ALBANY, N.Y., Oct. 7, 2020 /PRNewswire/ -- The escalating demand for adhesive tapes across a plethora of end-users like electrical and electronics, building and construction, automotive, healthcare, paper and printing, white goods, packaging, consumer and office, masking, and others may bring great growth prospects for the adhesive tapes market. The rise in the direct use of adhesive tapes in electronic devices may bring tremendous growth opportunities.
Based on all the factors and aspects, the global adhesive tapes market may record a CAGR of 6.5 percent during the assessment period of 2019-2027. The global adhesive tapes market was valued at US$ 62.5 bn in 2018 and is extrapolated to reach over US$ 111.6 bn by 2027.
The demand for light vehicles in the automotive sector may further bring extensive growth prospects for the adhesive tapes market. The growing influence of online shopping has led to an increase in the demand for improved logistics. Efficient packaging is necessary for causing less hindrance to the product during transportation. Hence, this aspect may increase the sales of adhesive tapes greatly.
The abilities of certain adhesive tape types to withstand any weather conditions and UV radiations make them a preferable choice among a plethora of end-users. This aspect serves as a prominent growth multiplier for the adhesive tapes market.
The booming automotive segment is serving as a robust growth pillar of growth for the adhesive tapes market
Eco-friendly adhesive tapes made from biodegradable polymers may present an array of expansive growth opportunities
Adhesive Tapes Market: Types and Their Contributions toward Growth
Pressure Sensitive Adhesive Tapes: The large-scale utilization of pressure sensitive tapes in the electronics industry is serving as an extensive growth prospect for the adhesive tapes market
Double-Coated Adhesive Tapes: These types of tapes are consistently replacing traditional sealing and adhesion techniques. This is because of their properties such as escalated shear strength, durability, and enhanced surface adhesion.
Single-Coated Adhesive Tapes: These adhesive tapes are also garnering considerable momentum across a variety of end-uses. It may garner promising growth for the adhesive tapes market.
Pressure Sensitive Tapes Market - In terms of value, the global Pressure Sensitive Tapes market was stood around US$ 65.0 Bn in 2018 and is anticipated to expand at a CAGR of more than 6% from 2019 to 2027. Based on product type, carton sealing tapes held a major share of the market in 2018 owing to increasing online retailing market and growing global cargo scenario. On the basis of backing material, polypropylene was the major material used in pressure sensitive tape in 2018. It is accounted for more than 50% of the total Pressure Sensitive Tapes usage in 2018.It is projected to exhibit significant growth rate during the forecast period 2019 to 2027
Electric Vehicle Adhesives Market - The global electric vehicle adhesives market was valued at US$ 261.3 Mn in 2018 and is anticipated to expand at a CAGR of ~32% during the forecast period. Asia Pacific has become the hub of the automotive industry over the last few years. Increase in demand for electric vehicles in emerging countries such as China and India is driving the automobile industry in the region. This is boosting the demand for electric vehicle adhesives. Strong government support and ad-hoc tax incentives have led to robust double-digit sales growth in automotive and electric vehicle industries in China. Rise in demand for small and battery-based efficient passenger vehicles in countries such as Thailand, Malaysia, and Indonesia is also anticipated to propel the automobile sector. This, in turn, is projected to augment the electric vehicle adhesives market.
Self-adhesive Vinyl Films Market - Self-adhesive vinyl films are extensively used as tapes and labels in various applications in industries such as packaging, construction, electrical & electronics (E&E), graphics, and automotive. The self-adhesive vinyl films market in Indonesia has been expanding over the past few years, due to increase in the demand for these films in the packaging industry in the country. Self-adhesive vinyl films are primarily employed for appliance wrapping and signage in the industrial sector. They are widely used in the signage industry for promotional signs, way-finding signs, informational signs, and retail signs. The total media ad expenditure in Indonesia reached US$ 3.1 Bn in 2019.
Polyurethane Adhesive Tapes Market - Growth of the construction industry, proliferating use of polyurethane adhesive tapes in automotive applications to reduce the weight of vehicles, and rise in the demand from developing countries of Asia Pacific and Middle East & Africa are driving the polyurethane adhesive tapes market. Increase in middle-class population and accelerated rate of urbanization in developing countries such as India, China, and Brazil are propelling the construction industry and thereby, the demand for polyurethane adhesive tapes market in these countries. Growth of the building & construction industry in countries such as the U.S., China, Germany, India, Japan, and South Korea is expected to boost the demand for polyurethane adhesive tapes in these countries in the next few years.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.