Foam Tapes Market

Foam Tape Market – Overview

The global foam tape market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). The growing demand for foam tape in multiple end-use sectors such as building and construction, electrical and electronics, paper and printing, and automotive is likely to spur the global foam tape market. Numerous attributes such as high strength, improved texture, lightweight, and weather resistance are projected to maximize the adoption of foam tapes, which is expected to propel the growth of the global foam tape market over the forecast period.

Moreover, the increasing number of regulatory policies and environmental concerns have prompted foam tape manufacturers to concentrate on the development of eco-friendly goods.

Foam Tape Market – Competitive Landscape

Key players in the global foam tape market are 3M, NITTO DENKO CORPORATION, Scapa, HALCO Europe Ltd, and LINTEC Corporation. Product launches, R&D operations, and acquisitions are important strategies used by market participants.

For instance, RPM's Tremco business absorbed Schul International Co., LLC, a maker of joint sealants for industrial construction, and Willseal LLC, a firm that distributes and sells Schul products, in June 2019. Both enterprises are based in Hudson, New Hampshire. Schul's product portfolio mostly includes self-expanding, pre-compressed foam tapes used for joint sealing in applications such as window seals, modular construction, prefabricated concrete, and concrete façade restoration.

Foam Tape Market – Trends and Opportunities

Foam tape is widely used in the automotive and building and construction industries. The use of lightweight vehicles and technological devices in vehicles is becoming more popular, which is expected to push the foam tape market growth. Foam tape is commonly used in automobiles for emblem and script installation, trim attachment, and gluing different materials. Building and construction is another important end-use industry for foam tape, particularly in South America, Asia Pacific, and the Middle East. Foam tape is also commonly utilized for HVAC, abatement, glazing, and insulation applications in the building and construction business.

Due to strict environmental legislation and consumer preferences, the need for biodegradable and eco-friendly foam has surged in recent years. The development of UV hot-melt-based and hot-melt-based technologies allows foam tape makers and converters to coat tapes on PU, PE, and acrylic foam types without discharging solvents or water. The adoption of UV hot-melt and hot-melt technologies is projected to grow, particularly in APAC. Moreover, curable foam tape (EB and UV or rubber and acrylic systems) is more suited for specialty tapes. These factors are expected to present opportunities for market participants to develop novel products for a variety of applications.

Furthermore, various firms' continuous product development to make high-performance and cost-effective foam tapes are likely to fuel demand in aerospace, automotive, solar power, and wind power during the forecast period.

Foam Tape Market – Regional Landscape

The North America foam tape market is expected to experience steady growth over the forecast period, owing to increased demand for foam tapes as a result of the automotive industry's rapid expansion and increased demand for passenger vehicles. Moreover, an increase in construction and building projects, the development of more advanced manufacturing technologies, and the advent of eco-friendly alternatives for adhesives and tapes are projected to boost the foam tape market in North America.

In the Asia Pacific, the foam tape market is projected to witness significant growth during the forecast period, owing to rising demand for and quick adoption of foam tapes in the construction and building, automotive, and appliances and electronics industries. China is projected to contribute significantly to the foam tape market due to expanding usage of foam tapes in automotive and building and construction.

Other important aspects projected to contribute to revenue growth in the Asia Pacific market are massive growth of advanced manufacturing infrastructure, R&D breakthroughs, and easy availability of raw materials.