As per the market research study by Market Research Future (MRFR), in the past years, the market for Pressure Sensitive Tapes was highly valued back in 2017. Now the market is predicted to achieve more valuation till the end of 2023, registering an exponential 6.1% CAGR between the years 2017 and 2023.
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Top Impacting Factors
Pressure-sensitive tapes are mostly used for packaging, labeling, stationery, sealing, and other general-purpose applications. These kinds of tapes are based on several pressure-sensitive adhesives where it is applied. The demand for such pressure-sensitive tapes is upward rapidly. It is estimated to expand at the same pace over the assessment period owing to rising demand from the automotive industry.
MRFR, in its study, has depicted several factors that have been favoring the growth of the market for many years. On this, the foremost factor leading the market is the growing used of pressure-sensitive tapes in automotive interior parts. Such a growth happened as this provides better resistance and excellent adhesion ability, which is likely to propel the pressure-sensitive tapes market during the forecast period.
On the same line, the surge in global trade relations followed by a rise in the adoption of online retailing has also fuelled the demand for the packaging segment, which in turn is likely to propel pressure-sensitive tapes demand in the forecast period. In fact, technological advancements in the industry are highly focused on the production of premium quality products with superior performance. The development of customized products designed for use in specialized applications along with mount in use of silicone-based adhesives is approximate to emerge as a way forward for manufacturers across the globe. Such a factor has also made the market to expand broadly in the forecast period.
To add with it, other factors such as fluctuations in raw material prices result in notable changes in procurement cost for manufacturers, which positively influences the growth of the market. In fact, volatility in prices of raw materials is a result of changes in crude oil prices. Moreover, sanctions obligator on importing crude oil is also likely to limit the market.
Global Key Market Players
3M Company, Avery Dennison CorporationAmerican Biltrite Inc., Berry Plastics Corporation, Adchem Corporation, Jonson Tapes Limited, Nitto Denko Corporation, Intertape Polymer Group, Tesa SE, Advance Tapes International Limited, LLC, Zhejiang Yonghe Adhesive Products Company Limited and Shurtape Technologies are some of the top-grossing market players around the world.
Segmentation of Market: Sensitive Pressure Tapes
As per the study, the global pressure sensitive tapes market has been segmented by various segments of product, backing material, and application.
Among the backing material segment, the market has included PVC, Paper, Polypropylene, and others. The polypropylene acquired the largest market share in 2016, owing to properties such as superior moisture and chemical resistant. Also, good fatigue and impact resistance, along with the resistance to electricity, vividly upsurges the demand as a backing material. The paper segment is likely to expand at the highest CAGR during the assessment period. Rising government guidelines for manufacturing lightweight vehicles ultimately increase the demand for paper tapes in the automotive industry.
Among the product segment, the market has included carton sealing, masking, double-sided, electrical, and others. Carton sealing tapes acquired the largest market share back in 2016 owing to its compatibility with various sterilization forms and non-toxic nature. Double-sided tapes are likely to witness the highest growth over the forecast period.
Among the application segment, the market has included packaging, healthcare, manufacturing, construction, and others. The packaging is leading the application segment of the global pressure sensitive tapes market. The high growth in the packaging industry across the globe is the primary factor driving the demand of the market.
The global pressure sensitive tapes market is also studied among the key regions of Europe, North America, Rest of the World (RoW), and the Asia Pacific.
Among all, the Asia Pacific region leads the global pressure sensitive tapes market and is now likely to expand at the most considerable CAGR during the assessment period. The growing industrial base in the region is motivating the growth of the market. Top players across the globe are gradually shifting their production facilities to cater to the high potential markets in the Asia Pacific region owing to the availability of low-cost labor and ample raw material stocks. This has an optimistic influence on the growth of the market for years. Countries such as China, Indonesia, Thailand, and Japan are the major contributors to the Asia Pacific market. China holds the largest share of the regional market in support of the high demand from the consumer goods industry.
The region of North America is also the second-largest market for the pressure-sensitive tapes, mainly due to the growing automotive industry and mounting use of pressure-sensitive tape in place of mechanical fasteners. The U.S. is the primary provider in global and North America pressure sensitive tapes market owing to the swell in demand for paints and coating, which involve the use of masking tapes. In contrast, Europe is also a significant market for the pressure-sensitive tapes owing to the high demand for personal care and consumer goods. Also, the rapidly growing packaging industry in Germany, France, the U.K., and Spain, it is possible to boost the demand for packaging tapes in the region.
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