The adhesive tapes market size is projected to grow from USD 60.4 billion in 2020 to USD 79.9 billion by 2025, at a CAGR of 5.7% during the forecast period. Growing use of adhesive tapes in diverse industries, rising urbanized population, and improved healthcare systems are driving the demand for adhesive tapes.
APAC is estimated to account for the largest share of the adhesive tapes market during the forecast period. The healthcare, electrical & electronics, and automotive segments are the key markets for adhesive tape manufacturers as these industries are expected to witness significant growth. Also, demand from various industries in developing countries such as Japan, India, China, South Korea, Vietnam, Taiwan, and Singapore is contributing to the growth of the APAC adhesive tapes market. China is the largest consumer of adhesive tapes in the region and continues to drive the global demand.
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The healthcare industry is undergoing a rapid transformation and plays a significant role in driving the adhesive tapes market, globally. The major factors driving the market in the healthcare sector are identified as the growth and penetration of the products in this sector in developing countries, along with growth in disposable income, rising number of surgeries & growing number of ambulatory surgery centers, rise in the aging population, improved healthcare systems, and awareness regarding hygiene products. Research institutions and various manufacturers are also taking initiatives and making huge investments in R&D for the technological development of adhesive tapes for healthcare applications and improvement of their properties for use in various other sectors.
The key players of the market include 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). New product launches, mergers & acquisitions, and investments & expansions have been the major strategies adopted by the key players between 2018 and 2020, which helped them broaden their customer base.
In line with the rising demand for adhesive tapes, 3M Company offers a broad spectrum of products, including adhesives, bonding materials, coatings, and specialty materials. The company operates through five business segments, namely, industrial, safety & graphics, healthcare, electronics & energy, and consumer. 3M has been working to deliver efficient adhesive tape products to various applications through its industrial business segment. Through the industrial adhesives and tapes segment, 3M offers a comprehensive line of adhesive tapes to meet the challenges within the appliances, aerospace, automotive, construction, MRO, electronics, commercial, transportation, and marine industries. The company has an extensive portfolio of products for almost every application. In 2019, the company launched upgraded sealing tape, Scotch High Tack Box Sealing Tape 375+, to meet packaging challenges. It ensures high-performance for ecommerce and other shipments and overcoming ineffective box sealing tape challenges. Through the strategy of new product launch, the company is able to cater to the demands of a wide range of industries, especially from APAC. This will boost the growth of the company and, also, its adhesive tapes business, globally.
The second most active company in the market is tesa SE (Germany). The company operates through two business segments, namely, Direct Industries and Trade Markets. Direct Industries caters to various end-use industries such as automotive, electronics (mobile phones and laptops), paper & printing, building & construction. The Trade Markets division is further divided into two segments, General Industrial Markets (adhesive solutions for packaging and tapes required during transportation, assembling, and repairing products) and Consumer & Craftsmen (product solutions required for daily use in homes, offices, and crafts). The company has planned to adopt organic and inorganic strategies such as new product launch, investment & expansion, and merger & acquisition in the future, which will surely increase its presence and revenue globally.
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