The report “Adhesive Tapes Market by Resin Type (Acrylic, Rubber, Silicone), Technology (Solvent, Hot-melt, Water-based), Backing Material (PP, Paper, PVC), End-use Industry (Packaging, Healthcare, E&E, Automotive) and Region – Global Forecast to 2028”, is growing at a high rate due to the increased demand from various sectors. The global adhesive tapes market size was USD 80.2 billion in 2022 and is projected to reach USD 110.6 billion by 2028, at a CAGR of 5.6% between 2023 and 2028. The Asia Pacific accounted for the major share of the overall market in 2022. This is attributed to infrastructural developments in the region. The markets in Europe and North America are also expected to grow in the coming years. Growth of the electrical & electronics, automotive, and healthcare industries are propelling the global adhesive tapes market. On the other hand, stringent policies on VOC emissions are projected to hinder the development of the market in these regions.
Opportunities: Potential Substitutes to traditional fastening systems
Traditionally, the strongest and most dependable joining techniques have been mechanical fastenings like nuts and bolts, screws and rivets, and mechanical interlocks. However, merging different surfaces is difficult since the material is prone to cracking from tensile stress under high pressure, which makes it unreliable in the long run. By using adhesive tapes in place of conventional fastening methods, new applications of adhesive tapes for fixing and fastening are created. The difficulties of conventional fastening systems are eliminated by these tapes, which also contribute to longer product lifespans. Additionally, tapes improve product design while reducing noise and vibration, rust and corrosion, manufacturing time, and assembly time. These have been proven to boost performance and effectiveness while cutting down on material and production expenses.
Commodity adhesive tapes likely to account a largest share of the global adhesive tapes market during the forecast period.
Commodity adhesive tapes accounted for a higher share of the overall adhesive tapes market, in terms of volume, in 2022. High demand for commodity tapes is from the continuously growing retail and packaging industry. These tapes are also used to pack goods for shipments in bulk quantities hence trending e-commerce industry is also boosting the commodity adhesive tapes. Moreover, the rising number of SMEs are likely to lead to an growing demand for office supplies, which will ultimately increase demand for these tapes.
Asia Pacific region likely to account the largest share of the global polyurea coatings market during forecasted period.
The Asia Pacific is the largest adhesive tapes market, in terms of both, value and volume, and is projected to be the fastest-growing market during the forecast period. The plast decade have seen significant economic growth in the region. As of 2018, the population of the region’s fastest-growing consumer nations, China and India, was over XX billion, according to the Population Reference Bureau. With rapidly growing income and the fastest-growing middle class population, this is expected to become an increasingly important driver for a various global end-use industries, including electrical & electronics, packaging, healthcare, and automotive.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.