New York, June 08, 2023 (GLOBE NEWSWIRE) -- The automotive tapes market size is anticipated to surpass USD 13 billion by 2033 and is projected to attain 4% growth rate between 2023 and 2033.
The industry growth is attributed to the rising revenues of the automotive industry worldwide. This is the result of increased vehicle production worldwide. The global automotive industry is expected to reach approximately USD 9 trillion by 2030. Additionally, increasing demand for premium vehicles with premium materials, safety and technical features, and aesthetically enhanced environments is expected to drive the market growth. Adhesive tapes for the automotive industry are a combination of materials with an adhesive-coated backing and optionally a release liner. Adhesive sheets are a great alternative to nuts, bolts, or welds in automotive manufacturing as they are used to join components together and help reduce vehicle weight. They allow excellent adhesion or bonding to a variety of substrates used in light vehicles.
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Increasing the global incorporation of advanced driver assistance systems technology to drive industry growth
Vehicles equipped with ADAS technology improve road safety. ADAS is the latest safety technology to help drivers navigate and park by coordinating the actions of cameras, sensors, and radar to scan an area and relay this information to the driver. With the increase in road accidents and fatalities, road safety has become very important. About 1.3 million people die each year in road accidents. This can be mitigated with safety technology such as ADAS, which has hitherto been limited to luxury vehicles. As a result, this is expected to be a major factor driving the growth of the global automotive tapes market. However, it is now also used in vehicles in the mass market segment and is expected to be integrated in all future vehicles with innovative fastening solutions. With the increasing digitization and green electrification of automobiles, automotive adhesive tapes are specially designed to meet stringent automotive requirements and perform an increasing number of important functions in addition to various assembly applications. Car dashboard tape works in highly visible and aesthetically oriented areas of the vehicle interior. Advanced and modern dashboard tapes perfectly conform to the geometry of the parts they are attached to, creating a seamless bond while reducing noise and vibration and providing durability, sealing, and bond strength.
Increasing vehicle demand to drive industry growth in the Asia Pacific region
The Asia Pacific automotive tapes market is estimated to garner the largest revenue by the end of 2033. The regional growth can majorly be attributed to the increasing demand for vehicles, resulting in increasing vehicle production and sales in the region. Statistics from the Organization of International Automobile Manufacturers (OICA) show that in the year 2021, total vehicle production in the region increased from 44 million in 2020 to 46 million in 2020. Moreover, the production of electric vehicles is increasing in the Asia Pacific region, and their growing preference is another growth factor for automotive tapes market expansion. For instance, the International Energy Agency announced that China was the largest producer of electric vehicles in 2020, with about 1.3 million electric vehicles registered in the same year. Furthermore, the presence of several major EV manufacturers in the region and the increasing development of better battery designs that require adhesive tape on EVs to provide maximum benefit to the battery cells used, is slated to drive the growth of the regional market.
Spiking expansion of the automotive industry to influence growth in the North American region
The automotive tapes market in the North America region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. The auto and parts industry in the United States generated approximately USD 1.5 trillion in revenue as of 2021. The automobile industry contributes 3% of its GDP to America. In addition, increased per capita income for local residents is estimated to enable them to switch to individual, environmentally friendly vehicles. Nearly 75% of Americans said they owned a car by 2022, and another 20% say they would own a business or family car.
Market Segmentation by Application (Interior, Exterior, Wire Harnessing, Electric Vehicle)
The electric vehicle segment is anticipated to hold the largest share of the global automotive tapes market during the forecast period. The growth of this segment is expected in the coming years owing to the increasing production rate of electric vehicles worldwide and the growing awareness of the global population about the negative impact of traffic emissions on human health and the environment. This is backed by the expected high demand. The International Energy Agency reported that 2021 electric vehicle sales surpassed its 2020 sales, nearly doubling to 6.6 million. Tapes designed for vehicles are primarily used for specific purposes and therefore require a different type of adhesive. Masking tape, for instance, is used as an adhesive tape for painting automobiles. It protects vehicle's windows, exterior and interior when painting.
Market Segmentation by Type (Specialty, Double-sided, Masking)
Automotive tapes market from the double-sided segment is anticipated to hold a significant share during 2023 to 2033. Double-sided tapes are commonly used in most automotive applications, especially car interiors. It is ideal for dashboards and other interior parts of your car, as it can be hidden behind components. Double-sided automotive tape is also used on small body parts such as bumper panels and mirrors owing to its resistance to UV rays, chemicals, cold, and moisture. Therefore, many opportunities for the growth of the segment are expected as the demand for cars with advanced interior features increases. It was noted that about 3.79 million cars were sold in India in 2022. This was the highest figure in the Indian automotive industry in any calendar year. The last peak was 3.38 million in 2018.
Top participants in the global automotive tapes market are Tesa SE, BASF, 3M, Arkema, Nitto Denko Corporation, Avery Dennison, Sika AG, Henkel Corporation, LINTEC Corporation, Saint-Gobain Group.
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