive Tapes Market:
3M Company (US)
tesa SE (Germany)
Nitto Denko Corporation (Japan)
LINTEC Corporation (Japan)
Intertape Polymer Group (Canada)
Drivers, Restraints, Opportunities and Challenges in Adhesive Tapes Market:
Driver: Increasing use of adhesive tapes in diverse end-use industries Restraints: Fluctuating cost of raw material is one of the major restraints in permanent magnet market
Restraints: Volatility in prices of raw materials
Opportunity: Replacement of traditional fastening systems
Challenges: Implementation of stringent regulatory policies
Key Findings of the Study:
Solvent-based technology segment likely to hold largest share of the adhesive tapes market during the forecasted period.
Paper backing material segment hold the fastest growing segment in overall adhesive tapes market during forecast period.
Asia Pacific region likely to account the largest share of the global adhesive tapes market during forecasted period.
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The demand for adhesive tapes has increased in the healthcare, electrical & electronics, automotive industries. In the healthcare industry, adhesive tapes are applied to surgical containers, monitoring electrodes, and other medical devices. Currently, these tapes are used in hospitals to cover wounds, for fixing cover shields during surgeries, and for cleaning purposes in antiseptic rooms. In the electrical & electronics industry, a wide range of adhesive tapes is used for special applications in the manufacturing and assembly of electronic components.
The silicone segment in the market is projected to grow at a higher rate than the acrylic and rubber segments because of its better adhesion properties. The performance of silicone adhesive tapes is excellent on low surface energy substrates. Silicone adhesive tapes consist of silicone polymers and are widely used in specific industrial applications such as electricals & electronics, healthcare, automotive, white goods, paper & printing, building & construction, retail, and applications involving extreme environments. These tapes are used in these applications in the form of process tapes and high-performance insulation laminates, wherein organic adhesive does not fulfill the requirements. These factors are expected to drive the demand for silicone-based tapes.
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PP is the most popular backing material used in the manufacturing of adhesive tapes. PP (not oriented, oriented – OPP, monoaxially oriented MOPP, and biaxially oriented BOPP) film is elastic and resistant to humidity. One of the most important polyolefin films is biaxially oriented PP (BOPP) film. BOPP is used in a variety of applications such as food packaging and multi-purpose packaging. They have low hydrophilicity and do not allow printing by ink or wetting by adhesives. These tapes cater to a wide variety of applications in the fast-moving consumer goods (FMCG) sector, which is growing rapidly owing to increasing population and disposable income. In addition, the demand for adhesive tapes in the packaging industry is high because it is
used in various applications such as medium & heavy-duty carton sealing, gift wrapping & decoration, general-purpose repair, bundling & strapping, and stationery.
In terms of region, the adhesive tapes market has been segmented into five regions, namely, APAC, North America, Europe, South America, and the Middle East & Africa. APAC is expected to record the highest growth rate during the forecast period. This region encompasses a diverse range of economies with different levels of economic development and a large variety of industries. Most of the industries in this region include manufacturing, mining, semiconductors, electronics, oil & natural gas, textile, automobile, financial services, pharmaceutical, and telecommunication. The healthcare, automotive, and electrical & electronics sectors are growing rapidly in tandem with the rising population, easy availability of low-cost labor, and economical & accessible raw materials such as adhesives, backing materials, and release liners. These factors are driving foreign investments, thereby increasing the production of adhesive tapes in the region. The key manufacturers are adopting strategies such as new product launches, mergers & acquisitions, and investments & expansions to tap the growing demand from end-use industries.
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