Global Specialty Tape Market: Snapshot
Specialty tape manufacturers are embracing technological development in both adhesive as well as material component. Investment in research and development is also increasing in order to understand what product innovation and development need to be focused on to meet the demand of various industries. Owing to the constant requirement of high-performance adhesives, solvent technology is being used on a large scale. However, water-based tapes and hot melt tapes are also gaining traction in the specialty tape market. Moreover, the use of specialty tapes in the automotive sector is also rising, especially the use of acrylic foam tape has increased as it provides strong bonding to metal and plastic. Meanwhile, specialty tapes are also witnessing growth in medical sector driven by the increasing use of adhesive-based wound care products.
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As per the report by Transparency Market Research (TMR), the global market for specialty tape is likely to experience steady growth during 2017-2026, registering CAGR of 5.7%. The global market for specialty tapes is also estimated to bring in US$ 9,907.1 million revenue by 2026 end.
Top-Selling Product- Woven/Non-Woven Specialty Tape
Compared to the various types of specialty tapes, woven/non-woven specialty tapes are likely to emerge as one of the top-selling products during 2017-2026. Woven/non-woven specialty tapes are estimated to surpass US$ 1,900 million revenue by 2026 end. Meanwhile, PVC (Polyvinyl chloride) specialty tapes are also likely to show strong growth in the global market for specialty tape between 2017 and 2026.
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Electronics & Electricals to Witness Robust Growth in the Global Market for Specialty Tape
Electronics & Electricals segment is likely to witness robust growth during 2017-2026. Electronics & electricals are estimated to bring in nearly US$ 2,700 million revenue towards 2026 end. Meanwhile, the automotive sector is also likely to witness strong growth in the global market for specialty tape during 2017-2026. The replacement of traditional forms of tape materials with advanced specialty tapes in electronics segment is fueling the growth of the market. Also, specialty pressure sensitive tapes are finding large application in the automotive sector.
Asia Pacific Excluding Japan (APEJ) to Dominate the Global Market for Specialty Tape
APEJ is likely to emerge as one of the dominating regions in the specialty tape market. Socio-economic development in countries such as India and China is resulting in the rapid growth of electronics and automotive industry, thereby contributing to the growth of specialty tape market in the region. Moreover, manufacturers are also focusing on improving quality of specialty tapes by hiring skilled workforce and adopting new technologies for better results. Increasing infrastructure development in APEJ is also resulting in the growing demand for specialty tape in the construction sector. However, stringent regulations on VOC emission is likely to hamper the growth of the market in APEJ. Meanwhile, North America and Europe are also likely to experience growth during 2017-2026. New developments in automotive, electronics and healthcare sectors are driving the growth of specialty tapes in North America and Europe.
The report provides a detailed profile on some of the players operating in the global market for specialty tape such as Nitto Denko Corporation, LINTEC Corporation, Henkel Corporation, Tesa SE, 3M, Saint-Gobain Performance Plastics, Sekisui Chemical Co., Ltd., E. I. du Pont de Nemours and Company, Intertape Polymer Group, ECHOtape, Avery Dennison Corporation, Scapa Group plc, Xinapse Systems Ltd, Siemens Healthineers, and Toshiba Medical Systems Corporation. Various market players are entering into a partnership in order to offer a better product and to set footprints in various regions.
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High Demand from Several End-use Sectors to Bolster Growth of the Global Specialty Tape Market
There is high demand for specialty tapes from several end use sectors, such as building and construction, white goods, automotives, electrical and electronics, and health and hygiene. Manufacturers are focusing on the presentation of a wide variety of products with added properties. These factors are likely to work in favor of the global specialty tape market in the forthcoming years. In addition, upgradation of electronic equipment, use of several healthcare services and increased awareness pertaining to hygiene products is likely to drive the demand for specialty tapes. In addition to that, infrastructural developments in many parts of the world are also increasing the demand for specialty tapes in the near future.
In addition to the usual qualities, these tapes come with excellent characteristics. A case in point is its defiance to external factors, such as dust, water, fire, and others. These tapes are made to hold any kind of heavy objects strongly thereby preventing any kind of damage to the object. These tapes make use of varieties of adhesives to integrate additional qualities. For instance, acrylic and rubber-based adhesives are utilized for the creation of a soundproof tape. In addition, producers are carrying on research on different types of adhesives to develop new products, which is likely to work in favor of the global specialty tape market in the forthcoming years.
Development of New Products to Stay Competitive in the Industry to Accelerate Market Growth
Manufacturers are focusing on the presentation of a wide variety of specialty tapes with extra and improved features. These improved features comprise resistance to various external factors. Research and development activities are going on to develop tapes with functionalities that could make them function in extreme conditions. Different coating solutions are used on a substrate of film or paper. In addition, many manufacturers are emphasizing on the modernization and upgradation mixing and coating machines to gain competitive edge in the market. All these factors are expected to work in favor of the global specialty tape market in the near future.
Outbreak of Covid-19 has worked in favor of the e-commerce sector, which relies heavily on the packaging sector for delivery of products. Spread of Covid-19 is expected to drive the demand for specialty tapes in the near future.
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