The tapes market is expanding at a CAGR of 4.8% during the anticipated period. The market will experience rapid growth as a result of the soaring demand for masking and pressure-sensitive tapes.
The global tapes market expanded at a 3.4% CAGR from 2015 to 2021. New market entrants and product developments during this time period increased consumer demand for cassettes globally.
The expansion of the building and construction sector is predicted to offer the tapes market some very promising growth opportunities. The building and construction industry is broad and includes, among other things, industrial construction, real estate, repair and maintenance.
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As a result, steady industry growth is anticipated to create favourable conditions for the expansion of the tapes market. In addition, the automobile industry is anticipated to continue to have a very strong tape demand.
With 20% of the global market value for sticky tapes manufacture in China in 2022, this country is one of the major marketplaces. Asia now makes up almost half of the worldwide tapes industry thanks to technical developments, economies of scale, and low-cost labour.
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.
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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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