The global adhesive tape market was valued at US$64.834 billion in the year 2019 and is estimated to reach up to the market size of US$88.314 billion in 2026 with a Compound Annual Growth Rate of 4.51%. With the increasing demand for adhesive tape in packaging, house appliances, and automotive. Any product increases its durability and earns trust from the customer when it is in a proper packaged condition. Adhesive tape thus plays a vital factor to earn the customer’s trust. Applying the adhesive tape offers protection and value to the products or any article. Adhesive tape are used in other fields as well such as in construction, automotive, markings made on roads, and are also used as a surface protection tool. They are also preferred due to their unique features of being pressure-sensitive, flexible, and efficient.
Preference for Adhesive Tape Over Traditional Joining Methods
Some of the tractional joining for fastening methods such as mechanical interlocks, nuts, bolts, rivets, and screws, and others are known for their strength and reliability. However, applying these methods on the delicate surface may harm or crack the surface due to the exertion of mechanical pressure. Due to this tensile pressure, these mechanical joining methods in some field lacks long-term attachments and reliability. To avoid this, the traditional methods are replaced with the adhesive tape joining methods in several fields. These tapes enhance the lifespan of the products. Due to its material, it does not have chances of corrosion or rust as well. Adhesive tape eliminate the time consumption which it takes for the mechanical assembling methods and is preferred by most consumers as it reduces the noise and vibrations. Thus, the use of adhesive tape has proven to reduce material costs and reduce production while increasing the efficiency of a product. The gradual shift toward the adhesive tape from the traditional mechanical fastening methods has been attributed to driving the market in the forecast period.
Industrial Sector to Drive the Adhesive Tape Market With an Increase in Its Demand
Adhesive tape are required in many ways in the industrial sector. Along with the packaging, they are also used for masking, and binding papers and printings. They are applied in the healthcare, automotive, electronics, construction, and retail sectors. Due to the increasing use of electric and electronic devices, the adhesive tape demand from these industries is rising. The use of microelectronic devices is trending. This trend has accelerated the application of adhesive tape in these industries. And this trend is expected to grow at a steady pace even in the future. The electronic devices strongly protected by the adhesive tape ensure their durability and smooth functioning as it adhesive tape also protect the devices from damage. Also, application in the packaging of other industrial products such as machines, gadgets, and many more is also rising. This led the industrial sector to dominate the global adhesive tape market during the forecast period.
The adhesive tape are also used in the healthcare and hygiene sector. Due to the increase in medical services, the demand for them is increasing. Additionally, the increasing number of patients with chronic diseases and the aging population also attribute to the demand for healthcare and medical services. Moreover, the rising demand for oral dissolve films, vitro diagnostics, transdermal drug delivery patches, and hydrophilic films is expected to drive the market at a faster pace in the healthcare industry worldwide.
The adhesive tape are also used in the equipment of heating ventilation, and air conditioning. The increase in demand and installation of these facilities in many houses has in a way paved a way for the demand for adhesive tape. Likewise, the building and construction sector is another leading application of adhesive tape. In this specific sector, the adhesive tape are used for insulation, glazing, and abatement which is projected to drive the market worldwide especially in developing countries of Asia-Pacific, and the Middle East, and Africa.
Factors Hampering the Market Growth
Adhesive tape are manufactured by using raw materials such as paper, rubber, silicone, polypropylene, acrylic, polyvinyl chloride, release liners and adhesives. The increasing cost of these raw materials restraining the production of adhesive tape. Moreover, most of these raw materials are made up of the derivatives of petroleum. Petroleum and oil are vulnerable to price fluctuation. In the last few years, the price of petroleum and oil is rising owing to the unrest in the Middle East countries. This led to the increase in the cost of petroleum-based raw materials.
The regulatory bodies in Europe and North America such as European Union, Globally Harmonized System, and Environmental Protection Agency have imposed regulations on the usage of adhesive tape to reduce the emissions of Volatile Organic Compounds. This requires the production process to use water-based technology instead of solvent-based technology. As solvent-based adhesive tape provide more durability and can withstand a high temperature than water-based adhesive tape, manufacturers face challenges in fulfilling the demand of consumers. However, these regulations provide great market growth in the water-based adhesive tape market during the forecast period.
Asia-Pacific to Grow at the Skyrocketing Rate in the Adhesive Tape Market
Consumers in Asian countries are shifting their preference from traditional wound care products to advanced medical wound care products such as adhesive bandages, first-aid kits, and dry dressings. Due to the urbanization and westernization in these countries, the awareness about advanced wound care facilities in rising since last few years.
Impact of COVID-19 on the Adhesive Tape Market Activities
A sudden outbreak of the COVID-19 pandemic affected various sectors such as tourism, travel, aviation, business, and manufacturing. The financial activities during this period drastically changed. Many industries experience slowed down or decline in the production rate. This has also affected the production and sales rate of adhesive tape due to the restrictions on export and import, and other supply sources. The market growth slowed down during this period. However, the investments in the adhesive tape market by governments by many countries will attribute to the market growth. Additionally, the new developments by key market players will also boost the market in the forecast period. For instance, in March 2019, a new tape product was launched by Saint-Gobain named Norbond A7600 with high-performance gray acrylic properties.