Newark, March 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 9.5 billion foam tape Market will reach USD 18.6 billion by 2032. Foam tape is a self-adhesive tape that is pressure sensitive. It comprises foam with several different backing materials and is sticky on one or both sides. It is available in various lengths, widths, thicknesses, and colours, making it a highly versatile product that can quickly change to fit diverse purposes and situations across multiple industries. When two surfaces are uneven or untextured, foam tape is commonly employed. Double-sided variations help glue two surfaces together, whilst single-sided varieties are best for activities like sealing.
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Key Insight of the foam tape
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest foam tape share. Owing to rising demand for foam tape by end-user industries in the region, abundant availability of raw materials, surging government investment policies to promote industrial growth, increased R&D activities, high demand and application by aerospace and defence industries, high economic growth in emerging countries, and rising investments by various public and private manufacturers in Asia Pacific.
The acrylic segment dominated the market with the largest market revenue of USD 3.67 billion.
The acrylic segment dominated the market with the largest market revenue of USD 3.67 billion. Acrylic adhesives' superior qualities, high internal strength, resistance to solvents and moisture, and shock absorption capacity drive demand for acrylic adhesives over the forecast period.
The solvent-based segment accounted for the largest share of the market, with a market revenue of USD 3.86 billion.
The solvent-based segment accounted for the largest share of the market, with a market revenue of USD 3.86 billion. Solvent-based foam tapes are strong and temperature resistant, making them ideal for various applications.
The polyethylene segment accounted for the largest share of the market, with a market revenue of USD 4.22 billion.
The polyethylene segment accounted for the largest share of the market, with a market revenue of USD 4.22 billion. PE foam tape has a wide range of applications in fast-increasing industries such as the automobile and building and construction industries, which drives the expansion of the foam tape market.
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Advancement in Market
● In June 2019, Schul International Co., LLC, a maker of joint sealants for commercial construction, and Willseal LLC, a firm that markets and sells Schul products, were bought by RPM's Tremco division. Schul's product range principally consists of pre-compressed, self-expanding foam tapes used for joint sealing in applications such as window seals, prefabricated concrete, modular construction, and concrete facade restoration.
Market Dynamics
Drivers: Rising demand by building & construction industries
The use of foam tape is increasing in the building and construction industries and the automobile industry. The foam tape industry is driven by the increasing use of electronic devices and lightweight automobiles. According to US Department of Energy research, lowering vehicle weight by 10% can increase fuel efficiency by 6-8%.
Restraint: Pricing pressure
The foam tape sector has recently been under a lot of pricing pressure due to shifting feedstock prices. The high cost of critical raw materials used to create polyurethane foam, such as toluene diisocyanate and polymeric isocyanate, increases polyurethane foam production prices. Because of the continuous record rise and stability of MDI feedstock prices, the market for foam tape has seen a significant price increase.
Opportunity: Rise of silicon resin-based foam tapes
Silicon resin-based foam tapes are expected to expand substantially quicker during the forecast period since they provide higher service life, excellent conformability, and flexibility. Leading vendors are also continually developing and investing in R&D to launch new, environmentally friendly items.
Challenge: High expenses
Due to the price lockout and volatility, the market's expansion will be impeded by a shortage of raw material demand and supply. Significant expenditures connected with R&D capabilities, large production investments, and severe global trade bans will hinder business progress.
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Some of the major players operating in the foam tape are:
● 3M Company
● Nitto Denko Corporation
● Scapa Group Plc
● 3F
● Intertape Polymer Group, Inc.
● Lintec Corporation
● Tesa S.E.
● Avery Dennison Corporation
● Halco
Key Segments cover in the market:
By Resin:
● Rubber
● Acrylic
● Silicone
By Technology:
● Hot-Melt Based
● Water-Based
● Solvent-Based
By Type:
● Polyurethane
● Polyethylene
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About the report:
The global foam tape is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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