The global adhesive tapes market size was valued at USD 49980.5 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.97 % from 2022 to 2030. The healthcare industry is a major driving factor for the global adhesive tapes market. The industry uses adhesive tapes to assemble medical equipment, hold cloths during surgery, and secure patient devices. The healthcare industry also uses adhesive tapes for packaging. In addition, adhesive tapes for healthcare applications are increasingly becoming skin-friendly. Moreover, the market for adhesive tapes has been boosted by the growing need for environmentally-friendly products, such as natural adhesives. The demand for water-based adhesive tapes is expected to be driven by the expanding building & construction industry which is further projected to foster market growth.
Global Adhesive Tapes Market: Regional Insights
Regionally, Asia Pacific is expected to dominate the global adhesive tapes market over the forecast period owing to the strong growth in packaging industry in the region. According to the Packaging Industry Association of India (PIAI), the packaging industry in India was estimated to be valued at USD 75.95 billion in 2019the sector is growing at a rapid rate of about 22% to 25% per annum. The Indian packaging industry has made a mark with its exports and imports, thus, driving technology and innovation growth in the country and adding value to the various manufacturing sectors.
North America is also expected to witness fastest growth in the global market over the forecast period owing to the growing demand for medical adhesives from pharmaceutical industry with rise in prevalence of chronic disease in the region. According to the Coherent Market Insights analysis, Canada’s pharmaceutical industry is experiencing high demand due to the advancement of chronic diseases and an aging population. Healthcare spending in the country is estimated to increase from 2.7% in 2017 to 7.5% by 2021.
Figure 1. Global Adhesive Tapes Market, By Region
Global Adhesive Tapes Market Drivers:
Growing demand from packaging industry is primarily fueling growth of the global adhesive tapes market. According to a report published by PMMI, the Association for Packaging and Processing Technologies, growth in the global packaging industry is anticipated to reach USD 42.2 billion by 2021, increasing from USD 36.8 billion in 2016, owing to the growing population, increasing sustainability concerns, more spending power in developing regions, and rising demand for smart packaging. This is expected to drive the market for adhesive tapes in the coming years. However, the impact of the pandemic may result in the market growing at a slower rate than projected, till 2021.
Increasing application of adhesives tapes in electric and hybrid vehicles is again projected to foster market growth. According to Global EV Outlook 2019, published by the International Energy Agency, global plug-in vehicle deliveries in 2019 reached 2264,400 units, 9% higher than 2018. This is` a clear departure from the growth rates of the previous 6 years, which were between 46% and 69%. This positive growth is expected to increase the usage of adhesive tapes in electric and hybrid vehicle manufacturing.
Global Adhesive Tapes Market Opportunities:
Strong growth of healthcare sector in emerging countries is projected to present lucrative growth opportunities. According to the India Brand Equity Foundation, the healthcare sector is expected to reach USD 280 billion by 2020. According the International Trade Administration, Brazil has the largest healthcare market in Latin America and operates around 70,000 drugstores in the country at present. The consumption of healthcare products increased by 13.3% in 2018 and further through 2019 in the country. Moreover, the Ministry of Health made investments of more than USD 450 million by 2019, to digitalize the public basic care units of the country’s Unified Health System (SUS).
Increasing consumer awareness regarding VOC emissions, the rising demand from construction and automotive industry, and growing applications in the packaging industry are expected to hold potential opportunities for adhesive tapes market.
|Base Year:||2021||Market Size in 2021:||US$ 49980.5 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||3.97 %||2030 Value Projection:||US$ 60827.3 Mn|
3M, Avery Dennison Corporation, DuPont, HB Fuller Company, Henkel AG & Co. KGaA, Intertape Polymer Group, Lintec Corporation, Nitto Denko Corporation, OJI, Holding Corporation, Scapa Group Plc, Sekisui Chemical Co. Ltd, Shurtape Technologies LLC, Sika AG, and TESA SE
|Restraints & Challenges:||
Global Adhesive Tapes Market Trends:
Water-based adhesive technology is gaining technology in the market owing to their environmental-friendly nature. It has no volatile organic compounds (VOCs) and are considered to be harmless for human as well as environment. They provide high levels of tack and a flexible open time. Furthermore, they are highly versatile that can offer adhesion to many substrates.
Growth in global hygiene market due to rising health and wellness trend is anticipated to propel market growth of the adhesive tapes market. Moreover, growing demand from sports and equipment and masking tapes is again propelling market growth.
Global Adhesive Tapes Market Restraints:
Slowdown in conventional automobile production is projected hinder the market growth of adhesive tapes market. According to OICA, in 2019, 67.15 million passenger cars and 24.64 million commercial vehicles were produced across the world. A total of 91.79 million vehicles were produced in 2019, down by 5.2% from the previous year.
Unfavorable condition arising due to Covid-19 outbreak is another major factor expected to restrict the market growth. According to the Coherent Market Insights analysis, Due to this pandemic, the sales of the battery electric vehicles and plug-in hybrid vehicles in China were recorded at 53%, down from 56% in 2018. The United States also posted an unexpected loss of 12% versus 2018. This depicts the impact of COVID-19 on the sales of electric vehicles, where adhesive tapes are used in multiple applications
Figure 2. Global Adhesive Tapes Market, By Technology
Global Adhesive Tapes Market Segmentation:
The global adhesive tapes market report is segmented into resin, technology, end-user industry, and geography
Based on resin, the market is segmented into Acrylic, Epoxy, Rubber-based, Silicone, and Polyurethane. Out of which, Acrylic is expected to dominate the global market over the forecast period and this is attributed to the growing demand from packaging and electronic industries. The rise in packaging and electronic industries is fuelling the segment growth.
Epoxy segment is also expected to witness significant growth in the near future and this is owing to their high tensile strength, low shrinkage during curing, and heat resistance, with both sides tacked, and are popular for their toughness and resistance to chemical.
Based on technology, the market is segmented into Water-based, Solvent-based, Hot Melt, and Reactive. Out of which, Water-based is expected to dominate the global market over the forecast period and this is attributed to the environment-friendly nature and they do not contains volatile organic compounds (VOCs). Moreover, they are highly versatile that can offer adhesion to many substrates.
Solvent-based segment is also expected to witness significant growth in the near future and this is owing to their ability to form better film and offer superior shear and peel strength.
Based on end-user industry, the market is segmented into Automotive, Healthcare, Packaging, Electrical and Electronics, Consumer/DIY, and Other End-user Industries. Out of which, Packaging is expected to dominate the global market over the forecast period and this is attributed to the global growth of packaging industry where these tapes are used for enclosing, sealing, and wrapping or bundling. Additionally, they have key role in packaging the perishables products.
Other End-user Industries segment is also expected to witness significant growth in the near future and this is owing to the growing industrialization and urbanization. These tapes are widely used across sports and equipment, building and construction sectors. These tapes provide durability over time, retention of flexibility, and excellent performance in extreme temperatures.
Global Adhesive Tapes Market: Key Developments
In April 2019, 3M announced to add 3M™ Extended Wear Medical Transfer Adhesive, 4075 to its lineup of advanced adhesives for medical devices.
In September 2019, 3M introduced a new Scotch industrial packaging tape. The new packaging tape, which is based on Scotch 375 product, offers a secure seal with quicker sticking and adheres better than other packaging tapes.
In february 2020, 3M announced the introduction of the 3M VHB Tape LSE Series, a fast, easy and reliable bonding solution for LSE substrates like Polypropylene (PP), Thermoplastic Olefins (TPO), and Thermoplastic Elastomers (TPE), as well as composite materials like glass reinforced plastic (GRP) or fiber reinforced plastic (FRP).
In October 2019, Avery Dennison Performance Tapes introduced its Core Series Portfolio, which features a full breadth of adhesive technologies, ranging from general purpose rubber to silicone, in a variety of tape constructions.
In November 2019, Avery Dennison Performance Tapes launched its Lamination Adhesives Portfolio, which enables durable labels to maintain critical product messaging over an item’s lifetime.
Global Adhesive Tapes Market: Key Companies Insights
The global adhesive tapes market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global adhesive tapes market are 3M, AVERY DENNISON CORPORATION, DuPont, HB Fuller Company, Henkel AG & Co. KGaA, Intertape Polymer Group, Lintec Corporation, Nitto Denko Corporation, OJI, Holding Corporation, SCAPA GROUP PLC, SEKISUI CHEMICAL CO. LTD, Shurtape Technologies LLC, Sika AG, and TESA SE
*Definition: Adhesive tapes are versatile tools that are commonly used in the assembly of materials and parts. They are a common and practical alternative to mechanical fastening, adhesive bonding, soldering, welding, and brazing. These tapes are largely effective for applications where the temperature is relatively low. They are also useful for a wide range of industrial and household applications, and are one of the most widely used tools in the world.
Adhesive tapes are used for many different applications. They can be used to assemble different components, dampen noise, and to join large sheets of paper. Adhesive tapes have two main types - general purpose tapes and specialty adhesives. General purpose tapes are made of natural rubber-based adhesives. Higher performance tapes are made of acrylic adhesives. These adhesive tapes are often made of plastic films, cloth, or paper, and are covered with a pressure-sensitive adhesive. When applied correctly, they bond to a variety of surfaces. They also work well on glass, cement, and wood. Some tapes are even double-sided, allowing them to bond to two surfaces back to back.
The healthcare adhesive tapes market is growing due to the increasing number of surgical operations and patient safety concerns. The growth in disposable hygiene products is a contributing factor for market growth. Additionally, the expansion of hospitals is positively impacting the market. Furthermore, rising incidence of chronic and acute wounds will further boost the growth of this market. Increasing healthcare infrastructure in emerging countries is also a significant driver factor of adhesive tapes market.
On the other hand, fluctuating price of raw materials is projected to hinder the market growth.
Key features of the study: