NEW YORK, July 23, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global adhesive tapes market is projected to reach $74,954.6 million by 2023, registering a CAGR of 5.5% during the forecast period. The industry is mainly driven by a significant demand for these tapes from the packaging, automotive, and healthcare industries.
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Based on type, the global adhesive tapes market is bifurcated into commodity and specialty tapes. The market for specialty tapes is expected to register faster growth, witnessing CAGR of 6.8% in terms of value during 2018-2023. This growth can be attributed to the ongoing developments in the automotive industry, which is resulting in the increased usage of these tapes, over traditional methods, for the fixing and fastening of parts. Besides, the growing demand for medical tapes in the healthcare and hygiene market is supporting the growth of adhesive tapes market, particularly for specialty tapes.
Based on technology, the adhesive tapes market is categorized into water-based, solvent-based, and hot-melt-based technologies. In terms of volume, water-based adhesive tapes held the largest share in 2017, with more than 40.0% contribution. High demand for this product can be majorly attributed to the eco-friendly nature and low cost of water-based adhesive tapes.
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Based on end use, the adhesive tapes market is categorized into packaging, consumer and office, healthcare, automotive, electrical and electronics, building and construction, and others. Globally, packaging accounted for highest share in the adhesive tapes market in terms of value, accounting for more than 50.0% share in 2017. This is mainly driven by the fact that majority of industries utilize tapes for the packaging of products. Further, growing trend of online shopping, particularly in fast growing countries such as China and India, is resulting in increased demand for retail e-commerce packaging, which are dependent on tapes for packaging the products.
In terms of volume, APAC held the largest share in the adhesive tapes market contributing more than 50.0% volume share in 2017. Emerging economies of the region, such as China, and India, are witnessing strong growth owing to ongoing R&D and advancements in the electrical and electronics, healthcare, and automotive industries. Moreover, low cost of raw materials and easy availability of cheap labor for the manufacturing of tapes with adhesion properties have resulted in the increased production of low-priced tapes in APAC, which, in turn, has contributed to the growth of the adhesive tapes market in this region.
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Some of the major players operating in the global adhesive tapes market are 3M Company, Nitto Denko Corporation, tesa SE, LINTEC Corporation, Avery Dennison Corporation, Intertape Polymer Group Inc., Shurtape Technologies LLC, Scapa Group plc, Lohmann GmbH & Co. KG, and Nichiban Co. Ltd.
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