Introduction
In the ever-evolving world of adhesives, tapes have emerged as a versatile solution that transcends traditional bonding methods. The Tapes Market, rich with innovation and practicality, offers a multitude of adhesive tapes that cater to an array of industries and applications. From household fixes to industrial assembly lines, tapes have woven themselves into the fabric of our modern lives. In this article, we delve deep into the Tapes Market, exploring its intricacies, applications, and the remarkable benefits it brings to various sectors.
Tapes Market: A Closer Look
The Tapes Market is a dynamic and diverse landscape encompassing a wide range of adhesive tape products. These products have become indispensable due to their ease of use, reliability, and cost-effectiveness. From securing packages to insulating electrical components, tapes have revolutionized the way we approach bonding solutions. Let’s explore some key aspects of the Tapes Market.
Anticipated to reach a value of US$ 78.5 billion in 2023, the tapes market size is poised to ascend to US$ 126.6 billion by 2033. The forecast period is expected to witness the sales of tapes registering a steady average compound annual growth rate (CAGR) of 4.9%.
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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.
The Advantages of Adhesive Tapes
The Tapes Market’s popularity is underpinned by the myriad benefits that adhesive tapes bring to the table. These advantages extend beyond their primary function of bonding materials together. Let’s delve into some notable advantages:
- Ease of Application: Unlike traditional bonding methods that may require specialized skills, adhesive tapes can be applied effortlessly, making them accessible to a wide range of users.
- Versatility: With an array of tape types designed for different applications, versatility is a hallmark of adhesive tapes. From arts and crafts to heavy-duty industrial tasks, there’s a tape for every purpose.
- Speed and Efficiency: Adhesive tapes expedite processes by eliminating the need for drying or curing time. This speed enhances productivity in manufacturing and repair environments.
- Clean and Neat: Unlike liquid adhesives that can result in messy spills and drips, tapes provide a clean and neat bonding solution, ensuring a professional appearance.
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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
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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