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 strips or rolls coated with an adhesive material. They are used in bonding, mounting, holding and sealing purposes. Adhesive tapes are majorly used in packaging, healthcare, automotive and construction industries. Packaging tapes are used to seal cartons and boxes during shipping. Medical tapes are used for wound treatment and bandages. Automotive tapes are used in vehicle manufacturing. Building and construction tapes are used for holding insulation and wrapping pipes.

Market Dynamics:

Growing packaging and automotive industries are the key factors driving growth of the adhesive tapes market. Packaging tapes are widely used for carton sealing and wrapping in the packaging industry. With growth of e-commerce, demand for packaging tapes is increasing rapidly. According to estimates, the global packaging industry was valued at over US$ 800 billion in 2018 and is expected to grow over 3% annually. Similarly, the automotive industry is growing steadily creating demand for automotive tapes which are used in vehicle manufacturing, repair and maintenance. Another major factor propelling market growth is increasing usage of acrylic tapes in indoor signage and advertisements. Acrylic foamed tapes provide smooth adhesion and are easy to remove without leaving residues. However, availability of alternatives like liquid glues is a major challenge for market growth.

SWOT Analysis 

Strength: Adhesive tapes have strong bonding ability which makes them suitable for various applications. They offer convenient solution for temporary or permanent attachment of materials. They provide cost effective bonding solution compared to liquid adhesives.

Weakness: Quality of adhesive tapes degrades with time. Environmental conditions such as heat and moisture affects the adhesive strength. Improper surface preparation negatively impact adhesion strength.

Opportunity: Growing demand from automotive and transportation sectors due to increasing vehicle production drives the market. Rising usage of double sided tapes in manufacturing industries of electronics and appliances augments the business opportunities.

Threats: Stringent environmental regulations regarding use of certain adhesives pose serious threats. Easy availability of alternative bonding solutions hinder the market growth.

Key Takeaways:

The global Adhesive Tapes Market Size is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing demand from diverse end-use industries such as packaging, electrical & electronics, automotive, healthcare, white goods, and paper & printing. The market size for adhesive tapes was valued at US$ 54027.73 Mn in 2023.

Regional analysis - Asia Pacific dominates the global adhesive tapes market and is expected to continue its leading position during the forecast period. Growing manufacturing industries, rising construction activities, and expanding automotive production in countries such as China, India, Japan, and South Korea fuels the demand of adhesive tapes in the region.

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.

For more details on the report,  Read-  https://blogger-veritas.blogspot.com/2023/12/sustainable-packaging-is-fastest.html