Anticipated to reach a valuation of US$ 78.5 billion in 2023, the tapes market is poised for substantial growth, with projections indicating an ascent to US$ 126.6 billion by 2033. Throughout the forecast period, the sales of tapes are expected to maintain a robust average Compound Annual Growth Rate (CAGR) of 4.9%.
The demand for tapes is driven by various factors, including the need for protective packaging to ensure damage-free transportation. However, fluctuations in raw material costs have negatively impacted the business operations of market players.
China’s tape production sector is experiencing robust growth, witnessing a substantial 5.9% increase over the analysis period. This expansion is driven by the country’s notable economies of scale, technological advancements, and the availability of cost-effective labor. With almost 50% of the global tapes market located in Asia, including China, the region stands as a key player. Moreover, technological breakthroughs in the area have led to a surge in patent registrations, fostering innovation. Collaborations among companies and the Global Tape Forum are further shaping the adhesive industry, promising positive impacts on the global market.
In Germany, a pivotal player in Europe, the demand for tapes is notably high, particularly within the automotive sector. Renowned for innovation and sustainable development, Germany’s active involvement in manufacturing, especially in industries such as automotive, mechanical engineering, electrical, and chemical, is evident through major companies like Volkswagen, Daimler, BMW, Siemens, and BASF. As protective packaging becomes essential for automotive parts, the tape market in Germany is poised for significant growth between 2022 and 2032.
Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-14350
North America plays a pivotal role in the global tape market, contributing 20.7% of the value share in 2022. The region’s high demand for tapes across various industries, including packaging, construction, automotive, and electronics, is driven by technological advancements, infrastructure development, and the presence of key tape manufacturers. North America is poised for continued growth and innovation in the tapes industry, driven by expanding applications and the need for reliable adhesive solutions.
Pressure-sensitive tapes are particularly popular and are expected to record a CAGR of 4.9% from 2023 to 2033. The building and construction industry is a key end-user, contributing to the expansion of the global tapes market, especially with the high consumption of masking tapes.
- China holds a leading position in the market, accounting for nearly one-fifth of the global value share, with increasing demand for protective and secure packaging during import and export.
- The Asia Pacific region, driven by the growing building and construction sector, shows impressive growth potential for the tapes market.
- The demand for pressure-sensitive tapes is high due to their unique characteristics, such as remaining viscous and sticky, allowing them to adhere to surfaces even when wet.
- The wide acceptability and increasing applications of pressure-sensitive tapes, particularly in the Asia Pacific region, contribute to their strong demand and overall market growth.
Pressure-sensitive tapes dominate the global tapes market, holding a share of nearly 62.03%. These tapes create strong adhesive bonds between different materials and are in high demand across various industries.
The building and construction industry is the leading end-user of tapes and is expected to maintain its dominance throughout the forecast period. The automotive sector also presents significant opportunities for double-sided tape manufacturers, with expected growth at a CAGR of 6.1% through 2033.
China is a key player in the tapes market, benefiting from economies of scale, cheap labor, and technological advancements. The region holds almost 50% of the global tapes market, and collaborations between companies and the Global Tape Forum are driving further growth.
Germany, known for its innovation and sustainable development, represents 3.7% of the European tapes market and shows potential for significant growth, particularly in the automotive sector.
North America is a key contributor to the tapes market, with a strong presence across industries such as packaging, construction, automotive, and electronics. Technological advancements, infrastructure development, and the presence of key tape manufacturers contribute to North America’s prominence in the market.
India is also an influential market, experiencing a growth rate of 6.7%. The country’s expanding industrial sectors, infrastructure development, and entry of leading tape manufacturers contribute to the rising demand for tapes in India.
Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-14350
The Major Key Players Are:
- 3M Company
- Nitto Denko Corporation
- Avery Dennison Corporation
- Berry Global Group Inc.
- Saint Gobain Corporate
- Sonoco Products Company
- Intertape Polymer Group Inc
- Shurtape Technologies, Llc
- PPM Industries SpA
- Pro Tapes & Specialities Inc
- Kruse Adhesive Tape, Inc
- ADH Tape
- tesa SE Group
- Atlas Tapes SpA
- Sicad SpA
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.
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-14350
Key Segments Covered in the Market Report
By Tape Type:
- Pressure-Sensitive Tapes
- Masking Tapes
- Duct Tapes
- Filament Tapes
By Material Type:
- Paper
- Plastic
- Metal Foil
By End Use:
- Automotive
- Electric & Electronics
- Building & Construction
- Pharmaceutical & Medical Devices
- Food & Beverages
- Defense/Aerospace
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
