Based on the provided information, the tapes market is projected to grow at a CAGR of 4.8% during the foreseeable period, primarily driven by the increasing demand for masking and pressure-sensitive tapes.
Between 2015 and 2021, the global tapes market witnessed a CAGR of 3.4%, fueled by the entry of new market players and product innovations that boosted the worldwide demand for tapes.
The tapes market is expected to find significant growth opportunities in the building and construction sector, which includes industrial construction, real estate, and repair and maintenance activities. The expansion of this sector is anticipated to create favorable conditions for the market’s growth. Additionally, the automobile industry is expected to continue its strong demand for tapes.
China holds a substantial market share, accounting for 20% of the global tape manufacturing market value in 2022. The Asian region as a whole represents nearly half of the global tapes industry. This dominance can be attributed to technological advancements, economies of scale, and the availability of low-cost labor in the region.
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Overall, the tapes market is anticipated to exhibit steady growth, primarily driven by the demand for masking and pressure-sensitive tapes. The building and construction sector, along with the automobile industry, will play crucial roles in driving this growth. Moreover, China and Asia’s prominence in the global market stems from 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.
Regional Outlook:
China: Growth Driven by Economies of Scale and Cheap Resources
China is a leading market for tape production, experiencing a growth rate of 5.9%. The region benefits from economies of scale, advancements in technology, and the availability of cheap labor, contributing to its dominance in the global tapes market. Various technology breakthroughs and collaborations are positively impacting the market in China.
Germany: High Tapes Demand in the Automotive Sector
Germany holds 3.7% of the European market share in tapes and has a strong presence in the automotive sector. With its focus on innovation and sustainable development, the country’s manufacturing activities drive the growth of the tapes market. The automotive industry’s demand for protective packaging contributes to the high sales of tapes in Germany.
North America: Key Player in the Tapes Market
North America plays a significant role in the tapes market, contributing 20.7% of the value share. The region has a strong industry presence, driven by demand from various sectors 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: Growing Economy Boosts Tape Demand
India is witnessing a growth rate of 6.7% in the tapes market, driven by sectors like packaging, construction, automotive, and electronics. The country’s growing economy, expanding industrial sectors, and infrastructure development contribute to the surge in tape demand. With a large consumer base and investments in research and development, India offers opportunities for further expansion and innovation in the 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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