Use of Adhesive Tapes Increasing Global Market to Grow Significantly
The global adhesive tapes market is growing significantly owing to the rise in use of tapes in various industries, such as healthcare, packaging, automotive, and electrical and electronics. In addition, the advantages of adhesive tapes over traditional bonding methods are driving the domain’s growth. Witnessing a CAGR of 5.5% during the forecast period 2018–2023, the adhesive tapes market is expected to generate revenue of $74,954.6 million.
Easily found in homes, adhesive tapes are one of the most common pieces of stationery around; however, their use goes far beyond people’s homes. Adhesive tapes can be categorized into two types: commodity and specialty. During the historical period 2013–2017, the revenue from commodity tapes, which are those that we mostly see around us and are used for general packaging purposes, was higher. While this category will still lead the adhesive tapes market during the forecast period, the CAGR of specialty tapes (6.8%) is expected to be higher, as these tapes are being rapidly adopted for industrial purposes.
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This can be attributed to the growth of the automotive industry across the globe. Several varieties of specialty tapes, such as foam tapes, protection tapes, and double-sided tapes, are used in automobiles. Furthermore, the demand for lightweight vehicles is rising, and since screws, nuts, and bolts increase the vehicle weight, manufacturers are replacing these fasteners with adhesive tapes.
In addition, the healthcare industry is doing its bit to advance the market growth. Adhesive tapes are heavily used during surgeries to cover incisions and wounds, as these tightly attach to the skin and dressing material. It is being predicted that with the increasing number of medical procedures, growing demand for medical supplies, advancements in technology, and heavy investments in the field, the sales of adhesive tapes will rise.
Of all industries, the packaging industry has played the most significant role in the market progress. The fact has been substantiated by the P&S Intelligence study, which clearly shows that the packaging industry led the adhesive tapes market during the historical period with over 50.0% revenue share. Countries, such as India, Indonesia, and China, have witnessed rapid economic development, which has resulted in higher per capita income. This, in turn, has led to a rise in the living standards and change in lifestyle, which has resulted in an increased demand for packaging solutions.
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The rising demand for adhesive tapes can also be attributed to the several advantages these offer over traditional bonding alternatives. Adhesive tapes provide better durability and strength when used for shielding and sealing applications. Talking about the specific types of tapes in terms of technology, water-based variants had been the favorite in 2017, accounting for more than 40.0% of the total sales that year.
Thus, it becomes clear that the continual consumer shift from traditional bonding and fastening methods and the rapid growth witnessed in the industrial landscape are supporting the growth of the adhesive tapes market across the globe.
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