The global adhesive tapes market was valued at $54,333.4 million in 2017 and is projected to reach $74,954.6 million by 2023, witnessing a CAGR of 5.5% during the forecast period. Large-scale consumption of tapes for various packaging applications in industries such as electrical and electronics and e-commerce is expected to promote the growth of adhesive tapes market during the forecast period.
Adhesive tape can be defined as a continuous flexible strip made of paper, metal foil, cloth, or plastic film coated with a thin layer of permanent glutinous adhesive on one or both sides. These tapes are available in the form of rolls or sheets of varied sizes in the market and are commonly known as pressure-sensitive tapes, tapes, self-sticking tapes, and sticky tapes. These tapes are increasingly being used for binding and packing the products associated with food and beverage, healthcare, and e-commerce industry.
Based on type, the global adhesive tapes market is bifurcated into commodity and specialty tapes. Over the forecast period, the market is anticipated to witness faster growth in specialty adhesive tapes category, exhibiting a CAGR of 6.8% in terms of value. This can be attributed to the large-scale utilization of these tapes in rapidly growing industries, such as automotive, healthcare, electrical and electronics, and construction and building, across different regions.
Based on technology, the adhesive tapes market is categorized into water-based, solvent-based, and hot-melt-based technologies. In 2017, water-based adhesive technology dominated the adhesive tapes market with more than 45.0% contributing in terms of volume. The increasing demand for environment-friendly water-based adhesive products, coupled with growing regulatory support, is anticipated to drive its demand during the forecast period.
Based on end use, the adhesive tapes market is categorized into packaging, consumer and office, healthcare, automotive, electrical and electronics, building and construction, and others. Packaging was the largest end-use category in the adhesive tapes market in terms of value, contributing more than 50.0% share in 2017. This can be attributed to the fact that almost every industry makes use of tapes for packaging products. Moreover, increasing trend of online shopping, in developing economies, is boosting the demand for retail e-commerce packaging, which in turn, requires the use of tapes for packaging purpose.
Geographically, APAC was the largest region in the adhesive tapes market in terms of volume, contributing more than 50.0% share in 2017. During the forecast period, the adhesive tapes market is expected to witness the fastest growth in APAC. This can be attributed to the increasing utilization of adhesive tapes in China, as the country is witnessing developments in the electronics, automotive, and healthcare industries.
The major growth driver for adhesive tapes market is the expanding automotive industry. In this industry, tapes having adhesive properties are mainly used in the form of double-sided tapes, and protection tapes. Automotive manufacturers are moving from mechanical fasteners to automotive tapes with adhesive properties to cut down the weight of vehicles. Since mechanical fasteners, such as bolts, and screws, increase the weight of the vehicles, these products are increasingly being substituted by lightweight adhesive solutions. Thus, the growing adoption of these tapes in automobile industry is expected to boost the adhesive tapes market.
Stringent regulatory norms due to health concerns is the major constraint in the adhesive tapes market. Chemicals such as azodicarbonamide (ADCA), silane, and formaldehyde are used in the manufacturing of adhesive solutions. Since these chemicals are hazardous and can have a negative impact on the health, businesses engaged in the production of these chemicals adhere to various safety standards. Besides, growing health concerns are resulting in legislations to limit the use of these chemicals in various nations. Hence, it is negatively impacting the growth of the adhesive tapes market.
Introduction of recyclable tapes is a major growth opportunity for players in the adhesive tapes market. Globally, many countries are banning the use of hazardous chemicals required for the production of adhesive products. Stringent government regulations in addition to shifting focus of end users toward environment-friendly products have led to increased demand for recyclable tapes. Eco-friendly tapes are made from biodegradable polymers obtained from the polymerization of bio-based raw materials, which are a good alternative to petroleum-based raw materials.
Some of the major players operating in the global adhesive tapes market are 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, and Nichiban Co. Ltd.