Soaring Sales of Automobiles Fueling Demand for Adhesive Tapes

The expansion of the automotive industry is driving the demand for adhesive tapes across the world. This is because tapes having adhesive characteristics are extensively used in the automotive industry, primarily in the form of protection tapes and double-sided tapes. Moreover, automobile manufacturers are increasingly preferring to use automotive tapes having adhesive properties over the conventionally used mechanical fasteners in order to reduce the weight of the automobiles. As mechanical fasteners such as screws and bolts increase the automobile’s weight, they are being rapidly replaced by lightweight adhesive tapes.

Besides the aforementioned factor, the development of recyclable adhesive tapes is also creating lucrative growth opportunities for the players operating in the adhesive tapes market. Many countries are restricting or banning the use of hazardous chemicals, which are generally needed for producing adhesive solutions. Additionally, various end users are preferring eco-friendly products such as water-activated tapes, which are biodegradable, over the traditional solutions, which is further boosting the popularity of adhesive tapes all over the world.

Owing to the above-mentioned factors, the revenue of the adhesive tapes market is predicted to rise from $54,333.4 million in 2017 to $74,954.6 million by 2023, while the market is expected to demonstrate a CAGR of 5.5% from 2018 to 2023 (forecast period). Depending on type, the market is divided into specialty and commodity tapes. Between these, the specialty tapes category is predicted to record faster growth in the coming years. 

This is credited to the surge in the automotive industry, which is positively impacting the demand for these tapes, as they are being increasingly preferred over the conventional fasteners for joining and fixing parts. Apart from this, the mushrooming requirement for medical tapes in the healthcare industry is also propelling the sales of adhesive tapes globally. When technology is taken into consideration, the adhesive tapes market is classified into solvent-based, hot-melt-based, and water-based. Amongst these, the water-based category dominated the market in 2017.

This is ascribed to the low cost and environment-friendly nature of water-based adhesive tapes. Geographically, the Asia-Pacific (APAC) region will dominate the adhesive tapes market in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This is attributed to the increasing research and development (R&D) activities and rapid advancements being made in the healthcare, automotive, and electrical and electronics industries in the region. Additionally, the availability of affordable labor and raw materials is massively supporting the large-scale production of adhesive tapes, which is, in turn, driving the expansion of the market in the region.

The Japanese Adhesive Tape Manufacturers Association (JATMA) and the China Adhesives and Tape Industry Association (CATIA) are the two major organizations that are developing adhesive solutions in APAC. Apart from these factors, the existence of numerous major manufacturing companies such as LINTEC Corporation and Nitto Denko Corporation and the increasing efforts being made by them for commercializing adhesive tapes are also propelling the growth of the market in the region.

Hence, it can be said without any doubt that the demand for adhesive tapes will surge sharply in the forthcoming years, mainly because of their growing requirement in the automotive industry, which is itself exhibiting huge expansion across the globe. 


Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to grow ra
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 and 2020 ar
Read more

Burgeoning Demand for Packaging Materials Propelling Need for Extrusion Coatings

Image
The food and beverage industry is witnessing significant growth due to the rising population and awareness among people regarding their health. The health concerns of people are growing and they are constantly looking out for food items that are healthy . Moreover, the food and beverage industry is witnessing the development of low-calorie, sugar-free, lactose-free and gluten-free food products to cater to the demands of consumers. This is consequently pushing up the demand for extrusion coating materials as these materials play a crucial role in packaging applications owing to their ability to protect food items from various external environmental factors.  In addition, extrusion coating provides an aesthetic appeal to the foods and beverages, thereby making them more attractive and saleable. In addition to the food and beverage industries, there are many other industries, such as healthcare and personal care, which extensively use extrusion coatings. The increasing income of people a
Read more