Automotive Adhesive Tapes Market To Witness Huge Potential In The...

Automotive Adhesive Tapes Market To Witness Huge Potential In The Future

Posted 2024-10-24 06:35:26

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Automotive Adhesive Tapes Industry

The global automotive adhesive tapes market was valued at USD 3.62 billion in 2023 and is projected to experience a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. A significant driver of this growth is the rapid replacement of traditional nut and bolt fasteners with adhesive tapes, which not only helps in reducing vehicle weight but also enhances overall aesthetics. Additionally, the aftermarket segment is expected to witness increasing demand, fueled by rising vehicle modifications and performance enhancements.

In the upcoming period, Asian economies such as Japan, South Korea, China, and India are anticipated to dominate electric vehicle production, supported by their robust manufacturing industries, resource availability, skilled and cost-effective labor, and the presence of major automakers in the region. Furthermore, technological advancements by leading automobile manufacturers in Europe and North America are expected to provide additional momentum to the automotive adhesive tapes market.

The anticipated strong growth rate of the automotive adhesive tapes market can also be attributed to the economic recovery seen in many emerging countries. The frequent suspension of public transportation due to the pandemic, combined with the virus's highly infectious nature, has led to an increased demand for passenger vehicles. This surge in passenger vehicle demand is directly driving the need for automotive adhesive tape products. However, it is important to note that unforeseen circumstances arising from the ongoing pandemic, including subsequent waves of infection, have introduced uncertainties that may impact market dynamics.

Moreover, the global automotive industry is experiencing a shift towards electric vehicles, with an increasing popularity and demand for battery-operated vehicles, including cars and mini trucks. Prominent vehicle manufacturers are actively striving to meet environmental standards and emission regulations by significantly reducing vehicle pollutants. This growing trend towards electric vehicles is expected to positively influence the demand for adhesive tapes within the automotive sector, further propelling market growth.

Gather more insights about the market drivers, restrains and growth of the Automotive Adhesive Tapes Market

Application Insights

Interior Attachment Application Segment:

The interior attachment application segment led the market in 2023, accounting for approximately 28.1% of the global revenue.
This significant share is primarily attributed to the increasing demand for premium vehicles that offer aesthetically enhanced interiors and improved driving performance.
As the demand for such premium cars rises, there is an expected increase in the number of components that require fastening within the car interiors.

Adhesive Tapes in Interior Applications:

The demand for adhesive tapes in interior applications is anticipated to grow due to the high adhesive strength of these tapes, which ensures superior attachment of various materials.
Adhesive tapes are utilized in a variety of interior applications, including:
- Seat heating elements
- Attachment of foam and fabric to the instrument panel
- Airbag wrapping and securing
- Steering wheel wrapping
- Mounting rubber and plastic profiles within the vehicle

Electronics Application Segment:

The electronics application segment is projected to experience a notable compound annual growth rate (CAGR) of 8.4% during the forecast period.
This growth is driven by the increasing demand for adhesive tapes in various automotive electronic components, including:
- Light assemblies
- Air conditioning systems
- Electronic components
- Interior and exterior lights
- Battery connectors and wires
- Sensors and other electronic devices

Impact of Advanced Features in Car Interiors:

The introduction of advanced features in car interiors is expected to positively impact the adhesive tapes market.
These advanced features may include provisions for:
- Mobile device attachments
- Electronic chargers
- Air purifiers
- Connections for portable refrigerators
- Other components requiring fixing and bonding
The need for adhesive tapes in these applications underscores the ongoing evolution of vehicle interiors, further driving market growth.

Order a free sample PDF of the Automotive Adhesive Tapes Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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