3M, tesa Tape, Inc., Nitto Denko Corporation, and LINTEC Corporation had enjoyed collectively leading share of close to 39% of the total revenue generation in 2015, within a partly consolidated global adhesive tapes market. These players are expected to retain their high market shares over the coming years owing to efforts in improving global presence, greater efforts on consolidation, and a sizeable lead in research and development activities.
According to a research report released by Transparency Market Research, the global adhesive tapes market’s competitive landscape is expected to remain relatively unrestricted in terms of competition available from substitutes. The market’s growth is however, mildly stifled by the aversion of new entrants due to high entry barriers and the volatility of raw materials. The global adhesive tapes market is expected to expand at a CAGR of 6.8% within a forecast period from 2016 to 2024, in terms of revenue. This revenue is expected to reach US$92.36 bn by the end of 2024, after being calculated at US$51.54 bn at the end of 2015. In terms of volume, the global adhesive tapes market is expected to climb at a CAGR of 5.9% for the same forecast period.
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Automotive Boom Supplements Adhesive Tape Demand
The automotive industry’s advancement has so far worked excellently in the favor of the global adhesive tapes market. The current demand for adhesive tapes from the automotive industry is primarily being consolidated due to the high demand for the manufacture of lighter vehicles. The use of rivets, bolts, screws, and other traditional fastening methods and devices are steadily being replaced by the increasingly stronger adhesive tapes, thereby significantly reducing the overall weight of a vehicle as well as the amount of metal that goes into its manufacture. “Traditional sealants and adhesive, for instance, are also making way to the increasingly advanced adhesive tapes that are already matching in terms of shear strength, durability, and surface adhesion,” states a TMR analyst. This demand is expected to remain fairly high over the coming years due to the recovering nature of the automotive industry from its recession in the recent past.
The global adhesive tapes market is also benefitting from the growing demand for electronic device miniaturization. As the disposable income of consumers strengthens, so will the demand for advanced consumer electronics that are smaller and more powerful, boosting the use of adhesive tapes.
Restriction on Materials Caps Growth Rate of Adhesive Tape Manufacturers
The global adhesive tapes market is likely to be restrained by the currently stringent norms surrounding the use and emission of monitored and restricted chemicals, such as volatile organic compounds. The pressure-sensitive adhesive tapes currently in use are the ones being affect to the top degree. Pressure-sensitive adhesive tapes are currently in extremely high demand within the industries of product design and manufacturing. However, the prevention of use of VOCs which have till now been in large-scale use is creating a heavy restriction for several players associated with this product type.
“A key set of opportunities presenting themselves in the global adhesive tapes market is from the growing preference of pressure-sensitive and silicone-based adhesive tapes. They provide much greater physical and mechanical strengths over conventional adhesive tapes and can be used in extreme conditions and corrosive exposure, and are not in violation of the regulatory guidelines that prohibit conventional chemical use. Players in the global adhesive tapes market can definitely reap the benefits of advances in these product types to carry the market into its next phase of growth,” adds the analyst.
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The information presented in this review is based on a Transparency Market Research report, titled, “Adhesive Tapes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Key segments of the Global Adhesive Tapes Market
Adhesive Tapes Market: Product Analysis
- Single Coated
- Double Coated
- Transfer Tape
- Foam Tape
Adhesive Tapes Market: Composition Analysis
Adhesive Tapes Market: Backing Material Analysis
- Polyvinyl Chloride
Adhesive Tapes Market: End use Analysis
- Health Care
- Building & Construction
- Consumer Goods
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