Double Sided Tape Market Size to Surpass USD 18.31 Billion by 2032
The global double sided rape market size was USD 10.39 Billion in 2022 and is expected to reach USD 18.31 Billion in 2032, and register a revenue CAGR of 6.5% during the forecast period. Double-sided tapes are increasingly being used in the construction and automotive industries, due to its better bonding power and simplicity of use, which is one of the major factors driving market revenue growth.
Need for double-sided tape is being driven by rapid expansion of the construction sector and rising worldwide construction projects. In addition, popular in automobile applications, double-sided tape is frequently used to affix external trim, logos and mirrors. Double-sided tapes are becoming popular in the automotive sector due to their high shear strength and resistance to harsh weather conditions.
The report identifies hot-melt adhesive as the largest technology segment, accounting for ~43% of the market share in 2018. This segment is expected to grow at a CAGR of 7.0% during the forecast period. The report also highlights acrylic adhesive tapes as the largest market share segment (~32%) in 2018, while silicone adhesive tapes are expected to grow with a CAGR of 6.7% during the forecast period.
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The Asia Pacific region held the largest market share of ~27% in 2018 and is anticipated to witness the highest CAGR of 7.1% during the forecast period. The report lists key players in the market including 3M Company, Lintec Corporation, Shurtape Technologies, and Avery Dennison Corporation, among others.
Reports and Data have segmented the global double sided tape market based on adhesive type, product type, technology, industry verticals, and region.
Double Sided Tape Market: Drive Factors
The double-sided tape market is being driven by several factors, including the increasing demand from various industries such as construction and packaging. The growing need for high-strength double-sided tape is also contributing to the market's growth.
Double-sided foam tapes are being used for a variety of purposes such as permanent or temporary fastening, acoustic dampening, packaging, thermal insulation, and gap filling. They come in different materials such as open-cell or closed-cell and various thicknesses. These tapes offer several benefits, including vibration dampening, shock absorption, and thermal sealing between substrates at different temperatures. They can also serve as seals to prevent the passage of moisture, gases, air, and humidity.
According to the report, hot-melt adhesive tapes account for the largest market share, while acrylic adhesive tapes are the most commonly used. The Asia Pacific region holds the largest market share and is anticipated to witness the highest CAGR during the forecast period. Companies have adopted various strategies such as mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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