NEW YORK, April 21, 2021 /PRNewswire/ --
The "Adhesive Tapes Market" report has been added to Technavio's library which consists of more than 17000 reports from 150+ industries.
The adhesive tapes market is poised to grow by USD 17.02 billion between 2020-2024, progressing at a CAGR of over 5% during the forecast period.
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The construction industry is on rising due to factors including increasing government investments in large-scale infrastructure projects such as railways and highways and the rising number of public-private partnerships for infrastructure development. This propels the demand for adhesive tapes as these are used for sealing, bonding, and filling gaps in internal glazing and partition systems. Moreover, adhesive tapes are used for protecting glazing components and insulated glass units, which increases its adoption in construction work. These factors will boost the demand for the adhesive tapes market.
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60% of the market's growth will originate from APAC during the forecast period. China, India, Indonesia, and Japan are the key markets for adhesive tapes in APAC. Market growth in this region will be slower than the growth of the market in South America and MEA. The adhesive tapes market growth in APAC can be attributed to the rapid growth of end-user industries such as consumer durables, automotive, and construction in the region.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Adhesive Tapes Market in Speciality Chemicals Industry
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The adhesive tapes market is segmented by materials (polypropylene, paper, polyvinyl chloride, and others) and geography (APAC, Europe, MEA, North America, and South America).
Market growth of the polypropylene segment will be faster than the growth of the market in the paper and polyvinylchloride segment. Polypropylene is used as an alternative to PVC in various applications because it is reasonably priced. These tapes exhibit dielectric and physical properties, making them the ideal raw material for adhesive tapes. Moreover, for electric insulation applications such as tamper-evident tapes, strapping tapes, and carton sealing tapes. polypropylene materials are used.
The adhesive tapes market is fragmented, and the degree of fragmentation will increase during the forecast period. To make the most of the opportunities, vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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