The global pressure sensitive tape market is expected to witness a steady and healthy growth during the forecast period. The market is expected to reach evaluation of US$ 96.1 bn by 2024 end. It is expected to grow at 6.7% CAGR during the forecast period (2017 - 2026). The market evaluation reached US$53.9 bn in 2015.
The global pressure sensitive tape market is driven by a growing demand for various products in electrical insulation, stationery, bonding, labelling, sealing, and packaging. Consumers are also attracted to the pressure sensitive tapes market for new advantages. These advantages include general household applications propelled by growing trend of do-it-yourself popular in certain regions. Advancements in pressure sensitive tape market are also expected to boost market growth during the forecast period.
Carton sealing tape is expected to drive the pressure sensitive tapes market
The pressure sensitive tape market offers unique products including specialty, carton sealing tapes, and double-sided and masking tapes. Out of these the carton sealing tapes are expected to drive the market during the forecast period. It secured a majority share in the market, totalling to about 60% in 2015, in the pressure sensitive tape market. The specialty tape is also expected to drive the growth of the market during the forecast period. In terms of value, the specialty tape segment is expected to dominate during the forecast period. The specialty tape segment is driven by the quality of the product and enriching end-user applications. Hence, the segment generally drives higher margins than others and it is expected to grow at a 7.7% CAGR during the forecast period.
Based on the packing material used, the global pressure sensitive tape market is divided into paper, polyvinyl chloride, polypropylene and other segments. The market report’s end user segments include automotive, healthcare, electrical, construction, and food and beverages.
North America shows signs of promising growth in the pressure sensitive tape market
The pressure sensitive tape market in North America is showing promising signs of growth. Pressure sensitive tapes have advanced to a level where they have replaced mechanical fasteners in many applications. Additionally, the automotive industry is picking up pace much to the delight of the pressure sensitive tape market manufacturers in North America.
The pressure sensitive tape market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The pressure sensitive tape market is expected to register a significant growth in Asia Pacific region. Rapid industrialization, growing disposable income, rising population and steady progress in India, China, Vietnam and others is driving the market. The pressure sensitive tape market in Asia Pacific is expected to grow at 7.3% CAGR during the forecast period.
Strong manufacturing base in Japan and China can further boost the market growth of the pressure sensitive tape market. The Asia Pacific region is also home to cheap raw materials and several private companies are undertaking technological developments are expected to drive growth of the market during the forecast period.
Global Pressure Sensitive Tape Market: Overview
Pressure sensitive tapes are used across myriad applications with new applications being discovered almost daily. The use of pressure sensitive tapes is expected to rise as a joining and fastening solution with advancement in adhesive technology, low cost in comparison to traditional fastening systems, and ease of use.
Pressure sensitive tape is an adhesive substance that sticks to a given surface on application of light pressure. It is used across various applications in offices, homes, restaurants, institutions, and industries. The major constituents that are used in the manufacture of pressure sensitive tapes are adhesive, filler, resin, and other additives that are combined with organic solvents or water.
The global pressure sensitive tape market can be segmented with respect to backing material, application, product, and geography.
The report on the global pressure sensitive tape market is an interesting read due to its several offerings. The report presents projections of the various segments and sub-segments based on current and past performance. Using standard analytical tools, the report also presents a market attractiveness analysis over the forecast period.
Global Pressure Sensitive Tape Market: Trends and Opportunities
Increasing awareness about the utilization of environment friendly packaging in order to abide by governmental regulations are the major factors contributing to the growth of pressure sensitive tape market.
In 2015, the packaging industry led the application segment of pressure sensitive tape market and is expected to retain its dominant position over the forecast period. Building and construction is the second-largest application segment of the pressure sensitive tape market. The automotive industry is expected to emerge as a significant application segment of the pressure sensitive tape market in the coming years.
In terms of backing material, the pressure sensitive tape market is divided into paper, PVC, polypropylene, and others. On the basis of product, the segments of the market are single-sided tape, transfer tape, double-sided tape, carton sealing tape, and others (includes masking tape, electrical tape etc.) Amongst these, carton sealing is the leading product segment and is expected to display growth over the forecast period.
Global Pressure Sensitive Tape Market: Regional Outlook
In terms of geography, Asia Pacific is the leading regional market for pressure sensitive tapes and it is expected to retain its dominant position until the end of the forecast period in 2024. In this region, increasing building and construction undertakings predominantly in China, India, and Malaysia and growth of the automotive industry are the major factors propelling the demand for pressure sensitive tapes.
The region is trailed by the Middle East and Africa, which is expected to emerge as a significant market for pressure sensitive tapes. Robust growth of the tourism and hospitality industries in the region leading to new construction undertakings has fuelled the demand for pressure sensitive tapes.
North America and Europe are expected to display a moderate demand for pressure sensitive tapes. In U.S., the expansion of the food and beverage sector is indirectly benefitting the pressure sensitive tapes market for corrugated packaging.
Global Pressure Sensitive Tape Market: Competitive Landscape
The global pressure sensitive tape market features a highly fragmented competitive landscape with the presence of a large number of global and regional players. Some of the key players in the global pressure sensitive market are Nitto Denko Corporation, Lintec, Avery Dennison Corporation, Henkel AG & Company KGaA, 3M, Adchem Corporation, and Canadian Technical Tape Limited among others.
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- A clear understanding of the competitive landscape and key product segments
The global pressure sensitive tape market is segmented as follows: