FILAMENT TAPES MARKET ANALYSIS

Filament Tapes MarketSize and Trends

Filament tapes are primarily used as a packaging adhesive for sealing heavy weight boxes or materials. The filament tapes are waterproof and chemicals resistant which makes it ideal for transporting heavy objects, strengthening plastic materials, packaging bulky cardboard boxes, sealing hazardous materials, and wrapping pipeline and cable. It is classified into low, medium, and high-grade products. It find application across automotive, food and beverage, furniture, consumer goods, specialty vehicle, general industrial, metalworking, military and government, and transportation. The global filament tapes market is estimated to surpass US$ 6,985.6 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 7.1% during the forecast period (2020 to 2027).

Growing demand for filament tapes from the automotive industry for interior and exterior applications due to its excellent property of holding adhesives for longer times is further expected to foster the market growth of filament tapes. Rising demand for high-quality sealing and tensile strength packaging during transportation for protecting the product from UV rays and moisture is expected to serve as a driving factor to the market growth of filament tapes.

Among region, Asia Pacific held dominant position in the global filament tapes market in 2019, accounting for 35.9% market share in terms of revenue, followed by North America and Europe.

Figure 1. Global Filament Tapes Market Revenue Share (%), By Region, 2019

On the basis of application, in 2019, carton sealing segment dominated the global filament tapes market accounting for 39.4% share in terms of volume owing to growing e-commerce and packaging industry.

Market Trends

Increasing adoption of advanced technology such as acrylic adhesive is expected to propel the market growth of filament tapes over the forecast period. Acrylic adhesive is rapidly replacing the traditional liquid and spray adhesives and other bonding and fastener product, as acrylic adhesives used in filament tapes maintain their integrity and stability during processing. This is projected to foster the market growth of filament tapes over the forecast period.

Booming automotive sector is rapidly boosting the demand for filament tapes hence it is projected to fuel the market growth and this can be attributed to the rising focus of manufacturers for reducing the noise from brakes, engine, and other vehicles and automotive manufacture are using advanced thermoplastic and elastomers vinyl as vibration damping materials. High-performance filament tapes are widely used in bikes with these damping materials. This is projected to foster the market growth of filament tapes.

Global Filament Tapes Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 is spreading rapidly and has affected 210 countries. Effects of virus are felt around the world, however public construction activities have been maintained to some extent. However, the construction activities are expected to halt due to supply chain disruption owing to shortage of materials and sub-contractors. The residential & non-residential sectors, have faced significant supply chain disruptions and many have stopped the projects. This is expected to hamper the demand for filament tapes from construction sector. However, in the long term, i.e. in the next few years, filament tapes are expected to witness a steady demand and the global market is expected to reach US$ 6,985.6 Mn by 2027.