As per the latest report by IMARC Group, titled “Industrial Tapes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global industrial tapes market size reached US$ 54.1 Billion in 2018. An industrial tape comprises an adhesive coating and a backing material and is utilized for masking, bonding, packaging, wrapping and electrical sealing. It is water and shock-resistant and employed in attaching different components such as foams, cushions and lighting fixtures. As compared to the conventional binding techniques, such as welding, screws and fasteners, the industrial tape offers a high level of adhesive strength and superior insulation. It also assists in enhancing the stability of the product and resisting against toxic materials and temperature changes, which make it suitable for use in extreme weather conditions.
Global Industrial Tapes Market Trends:
As industrial tapes offer favorable properties including water/shock resistance and high peel and tensile strength, it finds vast applications in operations including insulation, packaging, vehicle assembly, electronic components assembly and heating ventilation air conditioning (HVAC) operations. Apart from this, these tapes are rapidly replacing mechanical fasteners like bolts and screws to serve as a light-weight alternative, hide any visible joint and attachment, and improve the aesthetic appeal of a product. Further, governments in numerous countries are introducing policies to encourage the manufacturing of zero-residue, eco-friendly and bio-degradable tapes to reduce carbon emissions. Looking forward, the market is projected to reach a value of US$ 73.3 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
- Based on the type, the market has been segmented into filament, aluminium, duct, adhesive transfer and other tapes. At present, duct tape represents the most popular product type, holding the dominant market share.
- On the basis of the tape packaging material, the market has been divided into polypropylene, paper, polyvinyl chloride and others. Currently, polypropylene tape exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the application into packaging, masking/protective, electrical and electronic, specialized, and others.
- Based on the end user, the market has been classified into manufacturing, automotive, construction, logistics, electrical and other industries.
- On the basis of the mode of application, the market has been segregated into pressure sensitive, solvent based, hot melt-based and acrylic based applications.
- Region-wise, Asia Pacific represents the leading market for industrial tapes across the globe. Other major segments include Europe, Latin America, North America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Avery Dennison Corporation, H.B Fuller Company, Henkel AG & Company KGaA, Ashland Inc., Sika AG, Saint Gobain SA, Eastman Chemical Company, The DOW Chemical Company, VON Roll Holding AG and The 3M Company.
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