The global pressure sensitive tape market is expected to grow at a CAGR of over 6% and reach close to 69 billion during the forecast period (2016 to 2024). Increasing demand in the packaging of the corrugated box packaging of food & beverages is likely to boost market growth in the coming years.
These tapes are vastly use in the construction of tunnels, bridges, roofing, cladding, glazing, water supply, and air conditioning can promote the growth and expansion of the industry.
Use of biodegradable material for the manufacturing of these pressure sensitive tapes can fuel market growth during the forecast period. Moreover, superior features like easy handling and processing is likely to stimulate industrial development.
Development of newer specialty electrically conductive adhesive tapes for telecommunications equipment can exhibit immense potential in the coming seven years. The pressure sensitive tape market is divided into applications, backing material, product, and geographies.
On the basis of applications, the market is split into automotive, building & construction, electrical & electronics, health & hygiene, packaging, and others. Packaging held the largest segment in 2015. It is expected to continue an upward trend, owing to its low carbon footprint and biodegradability.
Backing material comprise of polypropylene, paper, PVC, and others. Polypropylene can witness rapid growth at over 6% CAGR till 2024. The growth can be attributed to his cost efficiency, high-tear resistance in mid-direction & cross-direction, and well balance technology. PVC is likely to show a considerable growth due to its eco-friendly properties.
Products encompass carton sealing tape, double-sided tape, electrical tape, masking tape, and others. Cartons sealing tape held over 60% of global volume share in 2014. The growth can be attributed to the recyclability and reusability. Double sided tape is likely to exhibit a growth till 2024.
North America, Latin America, Europe, the Middle East & Africa (MEA), and Asia Pacific, are the geographical segmentations of the pressure sensitive tape industry. Asia Pacific market dominated the global demand with over USD 21 billion in 2015. It is likely to continue dominating the market owing to the growing demand for food & beverages sector in.
Key global players of the pressure sensitive tape market are 3M, Lintec and Nitto Denko Corporation, ABI Tape Products, and Jonson Tapes Limited. A double-sided high performance acrylic tape was introduced by Saint-Gobain was launched early 2014.
The key application of pressure sensitive tapes includes masking, bonding, packaging, and sealing. New types of tapes are emerging in the market, and the demand for eco-friendly & biodegradable tapes has increased in the past owing to consumer preference and regulations related to the environment. Growth in the pressure sensitive tape market will be driven by personalized products, production flexibility; demand for advanced backing that includes film materials and medical membranes.