The tapes market is projected to experience substantial growth, reaching a value of US$78.5 billion in 2023 and expanding further to US$126.6 billion by 2033. The demand for tapes is driven by various factors, including the need for protective packaging to ensure safe transportation. However, market players face challenges due to fluctuations in raw material costs.
Pressure-sensitive tapes, renowned for their adhesive properties, are particularly popular and expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2033. The building and construction industry, especially for masking tapes, is a significant end-user.
China holds a leading position in the tapes market, accounting for nearly one-fifth of the global value share. The country’s increasing demand for protective and secure packaging during import and export contributes to its market dominance. The Asia Pacific region, driven by the growing building and construction sector, exhibits impressive growth potential for the tapes market.
Pressure-sensitive tapes, known for their ability to remain adhesive even when wet, are in high demand due to their versatile applications. Their wide acceptance, particularly in the Asia Pacific region, fuels market growth.
Pressure-sensitive tapes dominate the global tapes market, with a share of nearly 62.03%. They find widespread use across various industries, creating strong adhesive bonds between different materials.
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The building and construction industry remains the largest end-user of tapes and is expected to maintain its dominance in the forecast period. The automotive sector also presents significant opportunities for double-sided tape manufacturers, with an expected growth rate of 6.1% through 2033.
Recent Developments
Tiarco, LLC, a wholly-owned subsidiary of Textile Rubber and Chemical Company, Inc., purchased H.B. Fuller Company’s surfactants, thickeners, and dispersants business in July 2019 for US$ 71 million. The revenues from the transaction may be used to sharpen the company’s emphasis on highly specialized adhesive solutions.
Berry Global paid US$ 6.5 billion to RPC Group Plc in July 2019. Berry Global became a leading global supplier of value-added protective solutions and one of the leading plastic packaging firms as a result of the purchase.
Tesa’s subsidiary plant Sparta LLC completed a US$ 20 million expansion of its production plant in April 2018. It began production of strapping tapes and acrylic adhesives to improve its position in North America.
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 6.1% between 2023 and 2033.
- The China tapes market projected to register a CAGR of 5.9% 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.
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“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.
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.
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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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