The global automotive adhesive tapes market is expected to
reach USD11.54 billion by 2024, according to a new report by Grand View
Research, Inc. Rising demand for adhesive tapes in an extensive range of
applications including noise, vibration, masking, electrical insulation, wire
harnessing, device insulation, surface protection, labeling, auto body repairs,
and automotive dash will fuel industry growth over the forecast period.
Replacement of fasteners by automotive adhesive tapes coupled with the
introduction of new environment-friendly products will propel the market
growth.
Polyvinyl
chloride (PVC) was the largest segment and accounted for 31.4% of the
overall volume in 2015 and is expected to witness significant rise on account
of superior properties including excellent bonding, high adhesion, water
resistant and good adhesion to metals. Increasing demand for lamination,
insulation, protection and masking of automotive wires will propel industry
expansion over the forecast period.
Double-sided tapes are expected to witness significant
volume rise at a CAGR of 6.6% from 2016 to 2024 as on account of its
durability, reliability, and sufficient bonding & fixing properties.
Furthermore, increasing applications in automotive interior parts in light of
better resistance and excellent tacky ability will promote industry expansion
over the forecast period.
U.S. automotive adhesive tapes market revenue, by backing
material, 2013 - 2024 (USD Million)
Browse full research report on Automotive
Adhesive Tapes Market Analysis:
Further
key findings from the report suggest:
- The global
market demand was 5,745.8 million square meters in 2015 and is expected to
show high gains in light of growing vehicle production in China, India,
and Mexico
- Natural
rubber was a prominent segment and accounted for 28.1% of the overall
revenue. The product will show growth in light of superior properties
including high flexibility, and versatility, and high adhesion.
- North America
accounted for over 20% of the global volume share and is expected to
witness significant gains in light of robust manufacturing base and rapid
growth of the automotive sector in the U.S. and Mexico. National policies
promoting the development of vehicles, fuel efficiency, and green policy
will also impact future automotive trends. Moreover, the presence of
various manufacturers including Dow Company, 3M Automotive, and PPG
Automotive will augment growth.
- Latin America
is expected to witness significant revenue growth at a CAGR of 7.3% from
2016 to 2024 as a result of increasing automotive vehicle sales in
Argentina, Brazil, and Columbia. Increasing foreign investment in the
automotive sector in the region is expected to open new market avenues
over the next eight years.
- Automotive
adhesive tapes industry is dominated by key participants including 3M,
Tesa SE, Lintec, and Nitto Denko Corporation. Ongoing product development
by various companies to manufacture high-performance and cost-efficient
adhesive tapes is expected to augment product consumption over the
forecast period.
- In August
2015, Shurtape launched FP 115 high-performance flatback paper tape to offer
moisture resistance and stronghold for the tube, paper, and core
manufacturing. In July 2014, Shurtape expanded its line of double-coated
tapes with the introduction of DP 401 polyester film tape designed for
polyethylene foam fabrication and lamination processes.
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