New York , Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global adhesive tapes market size is slated to expand at 8.80% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 187 billion by the end of 2035, up from a revenue of USD 68 billion in the year 2022. This growth of this market is set to grow on account of rising construction activities. In 2016, there were projected to be 794,431 built-up areas (BUAs) worldwide. This number is expected to climb to around 849,406 people by 2022. Moreover, by 2050, it's anticipated that 2 million new buildings will be built.
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In the construction sector, adhesive tapes offer a number of benefits, which include convenience, safety, and ease of application. Adhesive tapes for constructions not only bind two dissimilar materials together, however they also lessen vibration and shield walls and construction machinery from corrosive damage. Since they are affordable and easy to use, adhesive tapes that cure quickly are in great demand. Additionally, given the presence of significant private investments and increased government spending, especially in emerging nations, the demand for building materials has been rising quickly, which has led to a continuous expansion in the market for construction adhesive tape. For instance, the investment in engineering, architecture, and construction tech all across the global rose by USD 49 Billion between 2020-2022.
Adhesive Tapes Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Automotive segment to garner the highest growth
- Market in the North America region to grow at the highest rate
Surge in Demand for Smartphones to Boost the Growth of Global Adhesive Tapes Market
As of 2023, there are approximately 5 billion smartphone users worldwide, or approximately 84% of the global population, who possess a smartphone. Moreover, with the prevalence of repairing mobile phones is also rising. This is since, purchasing a new phone can often be more expensive than repairing one, particularly if the damage is minimal. As a result, adhesive tapes are frequently employed in phone production and repair, especially for mounting screens, batteries, and other parts to the phone's body or frame.
Adhesive Tapes Industry: Regional Overview
The global adhesive tapes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Electric Vehicles to Drive the Market Growth in Asia Pacific
The Asia Pacific market for adhesive tapes is poised to generate the largest market share of 35% over the projected period. This growth in this region could be on account of rising demand for electric vehicles. For instance, with approximately 5 million electric vehicles sold in the Asia-Pacific area in 2022, China witnessed the highest sales of electric vehicles. The safety and efficiency of EV batteries could potentially be greatly improved with the use of adhesive adhesives for EVs. Hence, the market demand is high in this region.
Rise in Urban Population to Influence the Market Expansion in North America
The adhesive tapes market in North America is expected to have notable growth in its market share of 24% over the forecast period. The major factor for this expansion is rising urban population. In 2022, there were approximately 308,798,138 people living in cities in North America, an about 0.76% increase from 2021. Hence, this is estimated to boost the construction activities and therefore, the market growth.
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Adhesive Tapes Segmentation by Application
- Automotive
- Healthcare
- Packaging
- Electronics
The automotive segment is poised to capture the largest share in the market of 35% over the forecast period. This could be on account of rising production of automotive. About 84 million motor vehicles were manufactured globally in 2022, an over 4% increase from 2021. Automobile comfort and convenience for passengers are growing quickly and therefore, the demand for adhesive tapes is also growing.
Adhesive Tapes Segmentation by Material
- Polypropylene (PP)
- Paper
- Polyvinyl Chloride (PVC)
The polyvinyl chloride (PVC) segment is predicted to generate share of ~30% in the market over the coming years. The growth of the segment is set to be encouraged by rising e-commerce activity. The worldwide total of online shoppers grows in conjunction with the growth of e-commerce. As of 2023, there are about 3 billion digital consumers worldwide. This represents close to 32% of the global population. PVC plays a significant role in e-commerce for packaging. As a result, with the growth in this segment, the market is also projected to rise.
A few of the well-known market leaders in the global adhesive tapes market that are profiled by Research Nester are BASF SE, 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, and others.
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Recent Development in the Market
- BASF SE and Toray Advanced Composites have entered into a collaboration agreement to produce continuous fiber reinforced thermoplastic (CFRT) strips for the automotive and industrial markets.
- For the purpose of manufacturing adhesive tapes for the Asian market starting in 2023, Tesa SE intends to construct a new factory in Vietnam.
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