LONDON--(BUSINESS WIRE)--The global industrial tapes market is expected to reach nearly USD 63 billion by 2020, growing at a CAGR of more than 6% between 2016 and 2020.
Technavio covers the market outlook and growth prospects of the industrial tapes market for 2016-2020. Based on product type platform, the market is divided into the following segments: adhesive transfer tape, single-sided tape, double-sided tape, cloth tape, foam tape, foil tape, paper tape, plastic tape, rubber tape, tape fasteners, and specialty tape.
The global industrial tapes market is segmented into the following four regions:
- APAC
- North America
- Europe
- ROW
APAC: Largest industrial tapes market
With a market share of more than 48%, APAC leads the global industrial tapes market as of 2015, with China dominating the market, representing 60-70% of the total market share. APAC is expected to be the fastest growing market for industrial tapes during the forecast period due to continuous expansion in countries such as China, India, and Indonesia.
Although healthcare and hygiene tapes are currently less intensively used in developing economies, the medical tape sector is growing on account of population size and enhancing healthcare infrastructures. Making up 70% of regional tape sales, carton sealing tapes will remain a strong segment, due to the rising demand for packaged goods, connected to climbing income per capita. The industrial tapes market in Japan is expected to decline during the forecast period because many automakers are shifting their production to Thailand, Malaysia, and other Asian locations.
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The major vendors in the global industrial tapes market are:
- 3M
- Merck Group
- Ashland
- Sika
- Eastman
3M, Ashland, and Eastman are US-based companies, while Sika is a Switzerland-based company and Merck is a Germany-based company.
The other prominent vendors in the market are Achem Technology, Adchem, Adhesive Applications, Adhesives Research, Advanced Flexible Composites, Avery Dennison, Berry Plastics, Chomerics, Coating and Converting Technologies, CTT, DeWAL Industries, Essentra Specialty Tapes, FLEXcon, Intertape Polymer Group, Lamart Corporation, MACtac, Microseal Industries, Navilux, Necal, PPI Adhesive Products, Scapa Group, Shurtape Technologies, Syntac Coated Products, and TaraTape.
Factors fuelling growth in North America: Demand for specialty and double-sided tapes
North America is the second largest market for industrial tapes, growing at a CAGR of more than 3%. The US accounts for the majority of the demand in this region. The demand for special industrial tapes is expected to grow faster compared to commodity industrial tapes because of expansion in the manufacturing and construction industries in North America. As the use of industrial tapes is no longer restricted to traditional forms, advances in technology and innovation have resulted in the emergence of several new products.
Industrial tapes market in Europe: Western Europe is expected to maintain its competitive edge in specialty tapes
Technavio’s market research analysts expect this market to witness a modest growth rate during the forecast period. The majority of the growth is derived from Eastern Europe because of its expanding manufacturing industry. The vendors in this geography, owing to the demand from consumers, are opting for environmentally friendly adhesives over solvent-based adhesives. The industrial tape market in Italy witnessed the largest demand in 2015 and is expected to maintain this position in the coming years. In terms of demand, Germany accounts for the largest market share, followed by France, Italy, the UK, and Spain. Technavio’s analysts expect this market to grow steadily over the next five years. They further analyse and attribute the growth rate to an increase in demand and the consumption of specialty industrial tapes in Western Europe as it has the required technology that is lacking in other parts of the world.
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