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 global tapes market is experiencing robust growth, driven by a surge in demand across various industries such as automotive, construction, healthcare, and electronics. This growth trajectory is propelled by the increasing adoption of advanced adhesive technologies and the rising need for high-performance tapes in industrial applications. As businesses prioritize efficiency and durability, the demand for specialized tapes with superior adhesive properties continues to rise.
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The market’s expansion is further supported by innovations in tape materials and manufacturing processes, which enhance product performance and environmental sustainability. With the growing emphasis on sustainable and eco-friendly solutions, manufacturers are investing in research and development to create tapes that are both effective and environmentally responsible.
Moreover, the surge in e-commerce and the need for reliable packaging solutions are significant drivers for the tapes market. Packaging tapes, in particular, are witnessing increased demand due to the rise in online shopping and the consequent need for secure and tamper-evident packaging.
Key Takeaway:
- 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.
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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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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