According to our latest market study on “Adhesive Tapes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Resin Type (Acrylic, Rubber, Silicone, and Others), Technology (Water-Based Adhesive Tapes, Solvent-Based Adhesive Tapes, and Hot-Melt-Based Adhesive Tapes), Tape Backing Material [Polypropylene (PP), Paper, Polyvinyl Chloride (PVC), and Others], and Application (Packaging, Healthcare, Automotive, Electrical and Electronics, Building and Construction, and Others),’’ the market was valued at US$ 60,922.61 million in 2020 and is projected to reach US$ 89,440.92 million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028.
Adhesive tapes are material and adhesive film combinations used to bond or join objects instead of using screws, fasteners, or welding. The tape can protect the surface by not requiring fasteners or screws to protect the surface, thereby making it useful for various applications in industries, such as packaging, healthcare, automotive, electrical and electronics, and building and construction. Liquid adhesives are messy and time-consuming because they must be sprayed or rolled on the surface before bonding. Adhesive tapes have major applications in industries, such as packaging, healthcare, automotive, electrical and electronics, and building and construction.
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A few key players operating in the adhesive tapes market are 3M, Nitto Denko Corporation, tesa SE, Avery Dennison Corporation, Intertape Polymer Group, LINTEC Corporation, Berry Global Inc., Scapa, Lohmann GmbH & Co.KG, and Rogers Corporation.
Adhesive tapes are available in two types specialty tapes and commodity tapes. The coating technologies utilized in adhesive tapes are water-based, solvent-based, and hot-melt. Technological advancements have led to the growing demand for lightweight backing materials in the recent past. Adhesive tapes offers wide range of application in packaging, automotive, and healthcare industries.
The growth of the adhesive tapes market is mainly attributed to the widespread use of tapes in various applications across numerous industries, such as packaging, healthcare, automotive, electrical and electronics, and building and construction. The rising use of flatter and microelectronic devices increases the use of adhesive tapes in the electrical and electronic industries. In addition, it is used in the healthcare industry for wound dressings, surgeries, splints, ostomy seals, and secure IV lines coupled with the increasing aging population and the growing incidence of chronic diseases.
In the healthcare industry, the tape is used in surgical containers, monitoring electrodes, and other medical equipment, as well as wound care applications. The global health market continues to grow due to innovative products. For instance, in July 2017, Cardinal (USA) acquired the patient care, deep vein thrombosis, and nutritional insufficiency businesses from Medtronic for US$ 6.1 billion. The acquisition provides products for various applications in the healthcare industry. Additionally, in the building and construction industry, adhesive tapes are used in commercial, industrial, and residential buildings for wall coverings or decorative trims, bonding and mounting components on windows and doors, protective bumper rails to walls and furniture, and panels to frames, due to the growing adoption of such products for protection and bonding. Such a wide application scope of adhesive tapes drives the growth of the adhesive tapes market.
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Impact of COVID-19 Pandemic on Adhesive Tapes Market
The impact of the COVID-19 pandemic on the global adhesive tapes market is mixed. Various industries, such as automobiles, construction, electronics and electrical, have experienced sharp declines. In contrast, the healthcare industry has grown since the outbreak due to excessive demand for PPE kits and medical equipment. With the state of economic recovery, several industries and economies are strategically planning to invest in the healthcare sector. This is expected to provide an impetus to the growth of adhesive tapes market. For instance, to reduce the impact of the COVID-19 pandemic and empower the healthcare industry, the European Union has set budgets for European countries, such as US$ 550 per capita in the UK and ~US$ 366 per capita in Germany and Ireland. Health-related initiatives comprise purchasing professional medical and personal protective equipment (PPE), expanding research capabilities, hiring additional staff and benefits, supporting hospitals and local governments, and donating vaccine production.
In addition, many companies such as 3M Company, Tesa S.E., and Nitto Denko Corporation have begun to actively market the product to expand their customer base and reduce business impact. Furthermore, with the introduction of vaccines, the negative impact of the pandemic on businesses is expected to decline. Companies are starting their operations which will boost their growth in the coming years which will eventually propel the growth of adhesive tapes market over the forecast period.
The report segments the adhesive tapes market as follows:
Based on resin type, the adhesive tapes market is segmented into acrylic, rubber, silicone, and others. Based on technology, the market is segmented into water-based adhesive tapes, solvent-based adhesive tapes, and hot-melt-based adhesive tapes. Based on tape backing material, the adhesive tapes market is segmented into polypropylene (PP), paper, polyvinyl chloride (PVC), and others. Based on application, the market is segmented into packaging, healthcare, automotive, electrical and electronics, building and construction, and others.
The scope of the Report:
The report segments the global Composites Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Composites Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.
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