Adhesive Tapes Market Size US$ 89.44 Billion by 2028, at a CAGR of 5.1% - Global Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized by The Insight Partners - Benzinga

2022-08-20 11:42:21 By : Mr. licon lv

New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- According to our new research study on Adhesive Tapes Market and films are used to bond or join the objects instead of using screws, fasteners, or welding. The tapes protect the surface and are useful in various industries such as packaging, healthcare, automotive, electrical, and construction. They are used as an alternative to liquid adhesives, which are messy and takes time for spraying or rolling on the surface. In healthcare sector, tapes are used for wound dressings, surgeries, splints, surgical containers, etc. In the construction industry, the applications they serve are wall coverings, decorative trims, mounting component on doors and windows, panels, frames, and others.

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Key players dominating the global adhesive tapes market are 3M, Nitto Denko Corporation; Tesa SE; Avery Dennison Corporation; Intertape Polymer Group; Lintec Corporation; Berry Global Inc; Scapa; Lohmann GmbH & Co.KG; and Rogers Corporation, among others.

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Apart from construction, electronics, printing, and healthcare, adhesive tapes find vast applications in the growing automotive sector. In Asia Pacific, the countries such as India, China, Vietnam, South Korea, Indonesia, and Taiwan are witnessing a boom in automotive industry due to substantial foreign direct investment. Automobile sales in Asia Pacific witnessed a growth of more than 6.52% during 2012–2018. Adhesive tapes are used to assemble various components on the production line. They firmly fasten the screws and bolts to accommodate the seats and dashboards in their places easily. Besides, they are used for fabric attachment on instrument panel, steering wheel wrapping, and mounting rubber and plastic profiles in the vehicle's interior. Such a wide range of industrial applications bolsters the global adhesive tapes market.

In 2020, Asia Pacific held the largest share of the global adhesive tapes market. It is also estimated to register the fastest CAGR in the market over the forecast period. The demand for adhesive tapes is expected to increase in the region due to various factors such as the huge population base, increasing disposable income, and improved living standards. The growth of the automotive market has also positively contributed to the growth of the demand for adhesive tapes in Asia Pacific. These factors have also attracted foreign players to expand into the region. Additionally, the rapid growth of this region can also be attributed to the growth of the construction industry in the region. China is the world’s largest construction market and is expected to grow significantly over the next few years. Moreover, other developing economies like India is also set to grow at a tremendous rate with the focus of the region towards boosting domestic manufacturing activities.

The rubber segment held the largest share in the global adhesive tapes market in 2020. Rubber adhesives are low-cost adhesives used to manufacture adhesive tapes that are used for low-duty applications. Rubber adhesives adhere to the substrates quickly and do not require extended cure times. Generally, additives are added to rubber adhesives to improve their adhesion strength. Rubber adhesives perform better in normal room temperatures.

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The hot-melt adhesives segment is expected to grow at the fastest rate during the forecast period. Hot-melt adhesives are thermoplastic polymer-based compositions that are 100% solids. They are solid at normal temperature and become liquid after being heated above their softening point. Hot-melt-based adhesive tapes consist of three layersâ€"film layer, a special release coat that allows the tape to easily unwind off the roll, and an aggressive hot-melt adhesive layer. These tapes are used for various applications, such as furniture and wood working, packaging and corrugated carton sealing, DIY applications, and building & construction.

On the basis of tape backing material, polypropylene (PP) segment is leading the adhesive tapes market during the forecast period. Polypropylene is widely used as a backing material in adhesive tapes. Backing film is one of the vital components of an adhesive tape. It holds the adhesive and the primer. Polypropylene is a thermally and chemically stable material. It provides surface protection. Moreover, polypropylene is comparatively cheaper than polyvinyl chloride (PVC) and is widely available. These properties make polypropylene one of the popular materials used for manufacturing adhesive tapes. Polypropylene tapes are suitable for a wide range of sealing applications, such as food & beverage packaging, agricultural packaging, and healthcare and medical packaging.

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Packaging is estimated to register the fastest CAGR in the market over the forecast period. Adhesive tapes are extensively used across the packaging industry. Adhesive tapes secure the packages as it forms a strong bond between the packaging surfaces. Cartons of food and beverages products are sealed using adhesive tapes as they ensure products’ safety in transit. Moreover, adhesive tapes are used to seal the packages of agricultural products. The packaging industry across the world is rapidly flourishing with the growing demand for convenience food products, agriculture products, and other consumer goods.

Impact of COVID-19 Pandemic on Adhesive Tapes Market

The impact of the COVID-19 pandemic on the global adhesive tapes market is mixed. Various industries, such as automobiles, construction, electronics and electrical, have experienced sharp declines. In contrast, the healthcare industry has grown since the outbreak due to excessive demand for PPE kits and medical equipment. With the state of economic recovery, several industries and economies are strategically planning to invest in the healthcare sector. This is expected to provide an impetus to the growth of adhesive tapes market. For instance, to reduce the impact of the COVID-19 pandemic and empower the healthcare industry, the European Union has set budgets for European countries, such as US$ 550 per capita in the UK and ~US$ 366 per capita in Germany and Ireland. Health-related initiatives comprise purchasing professional medical and personal protective equipment (PPE), expanding research capabilities, hiring additional staff and benefits, supporting hospitals and local governments, and donating vaccine production. In addition, many companies such as 3M Company, Tesa S.E., and Nitto Denko Corporation have begun to actively market the product to expand their customer base and reduce business impact. Furthermore, with the introduction of vaccines, the negative impact of the pandemic on businesses is expected to decline. Companies are starting their operations which will boost their growth in the coming years which will eventually propel the growth of adhesive tapes market over the forecast period.

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