Dublin--(BUSINESS WIRE)--"Adhesive Tape Market Forecast in 2028-Impact and Global Analysis of COVID-19 by Resin Type, Technology, Tape Backing Material (Polypropylene, Paper, PVC, etc.) and Application" It has been added to ResearchAndMarkets.com's products.
In 2020, the tape market is worth 60.92261 billion U.S. dollars and is expected to reach 89,440,92 million U.S. dollars by 2028; it is expected to grow at a compound annual growth rate of 5.1% from 2021 to 2028.
There are two types of tape-special tape and commercial tape. The coating technology used in the tape is water-based, solvent-based and hot-melt. In recent years, technological advancement has led to an increasing demand for lightweight backing materials. Adhesive tape has a wide range of applications in the packaging, automotive and healthcare industries.
According to the application, the global tape market is segmented into packaging, healthcare, automotive, electrical and electronic, building and construction, etc. The automotive sector will lead the market in 2020. Adhesive tape has many applications in the automotive field. Inside the vehicle, tape is used for seat heating elements, airbag wrapping and fixing, steering wheel wrapping, rubber mounting, plastic profiles, and foam and fabric accessories on dashboards. In car interiors with functions such as mobile device accessories, electronic chargers, air purifiers, portable freezer connections, and other components, tape is used for fastening and bonding purposes. In addition, they are also used to develop automotive electronic products, such as light components, air conditioning systems, electronic display panels, battery connectors and wires, and sensors. In addition, tape is rapidly replacing nut and bolt fasteners to reduce vehicle weight and enhance vehicle aesthetics. It is expected that in the next few years, the increasing demand for light-weight seals in automobiles and the increasing use rate of adhesive tapes in the manufacture of electric vehicles will promote the growth of the adhesive tape market.
In 2020, the Asia-Pacific region will occupy the largest share of the global tape market. It is estimated that it has the highest compound annual growth rate in the market during the forecast period. Due to various factors such as a huge population base, an increase in disposable income and an improvement in living standards, the demand for tape in this area is expected to increase. The growth of the automotive market has also boosted the demand for tape in the Asia-Pacific region. These factors have also attracted foreign companies to expand their business in the region. In addition, the rapid growth in the Asia-Pacific region can be attributed to the growth of the construction industry in the region. China is the world's largest construction market and is expected to grow substantially in the next few years. In addition, other economies, such as India, will also grow at an extremely fast rate, with a focus on promoting domestic manufacturing activities.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900