by The global Adhesive Tapes Market is estimated to be valued at US$ 54027.73 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Adhesive tapes are flexible polymer/paper-backed products that are coated on one or both sides with an adhesive. They are used for binding, holding, attaching, sealing, sticking or joining items together. The adhesives provide excellent adhesion with low noise and ease of application.
Market key trends
Increasing demand from various end use industries is a major factor driving growth of the global adhesive tapes market. Adhesive tapes are widely used in packaging, healthcare, automotive, electrical & electronics and other industries. For instance, adhesive tapes find major application in sealing and packaging of consumer goods. They provide effective packaging solutions that protect products from damage during transit or storage. The growing e-commerce industry is further boosting demand for adhesive tapes from the packaging sector. Moreover, advancements in adhesive technology have led to development of high quality adhesive tapes that offer superior bonding strength for challenging applications. Introduction of new product varieties incorporating advanced materials is another key trend in the market.
SWOT Analysis
Strength: Adhesive tapes have wide applications in various industries like automotive, packaging, healthcare, construction and electrical due to their properties like durability, adhesion and flexibility. They provide cost effective solutions for bonding, sealing and joining various materials.
Weakness: Raw materials used for manufacturing adhesive tapes like petroleum-based backings and synthetic rubbers are non-renewable and fossil fuel dependent. Frequent fluctuations in prices of raw materials can negatively impact the profit margins.
Opportunity: Growing demand from emerging sectors like packaging, transportation and electronics coupled with developments of innovative adhesive formulations and backing materials will drive the market growth over the forecast period.
Threats: Presence of local and regional players offering low-cost substitutes like glue, fasteners can pose a threat to established brands. Stringent environmental regulations regarding usage of plastic backings may also negatively impact the industry.
Key Takeaways
The global Adhesive Tapes Market Size is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period, due to increasing demand from building & construction industry. Adhesive tapes find wide applications in flooring, roofing, and other sealing & insulation requirements in residential & commercial construction projects.
Regional analysis: Asia Pacific dominates the global adhesive tapes market and is expected to witness the highest growth during the forecast period. Countries like China, India, Japan and South Korea are major consumers as well as producers. North America and Europe also captures significant market shares due to high demand from the automotive and packaging sectors.
Key players operating in the adhesive tapes market are 3M, Avery Dennison Corporation, DuPont, HB Fuller Company, Henkel AG & Co. KGaA, Intertape Polymer Group, Lintec Corporation, Nitto Denko Corporation, OJI, Holding Corporation, Scapa Group Plc, Sekisui Chemical Co. Ltd, Shurtape Technologies LLC, Sika AG, and TESA SE. 3M and Berry Global are recognized as innovative market leaders with wide product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
