Market Research Of Adhesive Tape Market By Knowledge Sourcing Intelligence
Market Overview
The adhesive
tape market is projected to grow at a CAGR of 5.82% during the forecast period.
The market size is expected to raech US$80.759 billion by 2023 from
US$57.530 billion in 2017. Adhesive tapes are a combination of material and an
adhesive film which are used for joining of the objects together instead of the
use of fasteners, screws or through welding. APAC
regional market will witness the highest CAGR between 2017 and 2023 majorly due
to booming manufacturing of automotive and consumer electronics in countries
like China and India. However, the volatility of raw material prices is
hampering the growth of adhesive tape market during the forecast period.
Rising construction of both
residential and commercial buildings is another driver of the U.S. Adhesive
Tape market. According to the Commerce Department, construction spending shot
up to US$1.257 trillion in November 2017, up 2.4% annually, majorly due to
favorable economic conditions, business-friendly regulatory environment, and
supportive government policies to boost infrastructure investments.
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| sample view of adhesive tape market share |
The construction
industry uses advanced adhesive tape products in both architecture
and indoor and outdoor building applications, replacing other heavy
joining products. This will positively impact the demand for adhesive
tapes across construction sector in the country. DuPont Safety &
Construction has recently introduced DuPont™ FlexWrap™ EZ, a flexible
self-adhered flashing tape in the U.S. market. The versatile tape is
specifically designed to seal around small exterior penetrations including
HVAC, small electrical, and plumbing penetrations, thus, allowing improve
energy efficiency and durability of a wall system.
Adhesive
Tape Market by Geography
Geographically, adhesive
tape market is segmented as North America, South America, Europe, Middle
East and Africa, and Asia Pacific. North America holds a significant market
share of the global adhesive tape market. Europe will also experience
a significant CAGR between 2017 and 2023 owing to stringent fuel and energy
efficiency regulations across different industries, which is fuelling the
demand for advanced adhesive tapes in the region. Rising renewable energy
generation capacity will further bolster the growth of European Adhesive Tape
market during the forecast period. APAC will witness the fastest regional
market growth during the projected period due to booming consumer electronics’
manufacturing in the region. Rising healthcare spending in the region will also
positively impact the demand for medical adhesive tapes, thus propelling the
growth of APAC Adhesive Tape market.
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| sample view of adhesive tape market share by geography |
North America adhesive
tape market is projected to grow at a CAGR of XX.XX% during the
forecast period, reaching a total market size of US$XX.XX billion in 2017
to US$XX.XX billion in 2023. The market is further segmented
as country-level adhesive tape markets including U.S., Canada,
Mexico, and Others. The U.S. accounted for the largest market share
in 2017 and is projected to remain at its position till the end of the forecast
period. This dominance is attributed to growing end-user industries such as
automotive, construction, and manufacturing along with strict rules
regarding fuel emission across these sectors. Mexico will witness the fastest
market growth between 2017 and 2023 on account of rising manufacturing
activities in the country, supported by low production costs, in terms of cheap
energy costs and labor costs.
Corporate Average Fuel Economy
(CAFÉ) standards in the U.S. require the country’s automotive industry to
reduce its energy consumption by increasing the fuel efficiency of cars,
reaching towards 50 mpg by 2025. Owing to the increasing demand for electric
vehicles, automakers are constantly looking for advanced technologies and
solutions to reduce the overall car’s weight so as to improve the gas mileage
while reducing the price. German-based tesa launched new technologically
advanced adhesive tapes for electric and hybrid vehicles in 2016 which are
not as heavy as conventional joining materials like screws and rivets.
Market Dynamics
The overall
global automotive industry is performing better in comparison to what it was about
five years ago. The use of adhesive technology is focusing on the growing
automotive trends such as car individualization, e-mobility and also the use of
low Volatile Organic Compound (VOC). Adhesive tapes in the automotive sector
are used for various applications like wire harnessing, surface protection,
attachment part mounting, to name a few. In addition, the use of the automotive
tapes range from cockpit, doors, front and rear end, fuel system to the roof
and seat automotive systems. The tesa SE - a Beiersdorf Company, one of
the world’s leading manufacturers of self-adhesive products, has
technologically advanced adhesive tapes which include electrically conductive
tapes (ECT’s), optically adhesive tapes (OCAs) and barrier tapes for
applications in curved displays for use in the automotive manufacturing.
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