Adhesive Tapes Market Insights, Leading Players and Future Analysis

The expanding automotive industry globally is fueling the demand for adhesives tapes. In the automotive industry, these tapes are majorly used in the form of protection tapes and double-sided tapes. Many automotive manufacturers are shifting from mechanical fasteners to these tapes for reducing the weight of the vehicle, on account of the soaring need for lightweight vehicles owing to their greater fuel efficiency than heavier automobiles. As mechanicals fasteners, such as screws and bolts, increase the vehicle’s weight, they are being increasingly substituted by lightweight adhesive solutions.

Owing to the above-mentioned factors, the sales of adhesive tapes are soaring, which is causing the expansion of the adhesive tapes market. According to the estimates of the market research organization, P&S Intelligence, the market value will surge to $74,954.6 million by 2023. Furthermore, the market will demonstrate a CAGR of 5.5% from 2018 to 2023. Adhesive tapes are majorly used in packaging, consumer and office, building and construction, electrical and electronics, automotive, and healthcare applications. Among these, the requirement for these tapes was found to be the highest in packaging applications in the past.

This was mainly due to the fact that several industries use adhesive tapes for packaging their products, as these tapes offer smooth finish. Moreover, the surging need for retail e-commerce packaging, on account of the growing popularity of online shopping, especially in countries, such as India and China, is also pushing up the demand for adhesive tapes, as these tapes are required for packaging products. Between commodity and specialty tapes, the demand for the latter is expected to grow at a faster pace in the coming years.

Geographically, the demand for the adhesive tapes was found to be the highest in APAC in 2017. This is credited to the low cost of the raw materials and availability of cheap labor for manufacturing adhesive tapes in the region. The emerging economies of the APAC region, such as India and China, are witnessing rapid advancements in various industries, such as electrical and electronics, automotive, and healthcare, which is also propelling the demand for these tapes, as these tapes are extensively used in these industries. Moreover, some of the major producers of adhesive tapes, such as Nitto Denko Corporation and Nichiban Co. Ltd., are based in APAC.

Hence, it can be said that owing to the growing requirement for adhesive tapes in the automotive industry and for packaging applications in various industries, their sales will continue to boom globally in the coming years.

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