ID: MRFR/PNT/1186-CR | 123 Pages | Author: Sakshi Gupta | March 2021
Adhesive Tapes Market Size was valued at USD 47.2 billion in 2021. The Adhesive Tapes market industry is projected to grow from USD 49.7 Billion in 2022 to USD 79.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2022 - 2030). The increasing use of adhesive tapes in diverse end-use industries is driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Adhesive tapes are used in end-use industries such as packaging, masking, consumer & office, electrical & electronics, healthcare, automotive, white goods, paper & printing, building & construction, retail, and others. The market is expected to be driven by the increasing applications of adhesive tapes. The packaging industry is dominating the market growth. Packaging tapes, also known as adhesive tapes, are used for sealing, enclosing, wrapping, and bundling. These packaging tapes are commonly applied to the seams and joints of various storage receptacles in order to maintain a tolerance that keeps cargo within the receptacle's restraint. Furthermore, they are used for parcel delivery box seams, bottle caps, tamper-proofing pills, and food containers, bundling similarly shaped items into one larger, and enclosing items in a protective film or liner. Adhesive tapes play an important role in packaging perishables. Overall, the growing packaging industry is expected to drive the demand for adhesive tapes through the forecast period. Similarly, the packaging industry in India is expanding rapidly. It is India's fifth-largest economic sector and one of the country's fastest and fastest-growing sectors. In the midst of the e-commerce boom, the Indian packaging industry is experiencing rapid growth and is one of the fastest-growing segments. According to the Indian Institute of Packaging (IIP), packaging consumption in India has increased 200% in the last decade, rising from 4.3 kg per person per year (pppa) to 8.6 kg pppa. According to the International Monetary Fund (IMF), the economy contracted by 4% by 2020, the largest drop since the 1930s Great Depression. This has had a negative impact on the adhesive tapes market. The increased e-commerce purchases during COVID-19, on the other hand, have accelerated market growth in 2021.
The trend toward flatter and micro-electronic devices continues, which increases the use of adhesive tapes in the electrical and electronics industries. During the forecast period, the adhesive tapes market in the healthcare & hygiene end-use industry is expected to grow at the fastest rate. This increase is attributed to an aging population and an increase in the number of chronic diseases. Furthermore, the demand for vitro diagnostics, hydrophilic films, transdermal drug delivery patches, and oral dissolves films is propelling the healthcare industry. The market is being driven by the use of these tapes in the building and construction industries for HVAC, glazing, abatement, and insulation.
However, to cater to the demand there have been significant advances in the packaging industry. For instance, the demand for adhesive tapes in the packaging end-user industry is likely to boost the growth of the market and drive the growth of the Adhesive Tapes market revenue.
The Adhesive Tapes market segmentation, based on backing material, includes polypropylene (PP), paper, polyvinyl chloride (PVC), and others. The polypropylene (PP) Adhesive Tapes segment held the majority share in 2021 contributing to around ~35.02% with respect to the adhesive tapes market revenue. The growing demand for efficient plastic packaging products is driving the demand for the Adhesive Tapes market across the globe. Polypropylene (PP) is the most frequently used plastic in the packaging industry. According to the Plastic Trade Association, in 2020, among the different types of plastics used in the manufacturing, and packaging industries.
May 2022: 3M launched Spunlace Extended Wear Adhesive Tape on Liner, 4576, developed for extended wear devices that require skin attachment for up to 21 days, ushering in the next generation of device design.
June 2021: Rogers Corporation launched of PORON AquaPro 37TS9, the latest material added to the PORON AquaPro polyurethane product portfolio. PORON AquaPro 37TS9 meets the demand for high-performance materials that enable the design of thinner and lighter electronic devices by delivering the AquaPro 37 material family's reliable water-sealing capabilities in an ultra-thin, self-adhesive form.
The Adhesive Tapes market segmentation, based on type, includes single-sided, and double-sided. The double-sided segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The market's expansion is primarily due to the widespread use of double-sided tapes in automotive applications such as emblems and nameplates, plate panels, roof molding, rocker panels/cladding, and others. Furthermore, these tapes are widely used in car exteriors, such as door cladding, seals and spoilers, and retainers. Hence, rising applications of segment double-sided type for Adhesive Tapes positively impact the market growth.
Additionally, in comparison to single-sided, double-sided adhesive tape type is more useful for various end-use industries. Rising applications of segment double-sided type for Adhesive Tapes are likely to drive sector growth throughout the projection period. The rapid growth of the automotive sector; and the replacement of traditional fasteners, screws, bolts, and rivets with adhesive tapes are estimated to propel the adhesive tapes market across the globe.
The Adhesive Tapes market data has been bifurcated by resin into acrylic, epoxy, rubber-based, silicone, and others. The acrylic segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Acrylic resin has a high demand due to its advantageous physical and chemical properties, low cost, and applications in a variety of end-use industries such as packaging, transportation, and healthcare. Acrylic-based adhesive tapes are appropriate for solvent- and water-based technologies due to their resistance to other solvents, chemicals, and water.
April 2021: Schweitzer-Mauduit International, Inc., announced that it has finalized its acquisition of Scapa Group Plc, a UK-based innovation, design, and manufacturing solutions provider for healthcare and industrial markets. The acquisition expands SWM's already extensive portfolio of precision-engineered performance materials, significantly expands the Company's innovation, design, and formulation capabilities, and brings a variety of new coating and converting technologies. The newly combined product and service offerings can be leveraged across SWM and Scapa's businesses to provide customers with best-in-class integrated solutions. This approval has further broadened the growth opportunity for the Adhesive Tapes industry.
Based on Application, the Adhesive Tapes industry has been segmented into automotive, healthcare, packaging, electrical & electronics, building & construction, retail, and others. Packaging held the largest segment share in 2021, growing packaging industry is expected to drive the demand for adhesive tapes through the forecast period. According to 'The Association for Packaging and Processing Technologies,’ packaging industry growth will reach USD 42.2 billion by 2021. As consumers continued to rely on the items manufactured during quarantine, demand for the food, beverage, and healthcare industries increased. Furthermore, the flexible packaging market is growing at a faster rate than other types of packaging, owing to the benefits of flexible packaging and higher end-user preference over other packaging types.
The second fastest-growing segment in the Adhesive Tapes industry is building & construction. The building & construction segment is expected is to register a CAGR of 18.10% over the forecast period. Building and construction tapes are used in residential, commercial, and industrial buildings to bond and mount components on doors and windows, decorative trims or wall coverings, panels to frames, and protective bumper rails to furniture and walls. These tapes are used as carpet, duct, double-sided, UV-resistant, and masking tapes.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America comprises potential economies such as the US, Canada, and Mexico. The adhesive tapes market across the region is witnessing remarkable growth owing to a significant product demand from various end-use industries, such as packaging, healthcare, and automotive. according to the Flexible Packaging Association (FPA). The rapidly growing packaging sector owing to the rising demand for packaged food & beverages, the growing e-commerce industry, and the rising retail sector across the region are a few major factors propelling the demand for adhesive tapes in North America. Moreover, the rapidly growing food service sector across the region is contributing to the product demand.
Further, the major countries studied are US., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe Adhesive Tapes market accounts for the second-largest market share due to innovations in electro-mobility and batteries and the replacement of traditional fastening systems will create beneficial opportunities for the growth of the adhesive tapes market. Additionally, support for the European Green Deal for adhesives and sealants and the rising trend of online shopping will cushion the demand for retail packaging and distribution materials and hence provide lucrative opportunities for market growth. Further, the Germany Adhesive Tapes market held the largest market share, and the UK Adhesive Tapes market was the fastest-growing market in the European region
The Asia-Pacific Adhesive Tapes Market is expected to grow at a CAGR of 23.10 % from 2022 to 2030. The Asia-Pacific region is expected to have the largest adhesive tapes market share. During the forecast period, which will end in 2028, the region is also expected to be the fastest-growing market. The APAC region is experiencing rapid growth as a result of ongoing research and development activities and advancements in electrical and electronics, followed by others such as the healthcare and automotive industries. China is expected to be the largest contributor to the growing adhesive tapes market value. The region's growth is being driven primarily by high demand from the heavy industries and consumer product manufacturing sectors. Moreover, China Adhesive Tapes market held the largest market share, and the India Adhesive Tapes market was the fastest-growing market in the Asia-Pacific region
For instance, India Adhesive Tapes market has increased the demand for packaging solutions in the region. The surging consumption of processed food and rising technologies for packaging printing drive the growth of the adhesive tapes market in India. Adhesive tapes are a high-quality choice for applying labels on food & beverage. Also, they are frequently used to attach labels to non-food items since they have a good grip on paper, plastic, and other labeling materials. Adhesive tapes are used in the packing industry to successfully seal boxes and cartons, as well as for pallet sealing and stability.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Adhesive Tapes market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Adhesive Tapes industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Adhesive Tapes industry to benefit clients and expand the Adhesive Tapes market sector is to manufacture locally to reduce operating costs. In recent years, Adhesive Tapes have provided medicine with some of the most significant benefits.
3M (US) is the latest medical adhesive tape company committed to improving the lives of people through medical technologies, services, and solutions. In May 2022, 3M launched Spunlace Extended Wear Adhesive Tape on Liner, 4576, developed for extended wear devices that require skin attachment for up to 21 days, ushering in the next generation of device design.
Also, Rogers Corporation (US) is a leader in engineered materials to power, protect and connect our world. The company is experiencing exciting growth in the application of its adhesive tape products. In June 2021, Rogers Corporation launched of PORON AquaPro 37TS9, the latest material added to the PORON AquaPro polyurethane product portfolio. PORON AquaPro 37TS9 meets the demand for high-performance materials that enable the design of thinner and lighter electronic devices by delivering the AquaPro 37 material family's reliable water-sealing capabilities in an ultra-thin, self-adhesive form.
August 2022: Lintec Corporation developed a variety of adhesive tapes, essential to the semiconductor manufacturing process and mounting. Wafer surface protective tape protects the circuit surface during the backside grinding process that makes semiconductor wafers thinner after the circuit is formed; wafer backside affixing and chip mounting tape is used to firmly secure the wafer when it is cut into chips and as an adhesive when chips are mounted on substrates; and backside coating tape for flip chip packaging is used to invert (flip) the chips and mount them
March 2022: Intertape Polymer Group Inc. announced that it has entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. Clearlake will pay CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt, under the terms of the agreement. This represents a premium of approximately 82% over the closing price of IPG common shares on the Toronto Stock Exchange on March 7, 2022, and a premium of approximately 66% over the volume-weighted average trading price of IPG common shares on the Toronto Stock Exchange over the previous 30 trading days
August 2022: Lohmann launched an adhesive tape for the flexographic printing industry with an exceptionally high grip on the sleeve. DuploFLEX 5 GRIP expanded press uptime while maintaining accountability. The product was developed to provide the printing industry with a more process-safe and long-lasting adhesive solution. This approval has further broadened the growth opportunity for the Adhesive Tapes industry.
|Market Size 2021||USD 47.2 billion|
|Market Size 2022||USD 49.7 billion|
|Market Size 2030||USD 79.9 billion|
|Compound Annual Growth Rate (CAGR)||5.4% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Backing Material, Type, Resin, Application, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||3M Company (US), Rogers Corporation (US), Tesa SE (Germany), Scapa Group PLC (Canada), Nitto Denko Corporation (Japan), Lintec Corporation (Japan), Berry Inc. (US), Intertape Polymer Group (Canada), Lohmann GmbH (Germany), and Avery Dennison Corporation (US)|
|Key Market Opportunities||Replacement of traditional fastening systems|
|Key Market Dynamics||The increasing use of adhesive tapes in diverse end-use industries to boost the market growth Volatility in prices of raw materials|
The USD 47.2 billion in 2021. The Adhesive Tapes market industry is projected to grow from USD 49.7 Billion in 2022 to USD 79.9 billion by 2030
The Adhesive Tapes market is studied from 2022 to 2030
The growth rate of the Adhesive Tapes market is 5.4% during the forecast period (2022 - 2030).
Asia-Pacific region held the largest market share in the Adhesive Tapes market.
3M Company (US), Rogers Corporation (US), Tesa SE (Germany), Scapa Group PLC (Canada), Nitto Denko Corporation (Japan), Lintec Corporation (Japan), Berry Inc. (US), Intertape Polymer Group (Canada), Lohmann GmbH (Germany), and Avery Dennison Corporation (US)
Acrylic resin segment had the largest market share in the Adhesive Tapes market
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