NEW YORK, March 1, 2017 /PRNewswire/ -- Automotive end use segment is expected to dominate the global filament tapes market over the forecast period The automotive end use segment is projected to be the most attractive segment for filament tapes manufacturers across the globe. The automotive segment of the global filament tapes market accounted for more than 15% revenue share in 2015 and is expected to experience a gain of more than 500 basis points in its market share by 2026 over 2016. The revenue contribution of the automotive segment is expected to increase at a significant CAGR of 10.2% during the forecast period. The automotive segment was estimated to be valued at more than US$ 500 Mn by the end of 2016 and is forecast to reach more than US$ 1,000 Mn by the end of 2026. This segment is expected to create total incremental opportunity close to US$ 900 Mn between 2016 and 2026.
High tensile strength and ability to leave less residue on metal surfaces is likely to boost the use of filament tapes in the automotive segment
In the automotive industry, filament tapes are largely used for interior and exterior applications particularly during wielding and painting, due to their high tensile strength and ability to leave less residue on metal surfaces. These attributes of filament tapes are one of the primary factors expected to fuel demand for filament tapes in various applications in the automotive sector. Another factor driving the growth of filament tapes in the automotive segment is that high-performance filament tapes are used as a damping material. In a bid to reduce noise from engines, brakes and another vehicle systems, the automotive industry is utilising advanced elastomers and thermoplastic vinyl as vibration damping materials. Filament tapes help maintain the material in place without hampering their functionality.
Moreover, filament tapes effectively laminate and bond multi-layered material such as shims, which is used to control vibration and improve the function of brake assemblies. The above properties related to filament tapes make it a preferred choice among automobile OEMs. Governments across the globe are developing regulations for manufacturers of filament tapes including manufacturers in the automotive industry to adopt eco-friendly manufacturing processes and to provide a product that is less harmful to the environment. The introduction of biodegradable pressure sensitive adhesives in the labels and tapes industry has motivated automotive manufacturers to utilise eco-friendly adhesives in filament tapes. This is expected to boost the demand for filament tapes in the automotive segment in future.
Automotive is projected to be a highly attractive end-use segment during the forecast period in major regional markets across the globe
The automotive segment in North America region was valued at more than US$ 100 Mn in 2015 and is projected to expand at a significant CAGR of 10.0% during the forecast period. The segment is likely to create incremental opportunity of more than US$ 100 Mn from 2016 to 2026. In Latin America, the automotive segment is projected to be a highly attractive end-use segment during the forecast period. In Latin America, the automotive segment was valued at more than US$ 20 Mn in 2015 and is projected to expand at a significant CAGR of 8.8% during the forecast period. The segment is anticipated to create incremental opportunity of more than US$ 30 Mn from 2016 to 2026. The automotive end-use segment is highly lucrative in Western Europe, recording a significant CAGR of 10.7 % during the forecast period, while in Eastern Europe the automotive segment is likely to register a high Y-o-Y growth in terms of value by 2024. In APEJ, the segment was valued at more than US$ 30 Mn in 2015 and is estimated to expand at a significant CAGR of 7.6% during the forecast period.
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