The global Adhesive Tape Market Size was worth USD 20.67 Billion in 2021 and is anticipated to experience a revenue compound annual growth rate (CAGR) of 5.5% during the projected period. The market is expected to be driven by the increasing number of Research and Development (RD) projects in the aerospace sector, expansion of construction projects, and growing demand for vehicles and automotive electronics. Adhesive Tape s are a type of pre-catalyzed adhesive that comes in sheet or film form and comprises substances like bismaleimide, phenol, and epoxy. These film adhesives produce a strong structural bond on the surface they are attached to after the curative process, making them resistant to all environmental conditions, especially high temperatures.
In addition, these low-cost, flexible materials are also used for packaging compact and lightweight electronic devices. Furthermore, adhesive tapes and films are utilized in the more efficient production of lightweight automotive parts. The increasing adoption of Adhesive Tape s in various end-use sectors such as electrical and electronics, transportation, construction, and packaging is driving the demand for Adhesive Tape s in the global market.
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Adhesive Tape Market Competitive landscape:
The global Adhesive Tape market is characterized by a consolidated competitive landscape, with a few key players operating at both global and regional levels. To expand their product portfolios and gain a strong foothold in the market, major players engage in product development and strategic alliances. BASF SE, 3M, Avery Dennison Corporation, UPM, CCL Industries, Constantia Flexibles, Cosmo Films, TORAY INDUSTRIES, INC., Coveris, and Mondi are some of the major players in the market.
On 6 April 2020, Hexcel announced the launch of its Low-Temperature Curing HexBond 679 Adhesive Tape for use in marine composite structures. The product offers short-cure cycles at low temperatures, resulting in significant reductions in cycle time and enhanced integrated business in sandwich structures.
In addition, on 2 November 2022, Spandex announced the launch of a sustainable range of self-Adhesive Tape s made from eco-friendly materials, specifically for graphics producers and sign makers. This new product is designed to cater to the increasing demand for environment-friendly products in the Adhesive Tape market.
These product launches and developments by key players in the market are expected to contribute significantly to the growth of the Adhesive Tape market in the forecast period.
Adhesive Tape Market Segments:
The Adhesive Tape Market Report covers various parameters related to the market, including its size and growth rate. As of 2021, the market size was USD 20.67 Billion, with a projected CAGR of 5.5% from 2021 to 2030. The forecasted revenue in 2030 is USD 33.64 Billion. The base year for estimation was 2021, and the historical data covered the period from 2019 to 2020. The forecast period for the report is 2021-2030. The quantitative units used for the report are revenue in USD Billion.
The report provides coverage of various aspects of the Adhesive Tape market, including revenue forecast, company ranking, competitive landscape, growth factors, and trends. The report also segments the market based on film material outlook, technology outlook, end-use industry outlook, and regional outlook.
The film material outlook segment includes polypropylene, polyvinyl chloride, polyethylene, and others. The technology outlook segment covers water-based, solvent-based, hot melt adhesives (HMA), pressure-sensitive adhesives (PSAs), and others. The end-use industry outlook segment includes electrical and electronics, aerospace, automotive and transportation, and others.
The report covers the Adhesive Tape market in North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
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Adhesive Tape Market Strategic Developments:
The Adhesive Tape market has seen various strategic developments in recent years. Some of these developments are:
- Collaborations and Partnerships: Key players in the Adhesive Tape market have entered into partnerships and collaborations to expand their market reach and product offerings. For instance, in 2020, 3M collaborated with PolyOne Corporation to develop advanced polymer solutions for the electronics industry.
- Mergers and Acquisitions: The Adhesive Tape market has witnessed various mergers and acquisitions in recent years, enabling companies to expand their product portfolios and increase their market share. For example, in 2020, Henkel AG Co. KGaA acquired Huntsman Corporation's business of hot-melt adhesive formulations for USD 1.05 billion.
- Product Launches: Companies operating in the Adhesive Tape market have launched new products to cater to the growing demand from various end-use industries. In 2021, Avery Dennison Corporation launched a new Adhesive Tape product, Lamination Film P-5022, that is specifically designed for industrial applications.
- Investment in Research and Development: Leading players in the Adhesive Tape market have invested heavily in research and development activities to improve the quality and functionality of their products. For instance, in 2021, Arkema invested USD 40 million in a new adhesives manufacturing facility in the United States to expand its product portfolio and meet the growing demand for Adhesive Tape s.
These strategic developments in the Adhesive Tape market have helped companies to improve their market position and meet the changing needs of customers in various end-use industries.
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