Pressure Sensitive Tapes Market to Register Substantial Expansion by 2019-2027
Key Highlights:
- In terms of value, the global Pressure Sensitive Tapes market was stood around US$ 65.0 Bn in 2018 and is anticipated to expand at a CAGR of more than 6% from 2019 to 2027
- Based on product type, carton sealing tapes held a major share of the market in 2018 owing to increasing online retailing market and growing global cargo scenario
- On the basis of backing material, polypropylene was the major material used in pressure sensitive tape in 2018. It is accounted for more than 50% of the total Pressure Sensitive Tapes usage in 2018.It is projected to exhibit significant growth rate during the forecast period 2019
- In terms of end-user industry, automotive was the dominant end-user industry accounted for more than 20% of the total Pressure Sensitive Tapes market in 2018. It is likely remain dominant application between 2019 and 2027
- Based on region, Asia Pacific held major share in 2018 and is expected to grow at significant rate of more than 7% compared to other region from 2019 to 2027. Strong economic growth in China and India followed by increase in online retailing where pressure sensitive tapes are majorly utilized is the major factor which drives the demand for pressure sensitive tapes in Asia Pacific
- North America and Europe are matured markets expected to exhibit moderate growth rate during the forecast period
- Growing urbanization, increase in global trade relation followed by increase in adoption of online retailing are the major factor which are anticipated to drive the global pressure sensitive tape demand in near future
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VOC Emissions during Manufacturing and Volatility in Raw Material Prices May Hamper Overall Demand
- There exist major environmental concerns regarding the manufacture of tapes, particularly pressure sensitive tapes
- Environmental regulations affect the pressure-sensitive tape technology in two areas: manufacturing process and product design
- While forming an adhesive layer on the backing material, adhesives such as low-viscosity natural rubber and resins are coated by solvents such as xylene and toluene. Without proper containment devices, these solvents are simply released into the atmosphere. Moreover, energy required to evaporate these solvents emits carbon dioxide into the atmosphere
- Solvent-based adhesives contain a significant level of volatile organic compounds (VOCs), which can lead to smog formation and asthma irritations. It is often a reason for environmental concerns worldwide. Hence, emission of VOCs during production of tapes is likely to act as a restraint for the pressure sensitive tapes market
- However, the innovation of hot-melt, pressure-sensitive adhesives and water-based acrylate adhesives that require no solvent and consume minimum energy can mitigate the restraint arising out of environmental regulations
- On the other hand, volatility in the price of raw materials due to changing price of crude is likely to affect the development of the market adversely over the assessment tenure, from 2019 to 2027. In addition, regulations pertaining to the use of backing materials and adhesives for several applications are factors that could add to the complications of the regulatory framework
- This is also major factor which may hamper the overall demand for Pressure Sensitive Tapes during the forecast period 2019
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Asia Pacific Expected to be Highly Lucrative Region of Global Pressure Sensitive Tapes Market
- In terms of volume and value, Asia Pacific held the largest share of the global pressure sensitive tapes market in 2018 across the globe. Boom in the manufacturing sector, the electronics and electrical sector, motor vehicle assembly, and the accelerating construction and packaging industry in the region is fueling the demand for pressure sensitive tape
- In terms of value, Asia Pacific was estimated to hold for more than 40% share of the global pressure sensitive tapes market in 2018. This trend is anticipated to continue during the forecast period 2019 to 2027
- China and India are the key countries which are expected to drive the pressure sensitive tapes market demand in near future. These countries accounted for combined share of more than 60.0% in 2018 in Asia Pacific region
Global Pressure Sensitive Tapes Market -Key Developments
- In 2018, Avery Dennison Corporation has introduced a new line of acrylic pressure sensitive adhesive (PSA) tapes which offers a high performance alternative to conventional bonding methods used to install resilient flooring is now available in North America
- The new line of acrylic PSA tapes makes life easier for flooring manufacturers, converters, builders, contractors and installers by eliminating cure time and simplifying the floorings’ installation
Global Pressure Sensitive Tapes Market: Competition Landscape
- The global pressure sensitive tape market features a highly fragmented competitive landscape with the presence of a large number of global and regional players. Some of the key players in the global pressure sensitive market are Nitto Denko Corporation, Lintec, Avery Dennison Corporation, Henkel AG & Company KGaA, 3M, Adchem Corporation, and Canadian Technical Tape Limited among others
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