June 20, 2024

The Global Adhesive Tapes Market Is Driven By Increasing Demand From The Building And Construction Industry

Adhesive tapes are various coated materials that adhere to other surfaces when pressure is applied. They are mainly used for masking, insulating, bonding, and securing purposes in various applications. Pressure-sensitive adhesive tapes provide instant bonds and adhere effectively to most surfaces without the need for additional activation methods like heat or moisture. They find extensive applications in automotive, building and construction, packaging, electrical and electronics, healthcare, white goods, stationery, and retail markets. The construction industry employs adhesive tapes for sealing, bonding, and mounting applications which help improve construction efficiency. The global construction sector has been witnessing substantial growth over the years due to rapid urbanization and infrastructure development activities across developing nations. Growing residential and commercial construction projects are expected to drive the demand for adhesive tapes in the upcoming years.

The global Adhesive Tapes Market is estimated to be valued at US$ 54027.73 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Tape manufacturers are focusing on developing adhesive formulations offering high bond strength, resistance to moisture, chemicals, and varying temperatures. For instance, acrylic-based pressure-sensitive adhesives provide good initial tack, adhesion to low surface energy substrates, and ease of application at sub-freezing temperatures. Similarly, silicone-based adhesives exhibit excellent thermal resistance, weatherability, and UV stability. Development of such innovative adhesive formulations is expected to support the product demand over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the adhesive tapes market requires high initial capital and a well-established supply chain for raw materials.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitution and undifferentiated products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative raw material suppliers globally.

Threat of new substitutes: The threat of new substitutes is moderate as adhesive tapes have applications across diverse industries; however, products such as heat seals are substitutes.

Competitive rivalry: The competitive rivalry is high among the international manufacturers.

Key Takeaways

The Global Adhesive Tapes Market Size is expected to witness high growth over the forecast period. The global Adhesive Tapes Market is estimated to be valued at US$ 54027.73 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Asia Pacific region holds the largest share of the global adhesive tapes market due to the strong presence of manufacturers.

Companies like Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and GrabFoodpanda are increasing market competition in food delivery applications driving market demand for adhesive tapes. Key players operating in the adhesive tapes market are Swiggy, Zomato, Deliveroo, Uber Eats, DoorDash, Grubhub, Just Eat Takeaway.com, Gojek and GrabFoodpanda.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it