Adhesive Tapes Market worth $83.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 8, 2021 /PRNewswire/ -- According to the report "Adhesive Tapes Market by Resin Type (Acrylic, Rubber, Silicone), Technology (Solvent, Hot-melt, Water-based), Backing Material (PP, Paper, PVC), End-Use Industry (Packaging, Healthcare, E&E, Automotive) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to grow from USD 63.1 billion in 2021 to USD 83.8 billion by 2026, at a CAGR of 5.8% during the forecast period.
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The major factor driving the adhesive tapes market includes the increase in demand from end-use industries such as packaging, healthcare, electrical & electronics, and automotive. These adhesive tapes have wide acceptability due to factors such as low cost and easy availability, as compared to its substitutes—staples and glue.
Silicone is estimated to grow at the highest CAGR during the forecast period
The silicone resin type segment is projected to grow at the highest CAGR than acrylic and rubber because of its higher adhesion properties. Silicone-based adhesive tapes maintain adhesion over a larger temperature range and possess the ability to adhere to difficult surfaces. Silicone adhesive tapes consist of silicone polymers and are widely used in specific industrial applications such as electricals & electronics, healthcare, automotive, white goods, paper & printing, building & construction, retail, and applications involving extreme environments. These tapes are used in these applications in the form of process tapes and high-performance insulation laminates, wherein organic adhesive does not fulfill the requirements. These factors are expected to drive the demand for silicone-based tapes.
Hot-melt technology is expected to grow at the highest CAGR during the forecast period
The hot-melt technology segment is projected to witness the highest growth during the forecast period. Hot-melt adhesives have an increasing demand owing to their fast-setting speed, relatively lower cost (materials and processing), and lower environmental impact. Hot-melt adhesive systems also have broad formulation latitude, enabling a large number of products to be manufactured for specific end-uses and substrates. The main attraction of this class of tapes is the extremely rapid rate of bond formation, which can translate into high production rates. In the US, hot-melt technology is widely used in tape production by key players, such as 3M Company (US) and Intertape Polymer Group, Inc. (Canada).
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APAC is estimated to be the largest as well as the fastest-growing adhesive tapes market
The Asia Pacific adhesive tapes market in the healthcare industry is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the high demand for traditional wound care products such as dry dressings, first-aid kits, and adhesive bandages in the region. The increasing awareness about advanced wound care is expected to drive the demand for new products in this region. Growth in the region is majorly attributed to the high economic growth rate followed by significant investments across various industries such as automotive, healthcare, electrical & electronics, and building & construction. Various companies such as Nitto Denko (Japan) and Ajit Industries (India) are setting up new plants or expanding their existing adhesive tape production units in the region. The advantages of shifting production to the Asia Pacific are the low cost of production and the ability to better serve the local emerging markets.
Major vendors in the adhesive tapes market include 3M Company (US), tesa SE (Germany), Nitto Denko Corporation (Japan), Lintec Corporation (Japan), Intertape Polymer Group (Canada), Avery Dennison Corporation (US), Lohmann GmbH (Germany), Berry Global Inc. (US), Scapa Group PLC (Canada), and Rogers Corporation (US).
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