Global adhesive tapes market is projected to reach $74,954.6 million by 2023, according to P&S Intelligence.
The adhesive tapes market in the region is mainly driven by a significant demand for these tapes from the packaging, automotive, and healthcare industries.
Insights into market segments
Based on type, the global adhesive tapes market is bifurcated into commodity and specialty tapes. The market for specialty tapes is expected to register faster growth, witnessing CAGR of 6.8% in terms of value during 2018-2023. This growth can be attributed to the ongoing developments in the automotive industry, which is resulting in the increased 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 growth of adhesive tapes market, particularly for specialty tapes.
Based on technology, the adhesive tapes market is categorized into water-based, solvent-based, and hot-melt-based technologies. In terms of volume, water-based adhesive tapes held the largest share in 2017, with more than 40.0% contribution. High demand for this product can be majorly attributed to the eco-friendly nature and low cost of water-based adhesive tapes.
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. Globally, packaging accounted for highest share in the adhesive tapes market in terms of value, accounting for more than 50.0% share in 2017. This is mainly driven by the fact that majority of industries utilize tapes for the packaging of products. Further, growing trend of online shopping, particularly in fast growing countries such as China and India, is resulting in increased demand for retail e-commerce packaging, which are dependent on tapes for packaging the products.
Asia-Pacific (APAC) to lead the market growth
In terms of volume, APAC held the largest share in the adhesive tapes market contributing more than 50.0% volume share in 2017. Emerging economies of the region, such as China, and India, are witnessing strong growth owing to ongoing R&D and advancements in the electrical and electronics, healthcare, and automotive industries. Moreover, low cost of raw materials and easy availability of cheap labor for the manufacturing of tapes with adhesion properties have resulted in the increased production of low-priced tapes in APAC, which, in turn, has contributed to the growth of the adhesive tapes market in this region.
The China Adhesives and Tape Industry Association (CATIA) and the Japanese Adhesive Tape Manufacturers Association (JATMA) are two of the key organizations that are working toward the development of adhesive solutions in the APAC. Besides, the presence of a large number of key manufacturers such as Nitto Denko Corporation and LINTEC Corporation in the region and their efforts in the R&D and commercialization of adhesive tapes are further supporting the adhesive tapes market growth.
Development of recyclable adhesives tapes to serve as lucrative market opportunity
Globally, many countries are restricting the use of hazardous chemicals required for the production of adhesive solutions. Stringent government regulations to restrict the usage of harmful chemicals in addition to shifting focus of end users toward environment-friendly products such as water-activated tape, which is biodegradable in nature. Such eco-friendly tapes are manufactured using biodegradable polymers obtained from the polymerization of bio-based raw materials. Thus, the development of recyclable tapes is providing ample growth opportunities to the players in the adhesive tapes market.
Adhesive Tapes Market Competitive Landscape
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.
GLOBAL ADHESIVE TAPES MARKET SEGMENTATION
By End Use