Global Polyurethane Tape Market - 2024-2031

Overview

Global Polyurethane Tape Market reached US$ 1.9 billion in 2023 and is expected to reach US$ 2.7 billion by 2031, growing with a CAGR of 4.4% during the forecast period 2024-2031.

The growth of the electrical and electronics sectors is another factor propelling the globally polyurethane tape market. Polyurethane tapes are extensively utilized in electrical and electronic equipment for bonding, insulation and moisture protection. High-performance tapes that can offer dependable protection and communication solutions are becoming more and more in demand as consumer electronics, smartphones, wearables and Internet of Things products become more commonplace.

The expanding demand from the automotive sector is a major factor propelling the globally polyurethane tape market. In the production of automobiles, polyurethane tapes are widely used for insulating, bonding, sealing and surface protection. Automobile manufacturers are putting more attention on the performance, longevity and aesthetics of their vehicles, thus to improve protection against noise, vibrations and corrosion, they are adding polyurethane tapes to various assemblies and components.

Asia-Pacific is among the growing regions in the global polyurethane tape market covering more than 1/3rd of the market. Energy-related infrastructure projects such as wind farms and solar parks are being built throughout Asia-Pacific as a result of the region's substantial expenditures in sustainability and renewable energy programs. Providing weatherproofing, corrosion protection and bonding solutions for structures and components, polyurethane tapes are essential to these projects.

Dynamics

Innovations in Products and Adhesive Technologies

The expansion of the global polyurethane tape market is being driven by improvements in products and adhesive technologies. The performance, stability and adaptability of polyurethane tapes are continually being enhanced by manufacturers via research and development expenditures. The result of these efforts is the creation of tapes with better adhesive strength and resistance to chemicals, UV rays and high temperatures. Innovations in adhesive formulas, backing materials and production techniques have also led to the launch of new product lines that address particular market demands and application demands.

For instance, in 2022, Kuraray Fastening introduced a recycled line of MAGIC TAPE, which is composed of polyester fiber extracted from old plastic bottles. The product has now obtained RCS certification from the Textile Exchange, a U.S. company established in the state of Texas, through the KE'KEN Textile Testing & Certification Center. Accordingly, the product may be used as an RCS-certified product and transaction certificates (TCs) are granted in response to TC requests from users.

Growth Demand for Polyurethane Tape Due to the Construction and Infrastructure Initiatives

The growth of infrastructure and construction projects around the globe is one of the main factors propelling the global polyurethane tape market. In the construction sector, polyurethane tapes are widely utilized for a variety of purposes, including insulation, bonding, sealing and surface protection. Polyurethane tapes are among the building materials in high demand due to rising urbanization, population expansion and infrastructure development projects in both established and developing countries.

For Instance, in 2022, Bostik, a well-known global adhesive leader for consumer, construction and industrial industries, introduced two innovative new solutions for the Indian tape and label industry. The second innovative product from Bostik is Bostik HM2070, a tape adhesive designed to meet the growing demand for recyclable packaging in India's e-commerce sector, which is projected to generate US$ 350 billion in sales by 2031. Simultaneously, single-use plastics and plastics with PE films of less than 75 microns are prohibited by the Indian government. Sustainable packaging options are more important than ever for e-commerce vendors, as they operate in a sector where plastics are frequently used.

Price Volatility for Raw Materials

The price volatility of raw materials is a major factor limiting the globally market for polyurethane tape. Many raw materials, including polyurethane resins, adhesives and backing materials, are used in the production of polyurethane tapes. The materials costs are impacted by some variables, including supply and demand dynamics, geopolitical tensions and oil prices.

Additionally, Manufacturers' production costs can be impacted by changes in the price of raw materials, which can result in unpredictable profit margins and pricing policies. Surge prices for raw materials can also cause supply chain disruptions, shortages or delays in product availability, which can harm market expansion and consumer satisfaction.

Strict Environmental Regulations

The growing severity of environmental laws and sustainability standards is another factor impeding the growth of the global polyurethane tape market. Just like many other adhesive materials, polyurethane tapes could include chemicals and additives that raise questions regarding their potential effects on the environment and public health. Manufacturers are investing in eco-friendly formulas and production methods as a result of regulatory bodies throughout the world enforcing stronger laws on the use of dangerous ingredients, emissions and junk disposal.

In addition, smaller firms may face difficulties in adhering to these laws, since they may damage their overall competitiveness in the market and necessitate extra resources and research and development expenditures. Modifications to product design, procurement of materials and manufacturing processes may also be necessary to fulfill sustainability criteria; these might result in increased production costs and fewer product options.

Segment Analysis

The global polyurethane tape market is segmented based on type, thickness, end-user and region.

Rising Demand for Polyurethane Tape in the Construction Industry

The Construction segment is among the growing regions in the global polyurethane tape market covering more than 1/3rd of the market. The demand for building materials and technology is being fueled by the global construction industry, which is primarily responsible for the expansion of the polyurethane tape market. The is because emerging nations are seeing fast urbanization, population increase and infrastructure development.

In the construction sector, polyurethane tapes are widely utilized for a variety of purposes, including bonding, sealing, insulation and surface protection. The market for polyurethane tapes is anticipated to develop as building activities increase to support the expanding urban population and upgrade infrastructure.

Geographical Penetration

Growing Demand for Polyurethane Tape in Industrial Sectors in Asia-Pacific

Asia-Pacific has been a dominant force in the global polyurethane tape market. The fast industrialization and urbanization of nations like China, India and Japan have driven up building activity, infrastructure development and manufacturing output, which has resulted in a notable expansion in the polyurethane tape market in the Asia-Pacific.

The construction and automotive industries utilize polyurethane tapes extensively for sealing, insulation and surface protection; as a result, demand for these tapes is increasing as these industries grow in the region. The use of high-performance materials like polyurethane tapes is being driven by the increasing focus on innovation and technical developments in end-user sectors.

Additionally, with the changing demands of sectors like electronics, automotive and aerospace, manufacturers in Asia-Pacific are investing in R&D to create tapes with better features including durability, chemical resistance and UV resistance. The emphasis on new product development is driving market expansion and opening up new business prospects for the area's producers of polyurethane tape.

Furthermore, consumer spending on durable items like electronics, appliances and cars is being driven by the growing middle class and rising disposable income in many Asia-Pacific nations. In the production and assembly of these goods, polyurethane tapes are widely used for attaching parts, shielding surfaces and offering insulation. Consequently, the expanding consumer market in the area is driving up demand for polyurethane tapes across a range of industries, including consumer products, electronics and car production.

COVID-19 Impact Analysis

The global polyurethane tape industry has been greatly affected by the COVID-19 pandemic, which has given suppliers and manufacturers both opportunities and problems. At first, the demand for polyurethane tapes decreased across a range of end-user sectors as a result of the widespread disruptions brought on by lockdown measures, disturbances in the supply chain and decreased industrial activity.

Additionally, the temporary closure of several manufacturing facilities or their decreased capacity has an impact on the global sales and production volumes of polyurethane tapes. Further complicating the supply chain were limitations on foreign commerce and logistics, which led to delays in the distribution of products and the collection of raw materials.

However, the pandemic also increased certain industries' need for polyurethane tapes. To preserve hygienic standards and guarantee worker safety, companies had to adjust to new health and safety regulations, which increased the need for sealing, insulation and surface protection products. Medical device assembly, package sealing and equipment insulation were among the many industries that employed polyurethane tapes.

It was also utilized in the electronics, healthcare and packaging sectors. The demand for polyurethane tapes in the production of electronic components and gadgets was further fueled by the trend toward remote work and online communication, which increased demand for consumer electronics and electronic devices.

Russia-Ukraine War Impact Analysis

The market for polyurethane tape globally has been significantly impacted by the protracted hostilities between Russia and Ukraine. The chemical and adhesive industries are dominated by both Russia and Ukraine. Russia has a substantial presence in the petrochemical sector, which is essential for producing essential components of polyurethane tapes, while Ukraine is a major producer of raw materials such as polymers and resins.

There is uncertainty and volatility in the global polyurethane tape market as a result of the conflict's interruptions, which include trade restrictions, supply chain delays and increased geopolitical tensions. The possible disruption of raw material supplies, which are necessary for producing polyurethane tapes, is one direct result of the fighting. Shortages and price swings might result from any disruption in the supply chain, such as shipments being delayed or local manufacturing facilities closing.

Furthermore, the market is now more unpredictable due to the intensifying geopolitical tensions, which has made investors, consumers and manufacturers all wary. Plans for market development, investment choices and the general demand for polyurethane tapes in the impacted areas and beyond might all be impacted by this uncertainty.

By Type

• Single-sided Polyurethane Tape
• Double-sided Polyurethane Tape

By Thickness

• Below 0.20 mm
• 0.20 to 0.45 mm
• Above 0.45 mm

By End-User

• Electronics
• Automotive
• Aerospace
• Construction
• Healthcare
• Marine
• Oil & Gas
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On November 08, 2022, Kuraray Fastening introduced a recycled line of MAGIC TAPE, which is composed of polyester fiber extracted from old plastic bottles. The product has now obtained RCS certification from the Textile Exchange, a U.S. company established in the state of Texas, through the KE'KEN Textile Testing & Certification Center. Accordingly, the product may be used as an RCS-certified product and transaction certificates (TCs) are granted in response to TC requests from users.
• On November 23, 2023, Bostik, a well-known global adhesive leader for consumer, construction, and industrial industries, introduced two innovative new solutions for the Indian tape and label industry. The second innovative product from Bostik is Bostik HM2070, a tape adhesive designed to meet the growing demand for recyclable packaging in India's e-commerce sector, which is projected to generate US$ 350 billion in sales by 2031. Simultaneously, single-use plastics and plastics with PE films of less than 75 microns are prohibited by the Indian government. Sustainable packaging options are more important than ever for e-commerce vendors, as they operate in a sector where plastics are frequently used.

Competitive Landscape

The major global players in the market include 3M, Saint-Gobain, Avery Dennison Corporation, Tesa Tapes (India) Private Limited, Berry Global Inc., The Tape Lab Inc, Lohmann GmbH & Co.KG, Nitto Denko Corporation, Mactac, LLC and Adhesive Research, Inc.

Why Purchase the Report?

• To visualize the global polyurethane tape market segmentation based on type, thickness, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of polyurethane tape market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global polyurethane tape market report would provide approximately 62 tables, 56 figures and 188 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies