Adhesive Tapes Market To Generate Revenue Worth $103,040 Million by 2030

The global adhesive tapes market is projected to generate USD 103,040 million revenue by 2030, advancing at a CAGR of 5.60% during 2022–2030. This can be ascribed to the rising living standard, coupled with surging disposable income; the increasing innovative product launches by prominent players, and growing industrialization. Moreover, the surging preference of people towards e-commerce platforms and packaged food will propel the market growth.

Specialty Tapes To Show Faster Growth

Based on type, the market is bifurcated into commodity and specialty tapes. Of them, the specialty tapes are expected to register faster growth, at a CAGR of 6.4%, during 2022-2030. This growth can be attributed to the ongoing developments in the automotive industry, which is resulting in the increasing usage of these tapes over traditional methods, for the fixing and fastening of parts. Besides, the growing demand for medical tapes in the healthcare and hygiene market is supporting the industry expansion, particularly for specialty tapes.

Based on application, the automotive category held a significant revenue share in 2022. This is because such double-sided and protective tapes are widely employed in the expanding automotive industry. Additionally, to reduce the weight of vehicles, automotive manufacturers are switching from mechanical fasteners to automotive tapes with adhesive qualities. Since mechanical fasteners, such as bolts and screws, add weight to the car, lighter adhesive alternatives are being used more frequently to replace these goods. Therefore, it is anticipated that the market will rise as such types of tapes are more used in the automotive industry.

Moreover, the healthcare category will witness the fastest growth during the forecast period. This is due to the surging R&D spending by industry giants, growing number of product launches, rising number of surgeries, increasing sales of wound care products, and technological advancement.

Whereas, the packaging category held a substantial share, in terms of revenue, in 2022, and it is expected to maintain its position during the coming years. This is owing to the fact that almost every industry uses adhesive tapes for the packaging of its products.

Geographically, APAC held the highest revenue share in 2022, and it will maintain its dominance during the forecast period. This can be attributed to the ongoing R&D in the electrical and electronics, healthcare, and automotive industries and the rise in urbanization, coupled with industrialization. Moreover, the low cost of raw materials and easy availability of cheap labor for the manufacturing of tapes with adhesion properties have resulted in the growing production of low-priced tapes, which, in turn, has contributed to the market growth.

Moreover, the North American market will register significant growth in the years to come. This is due to the growing end use industries, such as healthcare, automotive, and packaging; high government spending on healthcare infrastructure, and wound care products, such as dry first-aid kits, dressings, and adhesive bandages, are in high demand, which will propel the market demand.

Moreover, the introduction of recyclable tapes is a major growth opportunity for players in the adhesive tapes market. Many countries are banning the use of hazardous chemicals required for the production of adhesive products. Furthermore, stringent government regulations shifting the focus of end users toward environment-friendly products, which have led to the surge in demand for recyclable tapes.

Some of the key players in the market are Scapa Group plc, Nitto Denko Corporation, 3M, tesa SE, LINTEC Corporation, Shurtape Technologies LLC, Intertape Polymer Group Inc., Avery Dennison Corporation, Lohmann GmbH & Co. KG, and Nichiban Co. Ltd.