ALBANY, N.Y., April 05, 2022 (GLOBE NEWSWIRE) -- A research report by Transparency Market Research (TMR) notes that the global application tapes market is estimated to register growth at a CAGR of 8% during the forecast period, from 2022 to 2030.
Many manufacturers of application tapes are focusing on providing customized products as per the requirements of various end-use industries such as shipping & logistics, building & construction, electrical & electronics, and automotive industries.
The Asia Pacific application tapes market is anticipated to maintain its prominent position during the forecast period, owing to factors such as rising construction activities. In addition, surge in industrialization and population in the region are expected to generate exceptional growth avenues in the application tapes market. Moreover, the Asia Pacific market for application tapes is likely to expand due to the presence of many key players in the region, according to analysts at TMR.
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Application Tapes Market: Key Findings
- High tack, medium tack, and low tack are some of the product types available in the global application tapes market. Of these, the demand for medium tack tapes is being increasing across different end-use industries, due to their many advantages such as effortlessness and convenience provided by these products. Furthermore, medium tack tapes are suitable for use in most common surfaces in which vinyl is being utilized. In addition, they can also be used on some dirty, irregular, or uneven substrates. Such wide applications of product are fueling the prominent business prospects in the global application tapes market.
- With rise in population across the globe, many developed and developing nations globally are focusing on their infrastructure development activities. This factor is propelling the global application tapes market. Due to rising urbanization, there has been increase in the building and construction activities in several emerging economies around the world. This, in turn, is boosting the growth in the application tapes market. Furthermore, the market is being driven by the expansion of commercial & residential construction sector and improving spending power of consumers. Hence, the market for application tapes is expected to be valued at US$ 1.2 Bn by 2030.
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Application Tapes Market: Growth Boosters
- Surge in the demand for residential and commercial buildings due to increasing global population is bolstering the application tapes market
- Rise in the number of manufacturing companies operating in China and India is resulting in sizable business prospects in the application tapes market
- Increase in use of medium tack application tapes in DIY and household projects is driving demand opportunities in the market
Application Tapes Market: Competition Landscape
- Application tape manufacturers are increasing investments in R&Ds in order to achieve product innovations. Several players are focusing on the expansion of their product portfolios and providing application tapes in varied sizes & formats such as sheets and rolls in order to cater to the needs of specific end-use industries, according to the report by TMR.
- Many enterprises are adopting strategies such as joint ventures, mergers, and collaborations in order to expand their businesses in the global application tapes market
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Application Tapes Market: Key Players
Some of the key players profiled in the report are:
- Nekoosa Coated Products, LLC
- 3M Company
- Avery Dennison Corporation
- Presto Tape
- Shurtape Technologies, LLC
- Intertape Polymer Group
- SICAD S.p.A
- H.B. Fuller Company
- Lohmann GmbH
- Nitto Denko Corporation
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Application Tapes Market Segmentation
Product Type
- Low Tack
- Medium Tack
- High Tack
Material Type
- Plastic
- Paper
Adhesive Type
- Rubber Based
- Natural Rubber
- Synthetic Rubber
- Acrylic Based
- Hot Melt Adhesive
Application
- General Purpose Sign Applications
- Printing
- Other Graphic Applications
End Use
- Shipping & Logistics
- Building & Construction
- Electricals & Electronics
- Automotive
- Other Industrial
Region
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
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