The global pressure sensitive tapes market size is poised to reach USD 75.91 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.1% during the forecast period. Increasing application scope in the medical and automotive industries is projected to augment the market over the forecast period.
The market is driven by the packaging industry on account of their high-volume usage in cardboard and container sealing. In addition, ease of application of packaging tapes as compared to substitute products such as adhesives and sealants is anticipated to further boost the demand in packaging application in end-use industries.
Technological advancements in the industry are focused towards production of premium quality products with superior performance. Development of customized product designed for use in specialized applications along with rise in use of silicone-based adhesives is estimated to emerge as a way forward for tape manufacturers across the globe.
Fluctuations in raw material prices result in a notable changes in procurement cost for manufacturers, thereby negatively influencing the growth of the market. Volatility in prices of raw materials is a result of changes in crude oil prices. Moreover, sanctions imposed on import of crude oil are also expected to limit the market from realizing its utmost potential.
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Further key findings from the report suggest:
Packaging tapes represented over 63.0% of the overall volume in 2017 on account of their increasing use in sealing, enclosing, bundling, and wrapping applications of containers, cardboard boxes, and bottles
Specialty pressure sensitive tapes are likely to register a CAGR of 4.3% in terms of revenue from 2018 to 2025 owing to their spiraling demand in the medical industry for sustainable and easy to use wound care solutions
Woven & non-woven backing materials commanded over 18.0% of specialty tapes volume share in 2017, owing to their properties such as stretchability, bacterial barrier, and absorbency, which facilitate their use in medical and wound care applications
Acrylic is the most widely used adhesive chemistry for manufacturing of specialty pressure sensitive products. It is poised to post a CAGR of 4.5% in terms of revenue during the forecast period as it offers better tacking properties and high UV, plasticizer, and solvent resistance
The Asia Pacific pressure sensitive tapes market accounted for 35.6% of the overall revenue in 2017, on account of booming manufacturing sector and presence of major manufacturers in the electronics, automotive, and medical industries in the region
Presence of a large number of players and introduction of advanced products for specialized applications coupled with price discrimination by manufacturers in China are bolstering the competitive rivalry in the market.
Grand View Research has segmented the global pressure sensitive tapes market on the basis of product (backing material, adhesive chemistry), technology, and region:
Pressure Sensitive Tapes Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Paper & printing
Retail & graphics
Others (Sports, defense, etc.)
Pressure Sensitive Tapes Technology Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Pressure Sensitive Tapes Backing Material Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Polyethylene Terephthalate (PET)
Pressure Sensitive Tapes Adhesive Chemistry Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Pressure Sensitive Tapes Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Rest of World
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