The PVC adhesive tape market is predicted to grow at a CAGR of 2.43% to reach a market valuation of US$3.178 billion by 2029, from US$2.687 billion in 2022.
PVC adhesive tape finds usage in both, indoor & outdoor applications owing to their pressure-resistance, flame, and temperature-resistance properties owing to which they provide insulation & sealing against dust, moisture, vibration, and impact. The growing industrial productivity has bolstered the concern of preventing electrical short circuits that could lead to a series of workplace accidents, which is positively driving the demand for PVC adhesive tapes wrapping and insulating the electric cables. Additionally, various innovations and advancements in solvent-based and hot-melt-based tapes to meet the diverse needs of consumers have further augmented the overall market growth.
Rapid urbanization and improvement in living standards have bolstered the demand for various consumer goods, mainly automotive which has resulted in progression in the global automotive production scale. For instance, according to the International Organization of Motor Vehicle Manufacturers, the global automotive production scale in 2022 reached 85.06 million units, thereby representing a 6% increase over 2021’s production volume of 80.20 million units. PVC adhesive tape is used during assembling, fixing, and bonding of various electrical parts of automotive, and with the growing production volume, the prevalence of usage of such tape is also expected to increase thereby bolstering the overall market demand.
Increasing use of PVC Adhesive in the construction industry propels the market.
PVC adhesive tape also finds applicability in other major end-users, such as in the construction sector, for providing electrical insulation, and as the global population increases, the demand for residential units has also increased, thereby bolstering residential construction in major economies. For instance, according to the US Census, in December 2023, privately owned housing starts stood at 1,460,000 units which signified a 7.6% increase over housing starts in 2022 for the same month. Moreover, the same source stated that in the same month, building permits were authorized for 1,495,000 privately owned housing, which signified a 6.1% increase over permits authorized in December 2022. Moreover, advancements in adhesive technology, such as the development of eco-friendly and high-performance formulations, further propel market growth. Additionally, the trend towards lightweight materials and the need for efficient bonding solutions contribute to the expanding PVC adhesive market.
The market is projected to grow in the North American region.
The PVC adhesive tape market is projected to rise at a moderate growth rate. The industry is expected to be affected by changing environmental, and governmental regulations which are anticipated to challenge market growth as well. In addition, the increasing advancements, and market developments including product launches, collaborations, agreements, acquisitions, and other related factors. The market is poised to be dependent on certain industries. The PVC adhesive market is experiencing growth primarily due to increasing demand across various industries such as construction, automotive, packaging, and electronics. PVC adhesives offer numerous advantages, including strong bonding capabilities, resistance to environmental factors, and versatility in applications. With rising construction activities, expansion of the automotive sector, and growing packaging requirements driven by e-commerce, the demand for PVC adhesives continues to surge.
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