Automotive Adhesive Tapes Market To Witness Rapid Development
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
Adhesive Chemistry Insights
Market Leadership of Solvent Application Segment:
- In 2023, the solvent application segment emerged as the market leader, accounting for approximately 44.0% of the global revenue share.
Factors Supporting Product Penetration:
- The growth of this segment is primarily supported by:
- The superior adhesion properties exhibited by solvent-based materials.
- A wide adoption of these products by automotive original equipment manufacturers (OEMs), which has enhanced product penetration in various automotive applications.
Characteristics of Solvent-Based Adhesive Technology:
- Solvent-based adhesive technology is characterized by:
- The use of rubber-based solvents.
- The incorporation of acrylic solvents.
Performance of Automotive Adhesive Tapes:
- Automotive adhesive tapes predominantly utilize high-performance solvent-based adhesives that provide:
- Superior bonding capabilities.
- Solvent acrylic tapes are particularly favored for their:
- Durability and suitability for long-term applications in the automotive sector.
- Enhanced performance attributes, including:
- Better resistance to chemicals.
- Increased heat resistance.
- Improved water resistance.
- These features have significantly bolstered the demand for adhesive technology in automotive tapes.
Growth of Emulsion-Based Adhesive Tapes Segment:
- The emulsion-based adhesive tapes segment is anticipated to experience the fastest growth, with a projected compound annual growth rate (CAGR) of 8.3%.
- This growth is driven by the superior properties offered by these tapes, including:
- Chemical resistance
- Heat resistance
- An effective performance profile at a lower cost.
- This growth is driven by the superior properties offered by these tapes, including:
Composition and Characteristics of Emulsion-Based Adhesives:
- Emulsion-based adhesives are typically water-based and composed of:
- Ethylene-vinyl acetate (EVA) or acrylic synthetic resin polymers.
- Vinyl acetate dispersed in water, resulting in low volatile organic compound (VOC) contents.
Comparison with Solvent Acrylics:
- Emulsion adhesives share several characteristics with solvent acrylics but are distinct in that they are produced without the use of solvents.
- This solvent-free technology is employed in adhesive tapes due to the chemical and heat-resistant properties inherent to emulsion adhesives.
Environmental Concerns Driving Demand:
- Growing concerns regarding VOC emissions are expected to significantly influence the rising demand for emulsion-based adhesive tapes.
- As industries seek to comply with stricter environmental regulations, the shift toward low-VOC alternatives is becoming increasingly important, enhancing the appeal of emulsion adhesives in various applications.
Order a free sample PDF of the Automotive Adhesive Tapes Market Intelligence Study, published by Grand View Research.
About Grand View Research
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