The global Adhesive Tapes Market is estimated to be valued at USD 89.60 Billion in 2024, exhibiting a CAGR of 5.7% over the forecast period (2024-2031). Furthermore, the market is driven by growing infrastructure spending in developing economies and increasing demand from the e-commerce industry.
The global adhesive tapes market is anticipated to be driven by increasing infrastructure spending in developing countries worldwide. This is fueling the demand for adhesive tapes from construction industry for applications such as flooring, roofing, and insulation. Furthermore, mounting growth of the e-commerce industry is another major factor boosting the market as adhesive tapes are widely used for packaging in logistics and shipping processes. While infrastructure spending is energizing demand from construction industry, rapid penetration of internet and growing prominence of online shopping is propelling the growth of e-commerce, which, in turn, is driving volumes of adhesive tapes consumption for packaging applications.
Growing Demand from Packaging Industry is driving the Global Adhesive Tapes Market
The packaging industry has seen tremendous growth over the past few years owing to rising e-commerce activities and growing demand for packaged food and beverages. Adhesive tapes find wide applications in packaging for carton sealing, case sealing, and other purposes. They provide an easy and cost-effective solution for packaging applications compared to alternatives like glue. With the packaging industry expected to continue its strong growth momentum, especially in developing regions of Asia Pacific and Latin America, the demand for adhesive tapes is forecast to increase steadily. Various types of adhesive tapes such as packaging tapes, carton sealing tapes, and case sealing tapes will witness higher consumption from the packaging sector in the coming years.
Increasing Infrastructure Development Projects are Propelling the Market Growth
Large-scale construction and infrastructure development activities taking place globally are augmenting the sales of adhesive tapes. Adhesive tapes are commonly used in building and construction for purposes like sealing, flooring, glazing, finishing, insulation and more. Emerging economies in Asia Pacific, Latin America, Middle East, and Africa are investing heavily in projects like roads, bridges, airports, transportation systems, and commercial buildings. This is generating a robust demand for various building materials including adhesive tapes. Prominent types which witness elevated usage include double-sided foaming tapes, acrylic foam tapes, insulating tapes, and masking tapes. With numerous infrastructure projects in the pipeline, especially focused on connectivity and urban development, the infrastructure sector will continue powering the global adhesive tapes market.
Dependence on Crude Oil Prices Impacts Production Costs
Majority of adhesive tapes are manufactured using petroleum-based materials like polypropylene, polyethylene, polyvinyl chloride, and acrylic which are obtained from petrochemical refining. Fluctuating crude oil prices directly impact the procurement cost of these raw materials and eventually the cost of adhesive tapes. Steep rises in international crude oil rates lead to inflated production costs, forcing manufacturers to marginally increase the selling price of adhesive tapes. This acts as a hindrance for market growth to some extent by reducing the demand from price-sensitive end-use sectors.
Stagnation in Certain Core Industries Affects Demand
The core industries which adopt adhesive tapes as crucial components in their manufacturing processes can negatively impact the demand if they experience slowdown. For instance, slow growth or lull in automotive, construction and electronics sectors dampens the demand for adhesive tapes which are greatly consumed by these verticals. In 2020, the COVID-19 pandemic severely disrupted global supply chains and stalled production across several core sectors which pulled down the adhesive tapes demand substantially. Another factor is decline or saturation in certain regional markets which reduces tape uptake in the corresponding sectors. Such external industry-centric issues pose challenges for steady demand generation.
Evolving Usage in Medical Applications Provides New Avenues
Rising requirement of medical devices, equipment, and disposable products in the healthcare vertical has opened captivating opportunities for adhesive tapes. Various types have emerged as important materials for purposes like wound care, surgeries, medical device assembly, and others. Major technologies that leverage adhesive tapes include transdermal drug delivery systems, surgical drapes, wound closure products, and ostomy care solutions. With continuous medical advancements and ageing population prompting higher healthcare spending worldwide, the demand for medical-grade adhesive tapes is surging, offering lucrative prospects. Manufacturers are actively innovating tapes suitable for advanced medical applications.
Growing E-commerce Sales Catalyze Online Retail Tape Demand
The explosive growth of the e-commerce industry has significantly boosted the online sales of adhesive tapes in retail marketplaces and websites. E-commerce enables convenient procurement of a wide variety of consumer and office tapes for household and office use. Major types purchased via online channels are packaging tapes, paper tapes, seal tapes, and others. Online retail platforms offer buyers enhanced selection, competitive pricing, and delivery convenience. With e-commerce penetration rising sharply in both developed and developing regions, the demand for adhesive tapes is multiplying substantially through digital sales channels. This presents an attractive opportunity to capture growing retail market share via innovative online branding and marketing initiatives.
Link - https://www.coherentmarketinsights.com/market-insight/adhesive-tapes-market-5411
Key Developments
- In March 2024, Avery Dennison Performance Tapes unveiled a new portfolio of pressure-sensitive-adhesive (PSA) tapes specifically designed for the appliance industry. These tapes offer ease of use, durability, and serve as a lightweight alternative to traditional fastening methods like screws, nuts, and bolts.
- In January 2024, Avery Dennison Performance Tapes announced the launch of a new line of high-performing pressure-sensitive adhesive (PSA) tape products called "Cold Tough". These tapes are designed to provide superior performance in cold and challenging environments.
- In 2023, H.B. Fuller, a leading global adhesives provider, launched a new line of bio-compatible adhesives specifically designed for medical applications.
- In March 2023, Irplast Nopp Tape, a leading manufacturer of specialty tapes, launched a new eco-friendly tape made from 50% recycled materials and a BOPP backing film made from 94% renewable bio-based feedstock.
Key Players
3M, Avery Dennison Corporation, DuPont, HB Fuller Company, Henkel AG & Co, KGaA, Intertape Polymer Group, Lintec Corporation, Nitto Denko Corporation, OJI, Holding Corporation, Scapa Group Plc, Sekisui Chemical Co. Ltd, Shurtape Technologies LLC, Sika AG, TESA SE, L&L Products, Inc., Adchem Corporation, Avery Dennison Corporation, and Saint Gobain
