Adhesive Tapes Market to Record an Exponential CAGR by 2024
Via a fresh business and commerce study, Transparency Market Research (TMR) notifies that the shares in the global adhesive tapes market are distributed among a large pool of players, although a few players do hold a position of strength. The analysts of the report have identified 3M, LINTEC Corporation, Tesa Tape Inc., and Nitto Denko Corporation as four companies who were marginally ahead of the curve in the global adhesive tapes market in 2015, reserving 39% of total shares.
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While the rest of the market is fragmented, the market leaders have established themselves by investing on the research and development of new products as well as frequently indulging in mergers and acquisition activities to expand their geographical presence and strengthen their supply network. As for the new entrants, the entry barriers are high and volatile prices of raw materials is not helping either, creating a scenario for the major players to further gain ground in the near future.
In addition to improving their product portfolio, leaders of the global adhesive tapes market are also focused on development of new techniques that helps them improve their production capacity and meet larger demands. The analysts of the report have projected the demand in the global adhesive tapes market to elevate at a notable CAGR of 6.80% during the forecast period of 2016 to 2024, and have estimated that the opportunities will translate into a revenue of US$92.36 bn by the end of 2024. As of 2015, the global adhesive tapes market was worth US$51.54 bn.
Based on products, the TMR report has segmented the adhesive tapes market into transfer tape, double coated, single-coated, and foam tape, whereas on the basis of composition, the market has been bifurcated into silicone, rubber, and acrylic. Based on materials, the market for adhesive tapes has been classified into paper, polypropylene, and polyvinyl chloride. The analysts of the report have also evaluated the demand for adhesive tapes coming from end user categories of building and construction, healthcare, automotive, consumer goods, and graphics. Geographically, Asia Pacific has been highlighted as the region with the most prominent growth rate, which is a reflection of improving manufacturing infrastructure and availability of raw materials in some of the world’s most impressive emerging economies of China and India.
The prosperity of the healthcare industry is providing for the strongest traction to the market for adhesive tapes, which are commonly used for cleaning purposes, monitoring electrodes, as protective layer for surgical containers, covering wounds, fixing cover shields post surgeries, and other medical devices. In addition to that, the demand particularly for specialty tape is escalating because they are affordably-priced, easy to handle, and offer desired performance. With antigen agents, these tapes can grip onto the skin tightly and hold the bandage or dressing material firmly. Specialty tapes find application in various industries including healthcare, electrical and electronics, and automotive, and are readily replacing conventional fastening systems. In addition to the prosperity of its application industries, the global adhesive tapes market is also driven by the recent advancements in the technology. For instance, the advent of ecofriendly tapes is expected to open new opportunities for the vendors operating in this market.
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On the other hand, volatility of the prices of raw materials and strict regulations that must be followed before gaining required approvals for production are a few restraining factors hindering the prosperity of the global adhesive tapes market.
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