Adhesive tapes are widely used to bind substrates and attach labels in the automotive industry. These tapes help in joining auto body parts, installation of window frames and trims, bundling of wires and tubes, and bonding foils and logos. The tapes provide strong and reliable bonding, withstand harsh conditions, and enable clean removal without leaving any residue.
The global adhesive tapes market is estimated to be valued at US$ 54027.73 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased demand in automotive industry: As mentioned in the heading, the demand for adhesive tapes has significantly increased in the automotive industry for applications such as bonding plastic body panels, attaching protective films, wrapping car frames, fastening automotive trim parts, holding reflectors and emblems, and inserting window frames. This rising demand from automotive sector is a key growth driver for the global adhesive tapes market.
Preference for eco-friendly adhesive tapes: Manufacturers are increasingly focusing on developing bio-based and sustainable adhesive tapes made from plant-derived raw materials to cater to the growing demand for eco-friendly products. Such green adhesive tapes help reduce dependency on fossil fuels and lower carbon footprint. This shift towards greener adhesive tapes is expected to support the market growth over the forecast period.
Segment Analysis
Adhesive tapes can be segmented into tape type and substrate material. Based on tape type, the adhesive tapes market is dominated by specialty tapes sub-segment owing to its wide range of applications in healthcare, automotive and electronics sectors. Specialty tapes such as double sided tapes, masking tapes, hot melt adhesive tapes etc. accounted for over 35% of the global market share in 2023.
PEST Analysis
Political: No significant trade policies impacting the adhesive tapes market globally.
Economic: Growing economies which are witnessing rapid industrialization and infrastructure development are driving demand. The global GDP growth positively influences the market.
Social: Increasing urbanization and rise of nuclear families increase do-it-yourself culture resulting in strong demand for adhesive tapes in packaging and construction applications.
Technological: Developments in raw material sources and tape manufacturing technologies help reduce costs and improve performance characteristics well-suited for new applications.
Key Takeaways
The Global Adhesive Tapes Market Size is expected to witness high growth over the forecast period till 2030. The global adhesive tapes market is estimated to be valued at US$ 54027.73 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis indicates Asia Pacific as the fastest growing region due rising demand from the end use industries owing to growing industrial and infrastructure activities in major countries like China and India.
Key players operating in the adhesive tapes market are Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and Grab. Key players are investing in R&D to develop more specialized and innovative tapes to address specific application requirements and tap new growth opportunities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it