The tapes market is projected to exhibit a compound annual growth rate (CAGR) of 4.8% during the forecast period, driven primarily by the increasing demand for masking and pressure-sensitive tapes. This growth follows a previous CAGR of 3.4% from 2015 to 2021, which was fueled by the entry of new players and product innovations that boosted the global demand for tapes.
The building and construction sector is expected to offer substantial growth opportunities for the tapes market. This sector encompasses various areas such as industrial construction, real estate, and repair and maintenance. The expansion of this industry is likely to create favorable conditions for the growth of the tapes market. Moreover, the automobile industry is predicted to continue generating strong demand for tapes.
China holds a significant market share, accounting for 20% of the global tape manufacturing market value in 2022. Asia as a whole represents almost half of the global tapes industry. This dominance can be attributed to technological advancements, economies of scale, and the availability of cost-effective labor in the region.
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In summary, the tapes market is expected to experience steady growth due to the rising demand for masking and pressure-sensitive tapes. Key factors contributing to this growth include the building and construction sector and the automobile industry. Additionally, China and Asia play a crucial role in the global tapes market due to their market size and favorable market conditions.
Key Takeaways from Global Tapes Market
- The pressure-sensitive tape segment will remain top performing in terms of tapes type, representing nearly ~65% of the sales by the end of the forecast period.
- Demand for tapes in the building and construction segment will accelerate at a CAGR of 5.1% between 2021 and 2031.
- The China tapes market projected to register a CAGR of 5.6% during the forecast period.
- Germany will emerge as a highly lucrative market for the sales of tapes within Europe.
- The U.S. will register high sales of tapes, backed by demand in construction and automotive sectors.
“Companies operating in the tapes market are expected to focus on diversification to cater to specific industrial requirements. Besides this, they are expected to gradually migrate to online platforms to expand their global reach,” said an FMI analyst.
Building and Construction Sector is the Key Driver of Global Tapes Market
Tape producers have developed a diverse array to fulfil the demand for a wide range of indoor painting applications. This has resulted in the high demand for masking tapes. The sales of masking tapes is driven by their ease of use and low cost of, as well as the availability of single-sided and double-sided masking tapes.
Leading automotive manufacturers and suppliers rely heavily on diverse adhesive solutions for a variety of applications. Masking tapes have diverse uses within the automotive sector. These include wire harnessing, surface protection, and attachment part mounting.
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Global Tapes Market Landscape
Some of the leading players included in the global tapes market analysis are 3M Company, Shurtape Technologies LLC, Tesa SE, Saint-Gobain Tape Solutions Europe, Nitto Belgium NV, Advance Tapes International Ltd., PPM Industries S.p.A, Vibac Group S.p.a, Intertape Polymer Group Inc., Berry Global, Inc., Beorol d.o.o, Folsen Tapes, FABO s.p.a., Scapa Industrial, Cintas Adhesivas Ubis, S.A., MBK Tape Solutions, NADCO® Tapes & Labels, Inc., Pro Tapes & Specialties, Inc., Sicad Group and PPI Adhesive Products Limited. Based on the segmental revenue FMi team estimates that 3M Company, Shurtape Technology LLC, Tesa SE, are some of the Tier 1 players holding nearly 12-15% values share in the global tapes market.
Global Tapes Market By Category
By Tape Type, Global Tapes Market is Segmented as:
- Pressure-Sensitive Tapes
- Masking Tapes
- Duct Tapes
- Filament Tapes
By Material Type, Global Tapes Market is Segmented as:
- Paper
- Plastic
- Metal Foil
By End Use, Global Tapes Market is Segmented as:
- Automotive
- Electric & Electronics
- Building & Construction
- Pharmaceutical & Medical Devices
- Food & Beverages
- Defence/Aerospace
- Others
By Region, Global Tapes Market is Segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
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