Adhesive Tapes Market : A Strong Growth Outlook from 2023 to 2035
Research Nester assesses the growth and market size of global adhesive tapes market which is anticipated to be on account of the growing packaging sector and growing usage of advanced driver assistance system technology.
Research Nester’s recent market research analysis on “Adhesive Tapes Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global adhesive tapes market in terms of market segmentation by material, end-user, and by region.
Growing E-Commerce Sector to Promote Global Market Share of Adhesive Tapes
The global adhesive tapes market is estimated to grow majorly on account of the increasing e-commerce industry. For instance, owing to the increase in online shopping there is a growing demand for packaging in the e-commerce sector which often uses adhesive tapes to seal the packages and protect them from damage. According to data, global retail eCommerce sales increased by over 27% in 2020, and these sales accounted for approximately 17% of total worldwide retail sales.
The global adhesive tapes market is estimated to grow majorly on account of the increasing demand for eco-friendly products. For instance, owing to the growing concern for the environment the demand for environmentally friendly adhesive tapes produced from biodegradable materials is on the rise. These tapes have a low carbon footprint and are gaining popularity as people are becoming more aware of sustainable environments.
Some of the major growth factors and challenges that are associated with the growth of the global adhesive tapes market are:
Growth Drivers:
- Growing Funding in Research & Development Activities
- Surge in Construction Industry
Challenges:
The fluctuating prices of raw materials, and the growing competition in worldwide market are some of the major factors anticipated to hamper the global market size of adhesive tapes. For instance, fluctuating raw material prices can disrupt the supply chain, making it difficult for suppliers to purchase raw materials at a steady price, resulting in delayed output.
By application, the global adhesive tapes market is segmented into automotive, healthcare, packaging, electronics, and others. The automotive segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth can be attributed to growing demand for electric vehicles. For instance, adhesive tapes are a dependable solution for a variety of EV batteries that need precise assembly and protection. They are used in place of welds, screws, rivets, gaskets, and fasteners, and are used for permanent bonding of battery cells and insulation of electronic components. Further, they help in addressing extreme temperatures and are used for holding bundles of electrical cables together. In addition, by material the polyvinyl chloride (PVC) segment is expected to gain a notable share owing to the rising need for PVC in the construction sector. PVC is a versatile material that is widely used in the construction industry as a result the demand for adhesive tape is also expected to rise. PVC is used in pipes and electric wiring which requires the use of adhesive tapes for sealing and bonding purposes. Further, the demand for PVC is also rising on account of growing concern for the environment since it is made up of environmentally friendly additives including phthalate-free plasticizers and bio-based additives.
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By region, the Asian Pacific adhesive tapes market is to generate the highest revenue by the end of 2035. This growth is anticipated by higher production of vehicles in the region. As a result, the demand for adhesive tape is expected to increase in the area since it is used in the place of welding, screws, and fasteners, and is utilized to join two different car components or things. Adhesive tape attaches securely, conducts thermally and electrically, and wire harnessing, device shielding, surface protection, and electrical insulation are among its applications. In 2022, India’s overall automobile production volume was over 22 million units.
In addition North American adhesive tapes market is to gain significant share on the account of rising packaging sector. Owing to the increasing need for packaged food, the packaging industry is expanding, which is likely to enhance demand for adhesive tapes in the region. For instance, adhesive tapes are used for securing the food packages for storage or delivering them to other locations which helps to keep the food fresh and safe. The US Packaging Industry was valued at over USD 184 billion in 2021, and it is predicted to grow to around USD 218 billion by 2027.
This report also provides the existing competitive scenario of some of the key players of the global adhesive tapes market which includes company profiling of Nitto Denko Corporation, Tesa SE, Avery Dennison Corporation, Henkel AG & Co. KGaA, Lohmann GmbH & Co. KG, Scapa Group plc, Intertape Polymer Group Inc., Shurtape Technologies LLC, Lintec Corporation
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