An adhesive tape refers to a continuous flexible strip made of metal foil, cloth, plastic film, or paper coated with a thin layer of permanent glutinous adhesive on one or both sides. Such tapes are available in the form of sheets or rolls of various sizes and are popularly known as tapes, sticky tapes, self-sticking tapes, and pressure-sensitive tapes. These tapes are increasingly being used for packing and binding the products related to the e-commerce, healthcare, and food and beverage industries.
The surging usage of tapes having adhesive properties, majorly in the form of protection tapes and double-sided tapes, in the automotive industry will accelerate the adhesive tapes market at a CAGR of 5.5% during forecast period. According to P&S Intelligence, the market value is expected to rise from $54,333.4 million in 2017 to 74,954.6 million by 2023. Currently, automakers are shifting from mechanical fasteners, such as screws and bolts, to adhesive tapes to reduce the weight of automobiles. Thus, with the burgeoning adoption of lightweight vehicles, the usage of such tapes will amplify in the coming years.
In the coming years, market players such as Nitto Denko Corporation, Shurtape Technologies LLC, 3M Company, Nichiban Co. Ltd., LINTEC Corporation, tesa SE, Avery Dennison Corporation, Lohmann GmbH & Co. KG, Intertape Polymer Group Inc., and Scapa Group plc will focus on the production of specialty tapes. This will be because of the surging requirement for these tapes in the automotive, electrical and electronics, construction and building, and healthcare industries, across various regions.
Geographically, Asia-Pacific adopted the highest quantity of adhesive tapes in the recent past, and it is expected to register the fastest growth in the adhesive tapes market in the foreseeable future. This can be ascribed to the surging use of these tapes in China and India, owing to the continuous research and development (R&D) and improvements in the automotive, healthcare, and electronics industries of these countries. Besides, the easy availability of cheap labor and low cost of raw materials have also fueled the production of adhesive tapes in the region.
Thus, the rising utilization of tapes with adhesive properties in the automobile industry and increasing implementation of government regulations regarding eco-friendly tapes will propel the production of adhesive tapes in the coming years.
