The tapes market is expected to experience significant growth, with a projected value of US$ 78.5 billion in 2023, increasing to US$ 126.6 billion by 2033.
The demand for tapes is driven by various factors, including the need for protective packaging to ensure damage-free transportation. However, fluctuations in raw material costs have negatively impacted the business operations of market players.
Pressure-sensitive tapes are particularly popular and are expected to record a CAGR of 4.9% from 2023 to 2033. The building and construction industry is a key end-user, contributing to the expansion of the global tapes market, especially with the high consumption of masking tapes.
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- China holds a leading position in the market, accounting for nearly one-fifth of the global value share, with increasing demand for protective and secure packaging during import and export.
- The Asia Pacific region, driven by the growing building and construction sector, shows impressive growth potential for the tapes market.
- The demand for pressure-sensitive tapes is high due to their unique characteristics, such as remaining viscous and sticky, allowing them to adhere to surfaces even when wet.
- The wide acceptability and increasing applications of pressure-sensitive tapes, particularly in the Asia Pacific region, contribute to their strong demand and overall market growth.
Pressure-sensitive tapes dominate the global tapes market, holding a share of nearly 62.03%. These tapes create strong adhesive bonds between different materials and are in high demand across various industries.
The building and construction industry is the leading end-user of tapes and is expected to maintain its dominance throughout the forecast period. The automotive sector also presents significant opportunities for double-sided tape manufacturers, with expected growth at a CAGR of 6.1% through 2033.
China is a key player in the tapes market, benefiting from economies of scale, cheap labor, and technological advancements. The region holds almost 50% of the global tapes market, and collaborations between companies and the Global Tape Forum are driving further growth.
Germany, known for its innovation and sustainable development, represents 3.7% of the European tapes market and shows potential for significant growth, particularly in the automotive sector.
North America is a key contributor to the tapes market, with a strong presence across industries such as packaging, construction, automotive, and electronics. Technological advancements, infrastructure development, and the presence of key tape manufacturers contribute to North America’s prominence in the market.
India is also an influential market, experiencing a growth rate of 6.7%. The country’s expanding industrial sectors, infrastructure development, and entry of leading tape manufacturers contribute to the rising demand for tapes in India.
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Recent Developments
Tiarco, LLC, a wholly-owned subsidiary of Textile Rubber and Chemical Company, Inc., purchased H.B. Fuller Company’s surfactants, thickeners, and dispersants business in July 2019 for US$ 71 million. The revenues from the transaction may be used to sharpen the company’s emphasis on highly specialized adhesive solutions.
Berry Global paid US$ 6.5 billion to RPC Group Plc in July 2019. Berry Global became a leading global supplier of value-added protective solutions and one of the leading plastic packaging firms as a result of the purchase.
Tesa’s subsidiary plant Sparta LLC completed a US$ 20 million expansion of its production plant in April 2018. It began production of strapping tapes and acrylic adhesives to improve its position in North America.
Key Segments Covered in the Market Report
By Tape Type:
- Pressure-Sensitive Tapes
- Masking Tapes
- Duct Tapes
- Filament Tapes
By Material Type:
- Paper
- Plastic
- Metal Foil
By End Use:
- Automotive
- Electric & Electronics
- Building & Construction
- Pharmaceutical & Medical Devices
- Food & Beverages
- Defense/Aerospace
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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