The growing demand of lighter vehicles and the strengthening of the packaging industry are the key drivers of the global adhesive tapes market. However, a large number of pressure-sensitive adhesive tape manufacturers are facing the brunt of the regulatory restrictions imposed on the use of harmful chemicals and the emissions created during manufacture. By product type, the global adhesive tapes market is segmented into single-coated, double-coated, transfer tape type, and foam tape type, of which the market is led by single-coated adhesive tapes. Acrylics have so far been the leading type of adhesive used, followed by rubber and silicone. A massive chunk of the market’s revenue in 2015 was generated from the use of polypropylene as a backing material. In terms of end users, the global adhesive tapes market was closely led in demand by the healthcare and automotive industries.
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The global adhesive tapes market is expected to expand at a CAGR of 6.8% within a forecast period from 2016 to 2024, in terms of revenue. This revenue is expected to reach US$92.36 bn by the end of 2024, after being calculated at US$51.54 bn at the end of 2015. In terms of volume, the global adhesive tapes market is expected to climb at a CAGR of 5.9% for the same forecast period.
APAC Dominance in Global Adhesive Tapes Market to Continue
A constantly strengthening manufacturing infrastructure, the favorable availability of raw materials, fast rate of technological advancements, and a growing worker and consumer population are the top tier factors that are pushing the development of several industry verticals in Asia Pacific, especially for China and India. These factors also apply to a very high degree to the global adhesive tapes market, causing Asia Pacific to consistently be the leading region in terms of demand as well as manufacturing in 2015, when it had gathered a share of over 40% in terms of revenue generation from the global landscape. This region is expected to continue being the leading one in the global adhesive tapes market over the coming years, primarily owing to its robust automotive industry. A similarly high growth rate for the demand of adhesive tapes is expected to emerge from the Latin American construction and manufacturing industries.
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The adhesive tapes market in North America is also expected gain a significant growth in revenue in the immediate future, thanks to the region’s surging automotive sector and its growing use of adhesive tapes as a modern replacement for mechanical fasteners. Europe also held a significant share in the adhesive tapes market in the year 2015, mainly thanks to this region’s greater purchasing power coming directly from consumers, a result of the recent expansions in its consumer goods industry. Italy, Germany, Czech Republic, Hungary, and Poland are showing a very favorable growth in their demand for adhesive tapes through their consolidating packaging markets, which will consequently bolster the region’s overall demand for packaging tapes.
Single-coated Adhesive Tapes Retain Lead in Global Market
Single-coated adhesive tapes, or tapes that come with only one side with an applied adhesive, find a massive range of use in carton sealing and electrical realms. Their backing material could be woven thread, nonwoven thread, or polymeric film, while their adhesive composition could be derived from acrylics, silicone, or natural rubber. Among the various types of single-coating adhesive tapes being used, the ones with BOPP adhesives are found to possess the largest scope of use in the entire global adhesive tapes market, owing to their tough structure and the use of stable resins for excellent mechanical strength and elasticity. Its long-term use in packaging is what could earn this segment an expected revenue of US$55.85 bn by the end of 2024.
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The leading players in the global adhesive tapes market in the current timeline, include 3M, Kruse Adhesive Tape, Nitto Denko Corporation, Saint-Gobain, CCT Tapes, Surface Shields, Scapa Group PLC, tesa SE, Vibac Group S.p.a., Advance Tapes International, CMS Group of Companies, H.B.Fuller, K.L. & Ling, Lohmann GmbH & Co.KG., NICHIBAN CO., LTD.
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