San Francisco, 30 January 2024: The Report Pressure Sensitive Tapes Market Analysis Report By Product (Specialty, Packaging, Consumer), By Technology (Hot Melt, Water-based, Solvent-based, Radiation Cured), And Segment Forecasts, 2019 - 2025

The global pressure sensitive tapes market size is poised to reach USD 75.91 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.1% during the forecast period. Increasing application scope in the medical and automotive industries is projected to augment the market over the forecast period.

The market is driven by the packaging industry on account of their high-volume usage in cardboard and container sealing. In addition, ease of application of packaging tapes as compared to substitute products such as adhesives and sealants is anticipated to further boost the demand in packaging application in end-use industries.

Technological advancements in the industry are focused towards production of premium quality products with superior performance. Development of customized product designed for use in specialized applications along with rise in use of silicone-based adhesives is estimated to emerge as a way forward for tape manufacturers across the globe.

Fluctuations in raw material prices result in a notable changes in procurement cost for manufacturers, thereby negatively influencing the growth of the market. Volatility in prices of raw materials is a result of changes in crude oil prices. Moreover, sanctions imposed on import of crude oil are also expected to limit the market from realizing its utmost potential.

Rise in concerns regarding automobile light weighting across the globe has led to increased adoption of tapes through substitution of conventionally used products such as fasteners and adhesives. Increasing population coupled with rapid urbanization & industrialization in emerging economies is projected to prompt governments to increase their construction spending in order to cater to rising infrastructure needs. This, in turn, is anticipated to fuel the demand for pressure sensitive tapes in various construction applications over the forecast period.

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Rising demand for transport is estimated to increase the production capabilities of aircraft manufacturers, which can result in an extension of contracts between material suppliers and manufacturers. In addition, aircraft replacement is expected to reach 43.0% of the total demand over the next 20 years, which can stir up the demand for the product as it is primarily used in the production of aircraft interiors and avionics.

Pressure Sensitive Tapes Market Report Highlights

• Packaging tapes represented over 63.0% of the overall volume in 2017 on account of their increasing use in sealing, enclosing, bundling, and wrapping applications of containers, cardboard boxes, and bottles
• Specialty pressure sensitive tapes are likely to register a CAGR of 4.3% in terms of revenue from 2018 to 2025 owing to their spiraling demand in the medical industry for sustainable and easy to use wound care solutions
• Woven & non-woven backing materials commanded over 18.0% of specialty tapes volume share in 2017, owing to their properties such as stretchability, bacterial barrier, and absorbency, which facilitate their use in medical and wound care applications
• Acrylic is the most widely used adhesive chemistry for manufacturing of specialty pressure sensitive products. It is poised to post a CAGR of 4.5% in terms of revenue during the forecast period as it offers better tacking properties and high UV, plasticizer, and solvent resistance
• The Asia Pacific pressure sensitive tapes market accounted for 35.6% of the overall revenue in 2017, on account of booming manufacturing sector and presence of major manufacturers in the electronics, automotive, and medical industries in the region
• Presence of a large number of players and introduction of advanced products for specialized applications coupled with price discrimination by manufacturers in China are bolstering the competitive rivalry in the market.

Fluctuations in raw material prices are a result of changes in crude oil prices and have a notable impact on procurement cost for manufacturers, thereby adversely affecting the growth of the market. Moreover, sanctions imposed on the import of crude oils are likely to influence the overall oil prices, resulting in fluctuations in raw materials prices.

Regulations have been imposed regarding the use of adhesives and backing materials for various applications. In addition, national governments in Europe and North America have mandated listing of materials used for the production of pressure-sensitive tapes, thereby increasing the complexity of the regulatory framework.

The growth of the market is poised to be hampered by the presence of a number of substitutes such as adhesives, sealants, and fasteners. Extensive utilization of aforementioned products for bonding, across various end-use industries including automotive, building & construction, and aerospace, is projected to restraint market growth.

Pressure Sensitive Tapes Market Report Scope

Specialty tapes are the fastest-growing product segment in terms of volume as well as  value during the forecast period. The segment is anticipated to register a CAGR of 4.3% in terms of revenue during the same period. Rising demand for specialty products in the automotive industry can be attributed to increasing emphasis on vehicle light weighting by major car manufacturers across the globe.

Major players across North America, Europe, and Asia Pacific are focused on manufacturing high-quality products to compete in the international market. Companies in the market such as Tesa, 3M, and Intertape are increasing their investments in R&D for development of new technologies, such as hot melt and water based, to provide solvent-free adhesives.

Improved adhesion offered by the solvent-based technology is encouraging its consumption in Europe as customers and manufacturers are focused on quality compared to prices. However, growing competition from Asian manufacturers with their low-cost products is a major factor restraining competitiveness of European manufacturers.

List of Key Players of Pressure Sensitive Tapes Market

• Tesa
• 3M
• Avery Dennison
• Nitto Denko
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