iCrowd Newswire – Jul 18, 2020
The surge in disposable income, alterations in lifestyles of the people and increased dependency on electronic devices’ usage are expanding the sales of electronic devices in Asian countries. The tendency toward miniaturization of electronic devices, especially cell phones, portable personal computers, and tablets, is a central element driving the adhesive tapes market internationally.
Adhesive tapes are widely deployed in various automotive applications such as wire harnessing, electric insulation, and automotive body repairs, masking, and surface protection. The surge in usage of adhesive tapes in automotive interior parts to deliver improved confrontation and excellent bond-ability is likely to push the adhesive tapes market during the prediction period. Demand for adhesive tapes has been surging in the packaging-end-use industry due to its wide range of applications in unitizing, palletizing, carton sealing, bundling, and general packaging.
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The widespread practice of adhesive tape usage in various industries such as automotive and food and beverage is an essential factor propelling the market. Automotive manufacturers are progressively accepting adhesive tapes in place of mechanical fasteners such as bolts and screws to decrease the vehicles’ weight and provide better fuel efficiency. The growth of the healthcare sector is another factor in promoting the market growth. The sector uses adhesive tapes majorly for wound care, assembly of medical devices, attributing electrodes on the skin, and fixing cover shields during surgeries. Besides, skin-friendly adhesive tapes are extensively applied in the manufacturing of infant and adult diapers.
The Asia Pacific region is anticipated to fetch a promising rate in the coming years owing to the growth in technology. Furthermore, raw materials are readily available in the Asia Pacific, and the manufacturing infrastructure is advancing as per the needs of the units. Middle East & Africa is also a prominent market for adhesive tapes due to the substantial rise in commercial & substructure activities and current low market saturation in the region.
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APAC is a significant primary adhesive tapes market and is predicted to be the fastest-growing market during the forecast period. The region is seeing healthy development due to ongoing R & D progressions and other related activities in healthcare, electrical & electronics, and automotive industries. The adhesive tapes market in developing economies, such as South Africa, China, India, Brazil, and Indonesia, is expected to witness significant development. In contrast, more advanced markets such as the US, Germany, Japan, and the UK, will see slow or no growth during the prediction period. China is probably the major contributor, mostly led by the high demand from heavy industries and consumer product manufacturing segments.
Socio-economic growth donates to the development of the global adhesive tapes market in the country. Besides, the low cost of raw materials and easy accessibility of inexpensive labor for their manufacturing have induced the augmented production of low-priced tapes in APAC, which has funded to the development of the adhesive tapes market in this region.
Some of the leading players operating in the Global Adhesive Tapes Market are 3M Company (US), Tesa SE (Germany), Nitto Denko Corporation (Japan), Lintec Corporation (Japan), Intertape Polymer Group (Canada), Avery Dennison Corporation (US), Lohmann GmbH (Germany), Berry Global Inc. (US), Scapa Group PLC (Canada), and Rogers Corporation (US), 3M Company (US) and other prominent players.
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