Global Adhesives Tapes Market: Snapshot
Owing to the rise in awareness among competitors with regards to the benefit of adhesive tapes, the market for adhesive tapes is expected to increase at a progressive speed in the forthcoming years. Major players of the market are focusing in manufacturing more innovative products so as to draw more revenue and surge the demand for adhesive tapes in the market. New techniques are being adopted in order to enhance the capacity of production and so as to develop new techniques and to draw more revenue into the market.
Leading vendors of the adhesive tapes market are also focusing on new merger and acquisition strategies in order to boost the market globally. The high rate of raw materials are making it difficult for new players to enter the market but the manufacturers who are already established take this as an opportunity and consider it as a boon in order to boost their product in the market and attract more revenue share in the market.
The global market for adhesive tapes is seen to be drawing most part of the revenue share from its application segment. Various research and developmental activities have led to the growth of the application category and thus, the market seems to be growing at a remarkable speed. The new trend of substituting bolts, screws, rivets and other attaching or fastening techniques with adhesives has been leading to the progress of the adhesive market at a global rate. Besides, there is new demand for light weight vehicles and this is also adding fuel to the growth of the adhesive market.
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The electronic industry is also adding to the growth of this market and so is the medical industry and healthcare sector with regard to covering wounds, or in order to fix post-surgery cover shield, cleaning purpose, and even for protecting the layer for surgical containers. Not only this, adhesives in the medical sector are also used to monitor electrodes. The rise in demand for specialty tapes is mainly due to its easy-to-handle property, desired performance, and most importantly its cost efficiency.
The fact that adhesives are nature friendly and do not cause any harm to the environment acts as an advantage and thus, adds to the overall growth of the adhesive tapes market in all parts of the world.
The global adhesive tapes market is assumed to be worth US$92.36 bn within the forecast period of 2016 to 2024 with a CAGR of 6.8%.
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Europe and Latin America to Witness Rapid Development Owing to Automotive Sector Development
The global adhesive tapes market is studied on the basis of key geographies Latin America, Middle East and Africa, Europe, Asia Pacific, and North America. Among these, the market in Asia Pacific is expected to grow with a promising rate in the coming years owing to the development in technology. Moreover, raw materials are easily available in Asia Pacific and the manufacturing infrastructure is also developing with the advent of time.
Apart from Asia Pacific, the market for adhesive tapes is to see significant growth in the regions of Latin America and Europe. This is due to the quick development of the automotive sector in both the regions.
Major companies dominating the global adhesive tapes market are Advance Tapes International, NICHIBAN CO., LTD., CMS Group of Companies, Lohmann GmbH & Co.KG., and Surface Shields.