Amid the peak of the COVID-19 crisis, the global market for adhesive tapes was estimated at U.S.$56.2 billion in the year 2020. It is now projected to reach a revised size of $76.8 billion by 2026 — growing at a CAGR of 5.1% over the analysis period.
This is according to a new report, Adhesive Tapes: Global Market Trajectory & Analytics, released by Global Industry Analysts (GIA), a market research company. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
According to GIA’s findings, acrylic (one of the segments analyzed in the report) is projected to record a 5.4% CAGR and reach $33.6 billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the rubber segment is readjusted to a revised 4.9% CAGR for the next seven-year period.
The adhesive tapes market in the U.S. is estimated at $16.2 billion in the year 2021. China, the world’s second largest economy, is forecast to reach a projected market size of $15.5 billion by the year 2026, trailing a CAGR of 7.9% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada — each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.
In the global silicone segment, the U.S., Canada, Japan, China, and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of $8.5 billion in the year 2020 will reach a projected size of $11.9 billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $2.1 billion by the year 2026, while Latin America will expand at a 6.7% CAGR through the analysis period.
To learn more or download the report, click here.