A report by Transparency Market Research on global adhesive tapes market states that due to rising awareness about the benefits of the adhesive tapes, the market is projected to witness a progressive growth from 2016 to 2024. The market’s growth is also the result of growing use of these tapes in industries like automobiles and manufacturing. These industries implement adhesive tapes in various applications like fixing a leak, placing dashboards and various others. These applications are projected to propel the global adhesive tapes market to experience a consistent 6.8% CAGR from 2016 to 2024. Moreover, with this rate the market is also projected to reach to the value of US$ 92.36 bn by the end of 2024.
The experts at Transparency Market Research also mentions that global adhesive tapes market stood strong at US$ 51.54 bn during 2015. This implies that the global adhesive tapes market has a massive growth potential that can help the market player to have a successful future up ahead.
Developing Automotive Industry to Boost the Growth
Automotive Industry is experiencing a major push these days. The industry is thriving as the economies of countries like the U.S. and Canada, which is stimulating the people to purchase new vehicles. However, the industry is one of the largest segment of the global adhesive tapes market. This is because, it uses these tapes in various applications such as placement of dashboards, insulating electric wires, and holding slots for connectors in the vehicles. These applications in the automotive industry are expected to make it the fastest growing segment in the global adhesive tapes market from 2016 to 2024.
Growing Electronic Industry Also Supports the Growth of the Market
Electronic industry is also a major contributor to the growth of global adhesive tapes market. The industry uses these tapes in forms of insulators and collectors for the electronic components to be used in a device. The adhesive tapes are made from compounds like rubber, acrylic, and silicon, which are some of the best insulators. Moreover, the flexibility offered by these tapes also plays a crucial role in fueling their use in electronic devices. Based on these applications and benefits the electronic industry is projected to fuel the growth of global adhesive tapes market from 2016 to 2024.
Europe to Lead the Global Market
Europe is the hub for automotive industries. Due to the growth of this industry in the region, Europe is expected to dominate the global adhesive tapes market from 2016 to 2024. Moreover, growing electronic industry in Germany also adds to the momentum of the region in global adhesive tapes market from 2016 to 2024.
The global adhesive tapes market is segmented on the basis of:
- Single Coated
- Double Coated
- Transfer Tape
- Foam Tape
- Backing Material
- Polyvinyl Chloride
- End use
- Health Care
- Building & Construction
- Consumer Goods
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- North America
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