Global Pressure Sensitive Tape Market: Snapshot
The global pressure sensitive tape market is anticipated to rise on the back of increasing use of the products in stationery, electrical insulation, labeling, bonding, sealing, packaging, and other general purpose applications. Consumers could be largely attracted to the ease of use and other advantages offered by pressure sensitive tape. This is expected to improve the adoption of pressure sensitive tape in the near future. Advancement in technology could be a powerful factor augmenting the demand in the global pressure sensitive tape market.
Expected to log a 6.7% CAGR during the forecast period 2016-2024, the global pressure sensitive tape market could reach a valuation of US$96.1 bn by the end of 2024. In 2015, the global pressure sensitive tape market was worth a US$53.9 bn.
Swelling Demand in Wire Harnessing Promotes Market Growth of Specialty Tape
The global pressure sensitive tape market is specialty, double-sided, masking, and carton sealing tapes as per type of product. In 2015, the segment of carton sealing tape took the driver’s seat of the global pressure sensitive tape market. On the basis of volume, it secured close to a 60.0% share of the global pressure sensitive tape market. However, in terms of value, the global pressure sensitive tape market is foreseen to witness the dominance of the specialty segment. This segment could clock a 7.7% CAGR during the said forecast period. Compared to general-use pressure sensitive tapes, specialty tape possesses unique attributes as per the given requirement.
Specialty tape is forecast to secure a telling share of the global pressure sensitive tape market due to its rising demand in labeling, wire harnessing, insulation, masking, vibration, and other applications. High demand in specific end-use operations could also push the growth of the specialty pressure sensitive tape market in the near future.
By backing material, the global pressure sensitive tape market is bifurcated into polyvinyl chloride, paper, polypropylene, and other segments. With regard to end user, the global pressure sensitive tape market is classified into healthcare, automotive, electrical and electronics, building and construction, and food and beverage.
Asia Pacific Takes Lead as Japan and China Provide Strong Manufacturing Bases
Regionally, the global pressure sensitive tape market is prognosticated to find Asia Pacific taking the lead in terms of share. Factors such as rapid industrialization, rising population, and steady expansion of Vietnam, Indonesia, India, and other economies could benefit the regional pressure sensitive tape market. The emerging region could also bank on the availability of strong manufacturing bases in Japan and China to gain a larger share of the global pressure sensitive tape market.
On the other hand, easy availability of raw materials and technological developments are foretold to create a whole lot of demand in the Asia Pacific pressure sensitive tape market. As per the market analysts, Asia Pacific could rise at a 7.3% CAGR.
North America could show a promising growth rate in the global pressure sensitive tape market. Replacement of mechanical fasteners with pressure sensitive tape and impressive growth the automotive industry are predicted to support the rise of North America in the global market.
Some of the prominent names operating in the global pressure sensitive tape market are Nitto Denko Corporation, 3M, and Kruse Adhesive Tape, Inc.
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.
The global pressure sensitive tape market is segmented as follows:
Global Pressure Sensitive Tape Market, by Geography
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
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