March 29, 2022 11:45 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, March 29, 2022 (GLOBE NEWSWIRE) -- The global tapes market is growing at a CAGR of 4.8% in the forecast period. Surging demand for masking and pressure sensitive tapes will result in high growth of the market.
During 2015-2021, the global tapes market grew at a CAGR of 3.4%. The period saw the arrival of new market participants and product advancements, which fueled demand in the global tapes market.
Expansion of the building and construction industry is expected to create impressive prospects for growth of the tapes market. The building and construction sector is diverse, encompassing industrial construction, real estate, and repair and maintenance among others.
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Therefore, consistent growth in the industry is expected to offer conducive environment for the tapes market growth. Besides this, the demand for tapes is expected to remain considerably high in the automotive sector.
China is one of the leading tape production markets, accounting for 20% of worldwide market value in 2022. With technological advancements, economies of scale, and inexpensive labor, Asia now accounts for about half of the global tapes market.
Key Takeaways from Global Tapes Market
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“Companies operating in the tapes market are expected to focus on diversification to cater to specific industrial requirements. Besides this, they are expected to gradually migrate to online platforms to expand their global reach,” said an FMI analyst.
Building and Construction Sector is the Key Driver of Global Tapes Market
Tape producers have developed a diverse array to fulfil the demand for a wide range of indoor painting applications. This has resulted in the high demand for masking tapes. The sales of masking tapes is driven by their ease of use and low cost of, as well as the availability of single-sided and double-sided masking tapes.
Leading automotive manufacturers and suppliers rely heavily on diverse adhesive solutions for a variety of applications. Masking tapes have diverse uses within the automotive sector. These include wire harnessing, surface protection, and attachment part mounting.
Some of the leading players included in the global tapes market analysis are 3M Company, Shurtape Technologies LLC, Tesa SE, Saint-Gobain Tape Solutions Europe, Nitto Belgium NV, Advance Tapes International Ltd., PPM Industries S.p.A, Vibac Group S.p.a, Intertape Polymer Group Inc., Berry Global, Inc., Beorol d.o.o, Folsen Tapes, FABO s.p.a., Scapa Industrial, Cintas Adhesivas Ubis, S.A., MBK Tape Solutions, NADCO® Tapes & Labels, Inc., Pro Tapes & Specialties, Inc., Sicad Group and PPI Adhesive Products Limited. Based on the segmental revenue FMi team estimates that 3M Company, Shurtape Technology LLC, Tesa SE, are some of the Tier 1 players holding nearly 12-15% values share in the global tapes market.
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