Plastic Adhesive Tapes Market Value to Reach US$ 41.1 Bn by 2030: TMR Study
WILMINGTON, DE / ACCESSWIRE / January 4, 2023 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global plastic adhesive tapes market is…
WILMINGTON, DE / ACCESSWIRE / January 4, 2023 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global plastic adhesive tapes market is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2030.
Plastic adhesive tapes are manufactured using sticky films and have been used to assemble and join different objects together. Plastic adhesive tapes are available in four different types- PE, PP, PET, and PVC. Some of the end-use industries that use plastic adhesive tapes include healthcare, aerospace, automotive, electrical and electronics, and shipping logistics.
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Leading players are launching new plastic adhesive tapes to generate additional revenue streams and to gain an edge over other players. For example, in October 2019, 3M announced the launch of a new adhesive sealing tape that has been extensively used in the packaging industry since they have proven beneficial for the shipment of different products and helped overcome the issues of inefficient box sealing tapes.
Additionally, prominent plastic adhesive tapes market players are looking to collaborate with other players to expand presence and increase their revenue shares.
Key Findings of Market Study
Rise in Demand from Automotive Industry: Plastic adhesive tapes have witnessed increased demand from the automotive industry, in the last decade. Plastic adhesive tapes have shown excellent thermal resistance, which is the key factor responsible for the rise in product demand from the automotive industry. This is impacting the growth of the overall plastic adhesive tapes market. Plastic adhesive tapes are compact and lightweight, thereby making them a suitable fit to assemble electronic components in automobiles and helping in market growth
COVID-19 Pandemic Outbreak Fuels Global Plastic Adhesive Tapes Market: The COVID-19 outbreak positively impacted the plastic adhesive tapes market. Shortages of medical equipment at healthcare facilities such as hospitals and clinics triggered the demand for healthcare supplies, which augmented industry growth during the pandemic.
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Plastic Adhesive Tapes Market-Key Drivers
Increase in adoption of bonding solutions in different end-use industries is one of the factors propelling the global plastic adhesive tapes market
Rise in product demand for use during medical surgeries is anticipated to bolster the plastic adhesive tapes market during the forecast period
Continuous growth in the life science industry is expected to boost market development during the forecast period
Plastic Adhesive Tapes Market-Regional Insights
Asia Pacific is expected to emerge as the dominant region in the global market during the forecast period because of an increase in demand for the product from different end-use industries such as healthcare and automotive in countries such as India and China. Companies could look to establish plastic adhesive tapes production units in Asia Pacific countries owing to ease of availability of land and labor, during the forecast period.
Plastic Adhesive Tapes Market-Key Players
The global market is competitive due to the presence of international and local players. Entry of new market players is likely to intensify the competition during the forecast period.
Leading players are investing in research and development activities to produce improved plastic adhesive tapes that would meet customer requirements. Demand for improved plastic adhesive tapes is likely to contribute to industry growth during the forecast period.
Some of the key players in the plastic adhesive tapes market are Berry Global Inc., 3M, Rogers Corporation, MBK Tape Solutions, and Lohmann GmbH and Company.
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The global plastic adhesive tapes market is segmented as follows:
Material Type Product Type
Other Packaging Tapes
Electrical & Electronics
Building & Construction
Other Consumer Durables
Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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