Tapes Market is projected to register 4.8% CAGR and top a valuation of US$ 120.1 Bn by 2032
By 2032, Tapes Market is anticipated to reach a valuation of US$ 120.1 Bn and grow at a 4.8% CAGR. Due to the growing requirement for protective packaging to preserve damage-free transits, the market for tapes has grown globally. Sales of pressure-sensitive tapes, one of the most popular goods, are predicted to grow at a CAGR of 5.4% from 2022 to 2032, up from a CAGR of 3.5% from 2015 to 2021.
The exponential use of masking tapes in the building and construction sector is what is driving the growth of the global tapes market in terms of end use.
Key Takeaways from Global Tapes Market
- The pressure-sensitive tape segment will remain top performing in terms of tapes type, representing nearly ~65% of the sales by the end of the forecast period.
- Demand for tapes in the building and construction segment will accelerate at a CAGR of 5.1% between 2021 and 2031.
- The China tapes market projected to register a CAGR of 5.6% during the forecast period.
- Germany will emerge as a highly lucrative market for the sales of tapes within Europe.
- The U.S. will register high sales of tapes, backed by demand in construction and automotive sectors.
“Companies operating in the tapes market are expected to focus on diversification to cater to specific industrial requirements. Besides this, they are expected to gradually migrate to online platforms to expand their global reach,” said an FMI analyst.
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Building and Construction Sector is the Key Driver of Global Tapes Market
Tape producers have developed a diverse array to fulfil the demand for a wide range of indoor painting applications. This has resulted in the high demand for masking tapes. The sales of masking tapes is driven by their ease of use and low cost of, as well as the availability of single-sided and double-sided masking tapes.
Leading automotive manufacturers and suppliers rely heavily on diverse adhesive solutions for a variety of applications. Masking tapes have diverse uses within the automotive sector. These include wire harnessing, surface protection, and attachment part mounting.
Why Are Pressure Sensitive Tapes Highly Sought-After?
Pressure sensitive adhesive is a non-reactive adhesive that binds to a surface when pressure is applied. The special feature of pressure sensitive tapes is that they do not solidify but remain viscous. As a result, they are perpetually sticky and have the quality to stick to wet surfaces when they come into touch with them.
Pressure sensitive tapes are significantly contributing towards the growth of the market due to their widespread acceptability, increasing application in tapes and labels, and strong demand in APAC.
Global Tapes Market Landscape
Some of the leading players included in the global tapes market analysis are
- 3M Company,
- Shurtape Technologies LLC,
- Tesa SE,
- Saint-Gobain Tape Solutions Europe,
- Nitto Belgium NV,
- Advance Tapes International Ltd.,
- PPM Industries S.p.A,
- Vibac Group S.p.a,
- Intertape Polymer Group Inc.,
- Berry Global, Inc.,
- Beorol d.o.o,
- Folsen Tapes,
FABO s.p.a., Scapa Industrial, Cintas Adhesivas Ubis, S.A., MBK Tape Solutions, NADCO® Tapes & Labels, Inc., Pro Tapes & Specialties, Inc., Sicad Group and PPI Adhesive Products Limited. Based on the segmental revenue FMi team estimates that 3M Company, Shurtape Technology LLC, Tesa SE, are some of the Tier 1 players holding nearly 12-15% values share in the global tapes market.
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Global Tapes Market By Category
By Tape Type, Global Tapes Market is Segmented as:
- Pressure-Sensitive Tapes
- Masking Tapes
- Duct Tapes
- Filament Tapes
By Material Type, Global Tapes Market is Segmented as:
- Metal Foil
By End Use, Global Tapes Market is Segmented as:
- Electric & Electronics
- Building & Construction
- Pharmaceutical & Medical Devices
- Food & Beverages
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Definition/Scope/Limitations
2.2. Market Coverage/Taxonomy
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends