Structural Adhesive Tapes Market To Generate Revenue Worth USD 15,413.5 Million by 2030
- Published: February 2024
The global structural adhesive tapes market was valued at USD 10,775.0 million in 2023 and is projected to register a CAGR of 5.5% during 2024–2030, to reach USD 15,413.5 million by 2030. This is due to the rising requirements for such tapes from several industries, including electrical & electronics, automotive, energy, building & construction, energy, healthcare, and others.
- These tapes are basically based on high-strength, pressure-sensitive adhesives, and are frequently bolstered up with steel or fiberglass.
- These tapes have several applications such as holding, sealing, splicing, protecting, and reinforcing.
- The tapes are proven and can be widely used in the place of mechanical fixings such as welding, screws, and rivets.
Acrylics Category Holds the Largest Market Share
Based on the resin type segment, the acrylics category dominates the market. These acrylic tapes are very demanded attributing to their beneficial properties such as physical and chemical, lower cost, and usage in various industries such as healthcare, construction, and automotive. Also, these tapes are suited to both water and solvent-based technologies, as they provide more resistance to other chemicals, solvents, and water.
Automotive Category Holds Significant Share in the Market
The hike in the automotive structural adhesive tapes industry can be ascribed to the growing rate of production of electric vehicles globally and the surging awareness among automotive players about the benefits of structural adhesive tapes.
- Many such makers of automobiles are heavily invested in the production of their own batteries to control the costs and also secure volume, while many of the makers are indulging in alliances with the existing suppliers to expand their exposure to current advancements in the technology of batteries and increase their flexibility. This drives the demand for structural adhesive tapes.
- This is also because structural tapes are used in the e-mobility or EV battery areas for several applications such as electrical insulation to avoid surges of power and fires in EV batteries.
- These tapes are further utilized for structured thermal management in EV cooling systems, LED lighting, and heat sinks in automobiles.
Moreover, the surging requirement for hydrophilic films, in-vitro diagnostics, oral dissolving films, and transdermal drug delivery patches is propelling the demand for structural adhesive tapes in the healthcare industry. This is because of the growing aging population and increasing cases of chronic diseases.
Whereas, the electrical & electronics category is expected to witness the highest growth rate in the coming years in the market. The continuous adoption of electronic devices, which are flatter and micro-electronics, is sustaining the enlargement of the adhesive tapes market within the electrical & electronics sector.
Some of the key players operating in the global structural adhesive tapes market are 3M Company, Nitto Denko Corporation, LINTEC Corporation, Henkel Group, Dow Chemical Company, Sika Group, Scapa Group plc, Ashland Inc., Tesa SE, Avery Dennison Corporation, Intertape Polymer Group Inc., Berry Global Inc., Saint-Gobain Group, Lohmann GmbH & Co. KG., and H.B. Fuller.