The global market for adhesive tapes features a partly […]
The global market for adhesive tapes features a partly fragmented competitive landscape, with over 1800 suppliers participating but the top 10 vendors accounting for over 50% of the overall market in 2015, observes Transparency in a recent report. The market is largely fragmented in countries such as Italy and China owing to the presence of a large number of small- and medium-sized vendors catering to domestic demand.
The company 3M dominates the global market with a 14.3% in 2015; company’s vast number of manufacturing units spanning around 60 global venues have allowed it to grab such as significant portion of the pie in the extremely competitive market. Transparency Market Research states that the global adhesive tapes market will exhibit a promising 6.8% CAGR from 2016 and 2024, rising to a valuation of US$92.36 bn by 2024 from a valuation of bn in 2015.
In terms of composition of adhesive tapes, the market is presently dominated by taped made from acrylic. The segment accounted for a massive share in the market in 2015 in terms of both revenue as well as volume and is expected to retain dominance throughout the forecast period of the report. The segment of silicone-based adhesive tapes, however, is also increasingly gaining traction owing to the several performance benefits of these tapes over conventional organic adhesives.
These advantages include resistance to chemicals, low surface energy, better performance at extreme temperatures, and resistance to UV radiations and chemicals. From a geographical perspective, the market for adhesive tapes in Asia Pacific accounted for a massive 48% of the global market, more than the share of North America and Europe markets combined in the same year. The region is expected to retain dominance over the next few years as well, benefiting from the booming manufacturing, automotive, and industrial sectors in countries such as India and China.