Industrial Tape Market to grow 6.5% CAGR To 2023

[Mayur Yewale]

Global industrial tape market 2020 is performing quite competently and can even achieve a decent CAGR of 6.5% between 2017 and 2023 (review period), confirms Market Research Future (MRFR).

Top Drivers and Main Restraints

Industrial tapes are essential products that help attach different components like foams, lighting fixtures and cushions. Various bonding operations including glass bonding, floor bonding and concrete bonding are performed efficiently with the use of industrial tapes. Moreover, industrial tapes are being increasingly used in operations like electronic components assembly, vehicle assembly, insulation and packaging and heating ventilation air conditioning (HVAC) operations. They also find deployment in temporary or permanent assembly as well as fabrication of a variety of products. Since, industrial tapes are shock resistant and water resistant; they are extensively used in certain operations that include electrical equipment manufacturing and more.

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Since manufacturing industrial tapes with lower VOC emissions is quite tough, manufacturers are increasingly making use of water-based technology instead of solvent-based technology which brings down the emission level. Water-based technology has gained high traction across the world, as it offers a safer work space with minimum chances of any danger. The materials that are used in water-based technology include acrylics and natural rubber.

With the mounting demand for appliances and commodities across various sectors, industrial tape market can note tremendous growth in subsequent years. These types are finding rising use in the manufacturing as well as assembling of appliances and commodities, which translates to better market growth. The consistently expanding automobile industry around the globe has also had a positive influence over the industrial tapes market. Adhesive tapes are needed during automobile manufacturing for attaching applications in various operations like airbag cover attachment, wall headliner attachment and trim panel attachment.

Market Segmentation

The primary segments considered in the report for industrial tape market include product type, tape backing material, application and end-user.

The main product types described in the report are adhesive transfer tapes, aluminum tapes, duct tapes, filament tapes, and others. The market is expected to be dominated by the duct tapes segment, since these types of tapes are quite durable, are resistant to water and possess excellent adhesive strength.

The tape backing materials available in the global market are polyvinyl chloride, polypropylene, paper, and others. In 2016, polypropylene was the leading segment and shows the potential to procure the fastest expansion rate in the coming period. Polypropylene notes strong demand in industrial tape and can continue to witness the same during the evaluation period, given its affordability, great flexural strength as well as low coefficient of friction.

The main applications of industrial tape are in packaging, electrical and electronic, masking, among others. In the year 2016, packaging was the leading application-based segment and can retain its position throughout the review timeframe. The demand for industrial tapes is high for applications like carton strapping for large-scale packaging and more.

The end-users that are increasingly deploying industrial tape are construction, electrical, automotive, logistic, and others. Automotive ruled the global market in 2016 out of all the end-users, and is likely to advance at the highest growth in the upcoming period. In the automotive industry, industrial tapes are used for bringing down the vehicle’s total body weight, in addition to making the vehicle safer for the driver and also more reliable.

Regional Insight

The primary regions where the industrial tape market is anticipated to grow at varying rates include Europe, North America, Asia Pacific or APAC and the Rest of the World or RoW.

MRFR confirms that APAC had taken the lead in the worldwide market in 2016 and there is also a strong possibility of the region progressing at the fastest rate in the impending years. The region observes a huge number of workshops for crash tests as well as car assessment programs to test whether the vehicles bonded with adhesives work better compared to welded vehicles. Apart from this, more and more automobile manufacturers in the region are now more focus on manufacturing fuel-efficient and lightweight vehicles in line with the rising innovations in adhesive technologies. As a result, adhesive tapes are slated to witness humungous demand in the near future, while providing notable boost to the growth of the industrial tape market.

Leading Players

Von Roll Holding AG (Switzerland), Shurtape Technologies LLC (U.S.), 3M Company (U.S.), Sicad Group (Italy), Henkel AG & Company, KGaA (Germany), The Dow Chemical Company (U.S.), Ashland Inc. (U.S.), Sika AG (Switzerland), Pro Tapes & Specialties Inc. (U.S.), Eastman Chemical Company (U.S.), Scapa Group plc (U.K), Saint Gobain SA (France), Advance Tapes International Ltd. (U.K), Avery Dennison Corporation (U.S.), are the top players in the market for industrial tapes.

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