The automotive tapes market is forecast to experience a growth of 4.1% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 3991.0 million in 2024
Manufacturers are making efforts to further their product offerings via the launch of specialized tapes to meet the specific requirements of subsegment applications in the automotive industry.
Companies are displaying long-term supply contracts with big automotive OEMs across the globe to further the market growth of automotive tapes. Players are investing in discerning emerging subsegment applications in automotive. Furthermore, players are also attempting to decipher the core specifiers and selection criteria for tapes for new applications to measure the market potential in the future and correspondingly deploy the growth strategies.
Demand for low Volatile Organic Carbon (VOC) automotive tapes is driven by strict environmental regulations and high consumer consciousness. The market is also finding new opportunities with the introduction of high-performance automotive tapes for the latest applications.
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Conventional fastening systems, like screws, bolts, rivets, etc., are prone to collapsing under high pressure due to their tensile stress, making them ineffective and unreliable. As a result, conventional ones are being replaced by adhesive automotive tapes.
Since these tapes help prolong the product’s lifespan, the traditional fastening systems have become obsolete now. These tapes also help in the removal of corrosion and rust, lowering of noise and vibration, lessening the production and assembly time, and enhancement of product design. Such attributes are expected to enhance productivity and efficiency and cut material and production costs, which is expected to augment market growth.
Top Highlights from the FMI’s Analysis of the Automotive Tapes Market:
- The automotive tapes industry in North America makes a sizeable contribution to the global market. The regional market is filled with few big global players. Factors like process innovation, research and development, and large-scale automobile production are expected to propel the market.
- Europe is expected to observe significant growth in the automotive tapes industry. Huge emphasis on the creation of more efficient and lightweight vehicles is pushing the sales of automotive tapes in countries like the United Kingdom and Germany.
- The Asia Pacific is expected to display a robust growth rate in the upcoming years. Surging discretionary income, along with robust urbanization, is projected to boost the demand for automobiles, thus creating lucrative prospects for the market.
- Australia is emerging as a budding market for automotive tapes. The country is projected to observe production growth due to intensifying competition driven by new market entrants.
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News Segment: Key Developments Shaping the Market’s Future
- BASF SE and Toray Advanced Composites entered a contract deal in August 2019 to manufacture and supply continuous fiber-reinforced thermoplastic (CFRT) tapes for industrial and automotive markets. Toray Advanced Composites is forecast to produce affordable, high-quality CFRT tapes via Ultramid engineering thermoplastics generated and manufactured by BASF SE. This agreement is expected to improve manufacturing capacity by offering commercial availability of CFRT materials for end-users.
- BASF SE enlarged its manufacturing capacity for UV acrylic hotmelts, vended by acResin, by constructing another production unit at the Ludwigshafen site in Germany in March 2019. acResin is deployed to develop pressure-sensitive items that consist of adhesive tapes for the construction and automotive sectors. This expansion is projected to invigorate the market position of the company.
Global Automotive Tape Market by Category
By Product:
- Security Labeling Tapes
- Masking Tapes
- Cable Mounting Tapes
- Surface Protection Tapes
- Wire Harnessing Tapes
- Paint Protection Tapes
- Automotive Electronics Tapes
By Material:
- Polyester
- Polyurethane
- Polyvinyl Chloride
- Polyethylene
- Fluoropolymer
By Application:
- Interior
- Exterior
- Wire Harnessing
By Side:
- Double Sided
- Single Sided
By Adhesive:
- Rubber-based Adhesive
- Acrylic-based Adhesives
- Silicon-based Adhesive
- Hot Melt Adhesive
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltic Countries
- Middle East & Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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