Growing Demand for Adhesive Tapes Drives Global Market Expansion and Innovation
Mar 10, 2023
The adhesive tapes market is projected to grow from USD 49.7 Billion in 2022 to USD 79.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2022 – 2030)
Adhesive tapes are a combination of backing material and adhesive films for joining two objects. The protection accorded to surface due to its application and advances in technology for making it lightweight can expand its scope multifold. The global adhesive tapes market report by Market Research Future (MRFR) contains drivers, challenges, opportunities, and trends for the forecast period). The critical tape applications during the COVID-19 pandemic are also included and discussed as game changers in the report.
The use of commodity and special tapes in packaging is likely to foster market growth over the forecast period. Awareness of hygiene and rise in disposable income levels has driven the need for adhesive tapes in the healthcare sector. The use of medical devices in various developing economies and the improvements in medical infrastructure can bode well for the market demand. Advances in lightweight materials and its application in various industries can bode well for the market. The leaps made by the ecommerce sector, rise in online shopping, and advances in packaging for customer satisfaction can bolster the market demand till 2022.
But fluctuations in raw material prices can restrain the market growth.
The global adhesive tapes market is segmented by material, technology, and application.
By material, it is segmented into paper, polyvinyl chloride, and polypropylene. The polypropylene segment is expected to capture a large market share owing to its use in automotive adhesive tapes. The bonding of electrical components can facilitate the segment growth.
By technology, it is segmented into solvent, hot melt, and others.
By application, it is segmented into construction, healthcare, food & beverages, packaging, and others. The healthcare segment is expected to gain the lead in the global adhesive tapes market owing to use in monitoring electrodes, surgical containers, and other medical devices.
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Asia Pacific (APAC) is the fastest growing market for adhesive tapes and the share is attributed to the growing healthcare market. There is growing awareness among the consumers about health and fitness. This fuels the demand for such tapes in healthcare sector from the region. Also, increased investments in infrastructure and construction to support the large population and urbanization can drive the demand for adhesive tapes in construction sector.
However, North America was valued to have the largest market share in 2015 and is expected to expand in size in the coming years. Rising production of vehicles running on fossil fuel and alternative fuel can drive the regional market demand. Developed regions of the U.S. and Canada and expansion of healthcare and automotive sectors can bolster the need for adhesive tapes. It is followed by Europe which is expected to grow steadily over the forecasted period.
The Europe adhesive tapes market is driven by its demand in electrical and electronic sectors. The economic growth of nations and the surge in disposable income levels are critical drivers of the regional market. Hot-melt and solvent technologies are highly used in the region. The slow resurgence of the real estate sector can be opportune for the market to expand gradually.
Shurtape Technologies LLC, Intertape Polymer Group, Avery Dennison Corporation, Nitto Denko Corporation, Scapa Group Plc, Lintec Corporation, Tesa SE, 3M Company, Henkel AG & Company KGaA, and Lohmann GmbH & Co.KG are key players of the global adhesive tape market.3
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