Global Adhesive Tapes Market to Reach an Estimated Value of US$92.36 Bn by 2024
The global adhesive tapes market is fragmented in nature. According to a report by Transparency Market Research, the leading players in the market are investing in research and development to innovate new products in the market. The players are also improving the efficiency of the products so as to increase its demand in the market. Major companies in the market are endorsing in merger and acquisition activities so as to strengthen their network supply and expand their geographical presence. Companies in the market are involved in developing new techniques to improve production capacity and developing new techniques. The new players in the market are however, finding it difficult to cement their position in the market owing to high prices of raw materials and entry barriers. This is helping major players to gain prominence in the market.
The key players operating in the global adhesive tapes market are NICHIBAN CO., LTD., Lohmann GmbH & Co.K.G., Advance Tapes International, CCT Tapes, Kruse Adhesive Tape, H.B.Fuller, Surface Shields, Scapa Group PLC, Vibac Group S.p.a., K.L. & Ling, Saint Gobain, tesa SE, 3M, CMS Group of Companies, and Nitto Denko Corporation.
The global adhesive tapes market is anticipated to grow at a healthy CAGR of 6.80% during 2016 to 2024. The global adhesive tapes market was worth US$51.54 bn during 2015 and is expected to rise at a valuation of US$92.36 bn by the end of the forecast period. The global adhesive tapes market is led by application segment. The rise in this segment is mainly due to research and development activities. The adhesive tapes market is led by Asia Pacific. This region is witnessing prominent growth compared to other regions and is expected to lead the market in the coming years.
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Developing Automotive and Packaging Industry to Boost the Global Adhesive Market Growth
The global adhesive tapes market is anticipated to show significant rise in the market owing to increased number of technological advancements in automotive industry. The trend to substitute screws, rivets, bolts, and other fastening traditional techniques are being substituted by strong adhesive tapes thus, leading to increase demand for adhesive tapes in the market. Demand for light-weight vehicles are fueling the global adhesive tapes market. There is also significant growth of adhesive tapes in electronic device industry. Healthcare industry is accelerating the market growth of adhesive tapes due to high demand for the same for medical devices, fixing post surgeries cover shield, covering wounds, acting as protective layer for surgical containers, monitoring of electrodes, and cleaning purposes.
Specialty tapes are increasing in demand due to its affordable price, desired performance, and easy handling properties. Rise in research and development activities have led to expansion of its application globally thus, resulting in new opportunities for the market. Rise in awareness about safety of environment have led to increased demand for ecofriendly tapes in the market. Adhesive tapes have found their application in industries such as automotive, electronics, electrical, and healthcare.
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Volatility of Raw Material Prices to Hamper Market Growth
The global adhesive tapes market is expected to experience restrains in the market due to certain factors such as fluctuating prices of raw materials. This factor is likely to affect the market growth severely in the coming years. Stringent rules and regulations regarding the emission of certain chemicals are expected to hamper the market growth. There are also certain rules which must be followed to attain approval for production of adhesive tapes. These are some of the potential factors that can restrain the global adhesive tapes market growth during the forecast period.