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.
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.
