Global Adhesive Tapes Market: Snapshot
The global adhesive tapes market is expected to grow at a progressive rate in the next few years. The rising awareness among manufacturers regarding the convenience of adhesive tapes is estimated to supplement the growth of the global adhesive tapes market in the coming years. According to the research report, in 2015, the global market for adhesive tapes was worth US$51.54 bn and by the end of 2024, the market is predicted to reach a value of US$92.36 bn. This market is estimated to exhibit a healthy 6.80% CAGR between 2016 and 2024.
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The global market for adhesive tapes has been categorized on the basis of end use into consumer goods, building and construction, graphics, automotive, health care, and others. Some of the key materials used for manufacturing adhesive tapes are paper, polypropylene, polyvinyl chloride, and others. The rising research and development activities are encouraging the expansion of the application base, which is likely to result in a high demand for adhesive tapes across the globe. Furthermore, the rise in the demand for eco-friendly tapes is anticipated to propel global market in the coming years.
Developing Packaging and Automotive Sectors to Bolster Adhesive Tapes Market
The increasing number of technological advancements in the automotive industry is one of the key factors anticipated to encourage the growth of the global adhesive tapes market in the coming years. The growing popularity of light-weight vehicles and the use of bolts, rivets, screws, and other traditional fastening techniques and devices are being substituted by stronger adhesive tapes. This is projected to accelerate the growth of the overall market in the next few years. In addition, the rising demand for adhesive tapes for electronic device miniaturization is likely to fuel the market’s growth in the near future.
On the flip side, stringent rules and regulations concerning the use and emissions of several chemicals are anticipated to hamper the growth of the global adhesive tapes market in the forecast period. Nonetheless, the development of the packaging industry is anticipated to create promising opportunities for key players operating in the global adhesive tapes market in the next few years. Moreover, the rising number of applications is expected to contribute towards the development of the market across the globe.
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Booming Manufacturing Sector to Propel Adhesive Tapes Market in Asia Pacific
The Asia Pacific market for adhesive tapes is anticipated to witness a promising growth throughout the forecast period. The robust growth of this region can be attributed to the developing manufacturing infrastructure, easy availability of raw materials, and technological developments. In addition, a substantial contribution from India and China is predicted to encourage the growth of the overall market in the next few years. According to the research study, this region is projected to remain in the leading position in the next few years, and register a healthy growth rate.
Furthermore, Latin America and North America are projected to grow significantly in the coming years. The rapid development of the automotive sector and the increasing demand for adhesive tapes from diverse manufacturing industries are expected to encourage the growth of the adhesive tapes market in these two regions. Europe, on the other hand, is estimated to exhibit a high growth rate in the coming few years. Poland, Germany, Italy, and Czech Republic are likely to supplement the growth of the market in the forecast period.
Some of the prominent players operating in the adhesive tapes market across the globe are Lohmann GmbH & Co.KG., NICHIBAN CO., LTD., CCT Tapes, Advance Tapes International, H.B.Fuller, Kruse Adhesive Tape, Scapa Group PLC, Surface Shields, K.L. & Ling, Vibac Group S.p.a., tesa SE, Saint-Gobain, Nitto Denko Corporation, 3M, and CMS Group of Companies.
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