Automotive Adhesive Tapes Market is Expected to Reach USD $12.1 Billion by 2026 Globally, at a CAGR of 5.9%, says MarketsandMarkets™

Chicago, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The global Automotive Adhesive Tapes Market is estimated to be USD 8.5 billion in 2020 and is projected to reach USD 12.1 billion by 2026, at a CAGR of  5.9% between 2020 to 2026, as per the recent study by MarketsandMarkets™, owing to an increase in demand of automotive adhesive tapes in lightweight hybrid vehicles.

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List of Key Players in Automotive Adhesive Tapes Market:

1. 3M (US),
2. Nitto Denko Corporation (Japan),
3. Tesa SE (US),
4. Avery Dennison Corporation (US),
5. Lohmann GmbH & Co.KG (Germany),
6. Henkel AG & Co. KGAA (Germany),
7. Sika AG (Switzerland),
8. Intertape Polymer Group (US),
9. Lintec Corporation (Japan),
10. Shurtape Technologies, LLC (US),
11. Scapa (UK),
12. L&L Products (US).

Drivers, Restraints, Opportunities and Challenges in Automotive Adhesive Tapes Market:

1. Driver: Growing demand for automotive adhesives tapes in electric vehicle battery manufacturing
2. Opportunity: Growing trend of lightweight vehicles to drive market growth
3. Challenge: Rising concerns over harmful environmental impacts of producing solvent-based adhesives

Key Findings of the Study:

1. By backing material, poly-vinyl chloride (PVC) is the fastest-growing segment during the forecast period of 2021 to 2026.
2. By vertical, the electric vehicle segment is the fastest-growing market during the forecast period.
3. Asia Pacific is the fastest-growing region in the automotive adhesive tapes market.

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By backing material, poly-vinyl chloride (PVC) is the fastest-growing segment during the forecast period of 2021 to 2026.

Poly-vinyl chloride (PVC) is expected to grow at a faster rate during the forecast period as it is a major backing material used in the automotive adhesive tapes industry. Poly-vinyl chloride-backed automotive adhesive tapes are used for special applications in the insulation and assembly of electronic components.

By vertical, the electric vehicle segment is the fastest-growing market during the forecast period.

The electric vehicle segment is projected to grow with the highest CAGR in terms of value during 2021-2026. The growth is due to the advancements in electric vehicle’s battery technology which are creating opportunities for adhesive tapes in bonding and heat management applications.

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Asia Pacific is the fastest-growing region in the automotive adhesive tapes market.

Asia Pacific is expected to be the fastest market for automotive adhesive tapes during the forecast period, with countries such as China, Japan, and India witnessing an increase in demand for automotive adhesive tapes.

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