Adhesive Tapes Market Size
Based on the prevailing adhesive tapes market trends and demand, the global market is expecting to grow at a CAGR of 5.4% during the ongoing forecast period of 2020-2030.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The adhesive tapes market has registered significant growth in adoption rates over the past few years in developing countries, such as China, India, and Italy, due to increased healthcare spending and increased production capacity in the region.
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Competitive Analysis
Adhesive Tapes Market is highly fragmented with the presence of a high number of market players. The adhesive tapes market has significant scope for improvement in the coming years. The manufacturers/service providers are operating at the regional level. The players are adopting strategies such as mergers acquisitions, product developments, partnerships, joint ventures, and expansions to improve their positions in the market, both regionally and globally. High competition, rapid technological changes, and integrated solutions by industry participants are the key factors that affect market growth. Vendors compete in terms of cost, product quality, reliability, and the size of the adhesive tapes. These players need to offer cost-effective and superior products and services to succeed in the competitive market environment.
The growth of market vendors depends on market conditions, government support, and industry development. Thus, they should focus on improving their products, expanding their regional presence, and offering a variety of adhesive tapes to suit the requirements of the projects. 3M, Avery Dennison Corporation, H.B. Fuller Company, Henkel AG Co. KGaA, Nitto Denko Corporation, Tesa SE, PPM Industries, and other players are some of the leading players, holding an 18.3% market share.
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Segmental Analysis
Growth in demand from the automotive industry and increased healthcare spending will spur market growth. The global market for adhesive tapes has been segmented based on backing material, type, resin, application, and region.
Based on backing material, the global adhesive tapes market has been segmented into polypropylene (PP), paper, polyvinyl chloride (PVC), and others. In terms of value, the paper segment dominated the global market with a 43.1% share in 2019 and is projected to register a 4.6% CAGR during the review period.
Based on type, the global adhesive tapes market has been classified into single-sided and double-sided. The single-sided segment dominated the global adhesive tapes market with a market share of 62.7% by value in 2019, owing to its wide-spread demand in bonding automotive components and the healthcare sector.
Based on resin, the global market has been divided into acrylic, epoxy, rubber-based, silicone, and others. The acrylic segment accounted for the largest share of 36.9% in 2019 due to the extensive properties offered by acrylic resins and wide applicability in the end-use industries.
Based on application, the global market has been divided into automotive, healthcare, packaging, electrical electronics, building construction, retail, and others. The packaging segment accounted for the largest share of 26.4% in 2019, owing to the increased demand from the e-commerce sector.
Regional Analysis
The geographic analysis of the Adhesive Tapes Market Size spans across North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
Asia-Pacific is a prominent region in the adhesive tapes market due to the increasing export from countries in the region. Asia-Pacific includes China, India, Australia, New Zealand, and Japan, which are the leading exporters of various types of commercial goods across the world. The growing retail industry in these countries is further supporting the growth of the market in this region as it is a flourishing market for manufacturers offering technologically advanced packaging solutions for the retail and food and beverage industries. The FDI in retail has further widened the scope of packaging, which attracts foreign players to set-up base in the region.
Additionally, the advancement in technology and increasing manufacturing units associated with various industries, such as electronics, automotive, energy, food beverages, and construction, are increasing the demand for adhesive tapes due to their capability to withstand different temperature conditions, high tensile strength, and elimination of the need for fasteners, screws, or welding on a system.
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