PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490079
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490079
The global adhesive tapes market is estimated to be valued at USD 89.60 Bn in 2024 and is expected to reach USD 132.08 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 89.60 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 5.70% | 2031 Value Projection: | US$ 132.08 Bn |
The global adhesive tapes market has been witnessing significant growth in recent years. Adhesive tapes, also known as pressure-sensitive tapes, are versatile bonding and joining materials used across various applications due to their easy application and strong bond. Major factors driving the demand for adhesive tapes include growth of the packaging industry, increasing usage in electrical and electronics sector, and expansion of construction and automotive industries worldwide. Moreover, constant innovations in adhesive chemistry and tape backing materials along with the development of specialized tapes for newer applications have accelerated the market expansion. However, volatility in raw material prices poses a challenge.
Market Dynamics:
The growth of the global adhesive tapes market is driven by factors such as rising demand from the packaging sector, increasing usage in healthcare industry, and expansion of automotive production. The packaging industry has been a major consumer of adhesive tapes due to their effectiveness in sealing, holding, and bundling of packaging materials. Moreover, adhesive tapes find extensive applications in healthcare for dressings, medical devices, and other uses owing to their excellent bonding properties and hypoallergenic nature. The automotive sector is also contributing to market growth through increased utilization of adhesive tapes in vehicle interior and exterior applications. However, fluctuations in prices of raw materials such as acrylic, rubber, and silicone pose a challenge for market players. On the other hand, ongoing product innovations focusing on specialty tapes, development of bio-based adhesive tapes, and rising applications in electronics present lucrative growth opportunities for market expansion.
Key Features of the Study:
Detailed Segmentation-