Pressure sensitive tapes are broadly used for packaging, sealing, labelling, stationery, and other general purpose applications. This kind of tapes are based on several pressure sensitive adhesives where adhesive is applied on one side or on both sides. Hence, this can be easily put on any surface by applying slight mechanical or manual pressure. The demand for pressure sensitive tapes is growing rapidly and is projected to grow at the same pace over the forecast period owing to growing demand from the automotive industry. These tapes are used in automotive industry for joining interior parts, roof, and glass bonding. The global pressure sensitive tapes market is estimated to grow at a CAGR of 6.1% during the estimated period, 2017-2023.
The global pressure sensitive tapes market consists of North America, Europe, Asia Pacific, and Rest of the World (RoW). The Asia Pacific region dominates the global pressure sensitive tapes market and is expected to grow at the largest CAGR during the forecast period. Increasing industrial base in the region is driving the growth of the market. Key players across the globe are gradually shifting their production facilities to cater the high potential markets in Asia Pacific region due to the availability of low-cost labor and ample raw material stocks. This has positive influence on the growth of the market. China, Indonesia, Thailand and Japan are the major contributor in Asia Pacific market. China accounts for the largest share of the regional market due to the high demand from the consumer goods industry.
North America is the second largest market for the pressure sensitive tapes, mainly because of the growing automotive industry and growing use of pressure sensitive tape in place of mechanical fasteners. The U.S. is the major contributor in global and North America pressure sensitive tapes market due to the increase in demand for paints and coating, which involve the use of masking tapes.
Europe is another major market for the pressure sensitive tapes due to the high demand for personal care and consumer goods. Additionally, rapidly growing packaging industry in Germany, France, U.K. and Spain, is also likely to boost the demand for packaging tapes in the region.
Global pressure sensitive tapes market is segmented based on backing material, product, application, and region. On the basis of the by Backing Material, the market is segmented into the Paper, PVC, Polypropylene and others. The polypropylene accounted for the largest market share in 2016 due to its properties such as superior moisture and chemical resistant. Good fatigue and impact resistance along with the resistance to electricity also expressively upsurges its demand as a backing material. The paper segment is anticipated to grow at the highest CAGR during the forecast period. Growing government guidelines for manufacturing lightweight vehicles ultimately increase the demand for paper tapes in the automotive industry. Furthermore, the high demand for low-cost backing materials for producing the tapes have also enhanced the growth opportunities for paper tapes in the industrial, electronics, and construction sectors. On the basis of the product, the market has been segmented as Masking, Carton Sealing, Electrical, Double-sided and other. Carton Sealing tapes accounted for the largest market share in 2016 owing to its compatibility with various sterilization forms and non-toxic nature. Double sided tapes are expected to witness the highest growth over the forecast period. It is more durable, reliable and has effective bonding, and fixing properties. Moreover, high consumption this tapes from construction sector will also fuel the market growth.
On the basis of the application, the market is further segmented as Healthcare, Packaging, Construction, Manufacturing, and others. Packaging is dominating the application segment of the global the pressure sensitive tapes market. High growth in packaging industry across the globe is a major factor driving the demand of the market.
In June 2017, Avery Dennison Corporation, one of the major manufacturers and distributors of pressure sensitive adhesive materials has completed the acquisition of Yongle Tape Company Ltd. to manufacture specialty tapes and related products in a variety of industrial markets. The same year, in September 2017, Avery Dennison Corporation expanded its Kunshan Plant to meet the demand from pressure sensitive tapes.
In November 2016, 3M Company developed Scotch Clean Removal Strapping Tape 8899HP to expand the product portfolio.
The global pressure sensitive tapes market is expected to grow at a CAGR of 6.1% during the forecast period.
Some of the prominent players in the pressure sensitive tapes market are Avery Dennison Corporation, 3M Company, Berry Plastics Corporation, American Biltrite Inc., Jonson Tapes Limited, and Adchem Corporation. Nitto Denko Corporation, Intertape Polymer Group, Advance Tapes International Limited, Tesa SE, LINTEC Corporation, Scapa Group, Shurtape Technologies, LLC, and Zhejiang Yonghe Adhesive Products Company Limited are among others.
Information Source : https://www.marketresearchfuture.com/reports/pressure-sensitive-tapes-market-1620