The adhesive tapes market is poised to grow by U.S. $7.02 billion between now and 2024, progressing at a CAGR of over 5% during the forecast period. This is according to a new report from Technavio, which offers market research reports covering more than 100 industries.
The adhesive tapes market is, typically, segmented by materials — polypropylene, paper, polyvinyl chloride, and others. Market growth of the polypropylene segment is predicted to be faster than the growth of the market in the paper and polyvinylchloride segment.
Polypropylene is used as an alternative to PVC in various applications because it is reasonably cost-effective. These tapes exhibit dielectric and physical properties, making them the ideal raw material for adhesive tapes. Moreover, for electric insulation applications, such as tamper-evident tapes, strapping tapes, and carton sealing tapes. polypropylene materials are often used.
According to Technavio, he adhesive tapes market is fragmented, and the degree of fragmentation will increase during the forecast period. To make the most of the opportunities, vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
One area of expected growth is in the construction industry, which is due to factors including increasing government investments in large-scale infrastructure projects — such as railways and highways and the rising number of public-private partnerships for infrastructure development.
This will propel a greater demand for adhesive tapes as these are used for sealing, bonding, and filling gaps in internal glazing and partition systems. Additionally, adhesive tapes are used for protecting glazing components and insulated glass units, which increases its adoption in construction work.
These factors will boost the demand for the adhesive tapes market.
Companies covered in the report, include:
- 3M Co.
- Avery Dennison Corp.
- Henkel AG & Co. KGaA
- Intertape Polymer Group Inc.
- LINTEC Corp.
- Lohmann GmbH & Co.KG
- Nitto Denko Corp.
- Scapa Group Plc
- Shurtape Technologies LLC
- tesa SE