The global automotive adhesive tapes market size was USD 6.19 billion in 2015 and is expected to witness significant growth over the next eight years owing to rising vehicle production in China, India, Mexico, and Brazil. Increasing product demand in light of its high durability and protection will fuel market expansion over the upcoming years.
Growing consumption of the product in automotive accessories, brake shims, roof ditch molding, and automotive exterior trim parts as they offer unique adhesion and stress relaxation properties are expected to promote industry expansion. The product will witness high growth on account of growing demand for passenger and commercial automobiles over the next eight years.
Increasing consumption of double-sided tapes owing to its high shear strength, conformability, surface adhesion, and temperature resistance is expected to replace traditional joining and sealing techniques, thereby driving demand over the upcoming years.
The increasing use of biodegradable material for manufacturing these products is projected to fuel market growth over the forecast period. Furthermore, increasing usage of high-performance acrylic tapes in light of its features including processing and easy handling will propel industry development over the forecast period. However, volatility in raw materials prices is expected to restrict industry expansion over the forecast period.
Technological development coupled with ongoing product development to improve the performance of these products will propel market growth over the next eight years. Moreover, government efforts on reducing carbon footprints by deploying eco-friendly backing materials will create new market avenues over the forecast period.
U.S. automotive adhesive tapes market revenue, by backing material, 2013 - 2024 (USD Million)
Paper backing was a prominent segment in 2015 and accounted for 26.7% of the global volume share and is expected to witness significant growth owing to its high usage in body repairs and part mounting. Growing demand on account of various advantages including low cost, high elongation and permanent bonding solutions to steel plates will fuel growth over the forecast period.
Cloth backing will witness significant volume growth at a CAGR of 6.7% from 2016 to 2024 owing to its broad applications in the protection of wire harnesses and efficient cable bundling in automotive headliners. Growing demand for adhesive cloth backing on account of various advantages including abrasion resistance, easy to tear and high shock resistance is expected to fuel market growth.
Acrylic was the largest segment in 2015 and accounted for over 35.0% of the global volume share. The market is expected to witness significant growth owing to superior properties including high durability, high toughness, high transparency and excellent adhesion to metals.
Butyl rubber adhesives are expected to show a substantial rise in the future owing to better flexibility in lower temperature, high tensile strength, and superior peel adhesion. Moreover, increasing demand for butyl rubber adhesives as a result of extensive usage in manufacturing pressure sensor, sealing and electrical tapes in combination with styrene will fuel market growth.
Masking tapes accounted for 40.7% of the overall volume share in 2015 as they are extensively used to cover automobile surfaces where body paint is not preferred while painting. The product will witness substantial growth over the forecast period in light of excellent properties including instant adhesion, good holding power, improved conformability, easy tear and high solvent and moisture resistance.
Interior was the largest application segment in 2015, valued at USD 4.23 billion. It is expected to witness strong gains over the forecast period on account of rising usage in interior mounting and cable mounting. Furthermore, adhesive tapes provide strong bonding while reducing weight as compared to metal fasteners, which will fuel its demand in interior applications. Moreover, tapes are used under bonnet protection of cables & pipes, for the reduction of vibration & noise and sealing of cavities vehicle doors against dust & moisture.
Asia Pacific dominated the global demand, in terms of volume as well as value. The market was valued at USD 2.89 billion in 2015. This trend is expected to continue on account of increasing vehicle production in China, India, and Thailand. Expansion of road networks in Asia Pacific coupled with the commitment of governments towards industrial and infrastructure development is expected to increase vehicles sales in the region and will have a favorable impact on the market over the upcoming years
China is expected to drive the demand in light of growing domestic producers along with increasing infrastructure sector over the forecast period. The presence of automobile giants including Toyota Motors, Honda Automobile, Nissan Motors, Hino Motors, and General Motors will stimulate industry expansion. Moreover, the presence of tape manufacturers including Nitto Denko Lintec, and 3M will spur market size over the next eight years.
The industry is mainly dominated by major players including Nitto Denko Corporation, tesa SE, 3M, and Lintec, together accounting for over 20% of the overall industry share in 2015. Other participants include Adchem Corporation, ABI Tape Products, Avery Dennison Corporation, and Jonson Tapes Limited.
The industry is extremely competitive in nature with the major players involved in constant product innovation through extensive R&D. In May 2015, Nitto Denko Corporation established a new production facility in Taiwan, which will produce PVC tapes used for automotive wire harness bundling. The company’s production capacity is set to increase by 20%.
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