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(MoneyNewsWire.Net, September 13, 2019 ) According to the latest report by IMARC Group, titled “Adhesive Tapes Market Research Report and Forecast 2019-2024”, the global adhesive tapes market size reached US$ 54.1 Billion in 2018. An adhesive tape, also known as a self-stick or sticky tape, is used to bond or join objects together. It is composed of carriers (non-woven fabric, foam and metal foil), pressure-sensitive adhesives or PSAs (rubber, silicone, urethane and acrylic) and separators (paper and film). The usage of adhesive tapes is gaining traction across the globe as a solution for fastening and joining. This can be attributed to their low-cost, ease of use, ability to bond dissimilar substrates, uniform thickness and gap filling properties as compared to traditional fastening systems.
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Global Adhesive Tapes Market Trends:
One of the primary factors driving the growth of the market is the diversified applications of adhesive tapes across various industry verticals. In the automotive industry, for instance, they play a crucial role in the assembly of lightweight, aerodynamic structures on the exterior surface of automobiles. Similarly, these tapes are imbued with antigen adhesives for use in wound dressing in the healthcare industry. With the rising penetration of e-commerce platforms, adhesive tapes are increasingly being used in the packaging of a variety of products. However, the negative impacts of synthetic adhesives on both human health and the environment have encouraged governments of various countries to impose stringent environmental regulations. Owing to this, market players are introducing eco-friendly adhesive tapes, which are an excellent alternative to their petroleum-based counterparts. For instance, TESA SE, a leading manufacturer of self-adhesive products, has launched sustainable adhesive tapes made using bio-based and recycled materials. Manufacturers are also introducing various functional adhesive tapes made using weather and UV-resistant materials. Looking forward, the market value is projected to reach US$ 73.8 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
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Market Summary:
Market Breakup by Material:
Based on the material, polypropylene is currently the most popular material used in adhesive tapes. Other materials include paper and polyvinyl chloride.
Market Breakup by Resin:
On the basis of the resin, the market has been categorized into acrylic, rubber, silicone and others.
Market Breakup by Technology:
The market has been segregated based on the technology into water-based, solvent-based and hot-melt-based adhesive tapes.
Market Breakup by Application:
On the basis of the application, the report finds that packaging tapes represent the largest application segment. The other segments are masking and specialized tapes.
Market Breakup by Region:
Region-wise, North America enjoys the leading position in the market, holding the majority of the global market share. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being 3M Company, Nitto Denko Corporation, TESA SE, Lintec Corporation, Avery Dennison Corporation, Intertape Polymer Group, Inc., Shurtape Technologies, LLC, Scapa Group PLC, Lohmann GmbH & Co. KG, Nichiban Co. Ltd. and Sekisui Chemical Co., Ltd.
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