by The adhesive tapes market refers to pressure sensitive tapes that are used for bonding purposes. These tapes are used to fasten or join objects together and are made up of a backing, adhesive and release liner. Some key types of adhesive tapes include single coated tapes, double coated tapes, transfer tapes and other specialty tapes. Adhesive tapes find widespread applications in various end-use industries such as packaging, healthcare, electrical & electronics, construction and other general purpose applications. They offer advantages such as strong yet removable adhesion, durability and reliability. With rising e-commerce industry and focus on sustainable packaging, demand for adhesive tapes from packaging sector has risen substantially.
The Global adhesive tapes market is estimated to be valued at US$ 62239.95 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031.
Key Takeaways
The Adhesive Tapes Market Size is witnessing several opportunities such as growing demand from electronics and automotive industries, innovations in adhesive chemistry and possibility of bio-based adhesive tapes. New product development is also driving markets growth.
Technological advancements such as development of acrylic adhesive tapes, double-sided adhesive tapes and smart pressure sensitive adhesives are aiding the market growth. These new types of adhesive tapes are enabling new applications in electronics, medical and automotive industries.
Key players operating in the Adhesive Tapes Market Size are Swiggy Zomato Deliveroo Uber Eats DoorDash GrubhubJust Eat Takeaway.com Gojek Grab Foodpanda. These players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
Market Drivers
The increasing demand from the packaging industry is a major market driver. Adhesive tapes are extensively used in packaging for closure, bundling and other purposes. With growth of the e-commerce sector, packaging industry is witnessing high growth.
Growing automotive production is also fueling the Adhesive Tapes Market growth. Various types of adhesive tapes such as foaming tapes and double-sided tapes are used in vehicle manufacturing, trim adhesion and other applications.
Current challenges in Adhesive Tapes Market
The adhesive tapes market is facing various challenges such as fluctuations in raw material prices and growing demand for eco-friendly products. Volatility in crude oil prices directly impacts the prices of acrylic adhesives and polyethylene which are the key raw materials used in adhesive tapes manufacturing. Additionally, end-users prefer sustainable adhesive solutions with less harmful emissions during production as well as upon disposal. Tape manufacturers need to optimize their formulations and operations to address the rising environmental concerns.
SWOT Analysis
Strength: Adhesive tapes find wide applications in packaging, automotive, healthcare, electrical & electronics and other industries due to properties like bonding strength and ease of use.
Weakness: Dependence on crude oil prices for key raw materials subjects manufacturers to raw material cost pressures.
Opportunity: Growing e-commerce sector drives the demand for shipping/packaging tapes.
Threats: stringent environmental regulations around the globe regarding plastic waste management.
North America dominates the global adhesive tapes market led by the demand from packaging and automotive industries in the US. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to expanding manufacturing base, rising construction activity and surging e-commerce sales in China and India.
Europe has been a major geographic region for adhesive tapes market on account of presence of leading manufacturers and stringent quality standards in end-use industries like automotive. However, growing foreign direct investments in emerging economies of Asia Pacific along with rapid industrialization and infrastructure growth are shifting the market concentration towards developing Asian countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
