A number of factors such as the booming automotive sector, surging public awareness about the advantages of such tapes, burgeoning demand for medical products, and rapid technological advancements in the healthcare industry, are expected to drive the water-based adhesive specialty tapes market at a CAGR of 6.5% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $5,093.2 million in 2020 and it will generate $9,514.9 million revenue by 2030.
The expanding automotive industry is driving the demand for water-based adhesive specialty tapes worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), 77,621,582 vehicles were manufactured and 77,971,234 vehicles were sold globally in 2020. In addition, rapid technological developments in the automobile sector and the introduction of new vehicles are also fueling the demand for water-based adhesive specialty tapes. The automotive industry uses water-based adhesive specialty tapes as double-sided tapes, foam tapes, and protection tapes because they are easy to fix and remove.
In recent years, the players in the water-based adhesive specialty tapes market have been engaging in product launches to stay ahead of their competitors. For example, in April 2018, Shurtape Technologies LLC launched Shurtape FM 200 flagging tapes to expand its safety and marking product portfolio. The new tapes are used for temporary applications, such as tagging, marking trails, color coding, indicating survey boundaries, and designating hazards. Other players like Nichiban Co. Ltd., Intertape Polymer Group Inc., Scapa Group plc, and 3M Company are also expanding their product portfolio to gain a competitive edge.
Globally, the Asia-Pacific water-based adhesives specialty tapes market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be credited to the expanding healthcare, electrical and electronics, and automotive industries and surging disposable income of people in the region and the prospering economy of the regional countries. For example, the OICA states that China, India, Japan, and South Korea manufactured 25,225,242 units, 3,394,446 units, 8,067,557 units, and 3,506,774 units of vehicles, respectively, in 2020.
Therefore, the prospering automotive industry and soaring demand for healthcare products are prominent growth drivers of the market.
