Albany, NY -- (SBWIRE) -- 03/01/2018 -- LINTEC Corporation, Nitto Denko Corporation, tesa Tape Inc., and 3M collectively enjoyed close to 39% of revenue in 2015, in a moderately consolidated global adhesive tapes market, says Transparency Market Research (TMR) in a new report. TMR states these players are likely to hold on leading shares on account of continual efforts for development of newer products and efforts for improving global presence.
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Further, factors such as volatile prices of raw materials and high entry barriers that avert new entrants to enter in the market consolidates the position of existing players, leading to stifled growth of the market.
The report by TMR reveals that the global adhesive tapes market is likely to rise at a CAGR of 6.8% for the forecast period between 2016 and 2024 vis-à-vis revenue. At this pace, the market is projected to become worth US$92.36 by the end of 2024 which was evaluated at US$51.54 bn in 2015. The global adhesive tapes market is likely to rise at a CAGR of 5.9% from 2016 to 2024 in terms of volume.
The global adhesive tapes market has been classified based upon end use into consumer goods, graphics, building and construction, automotive, health care, and others.
From a geographical perspective, Asia Pacific is anticipated to display promising growth over the forecast period between 2016 and 2025. This is mainly because of developing manufacturing infrastructure, technological developments, and easy availability of raw materials. Countries such as China and India are expected to contribute substantially due to economic development.
North America stands as a significant market for adhesive tapes due to the growing demand for adhesive tapes from a host of industries.
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Revival of Automotive Sector Ramps up Adhesive Tape Demand
First and foremost, the advancement of the automotive industry has been favorable to the growth of adhesive tapes market. At present, the high demand for lighter vehicles is the key factor responsible for the high demand of adhesive tapes. The use of bolts, rivets, screws, and other traditional fastening devices are increasingly being replaced by stronger adhesive tapes, which in turn leads to significant reduction in overall weight of a vehicle as well as significant reduction in the amount of metal that is used in the vehicle.
As per the lead analysts of the study, "traditional sealants and adhesives are also increasingly being used in advanced adhesive tapes that are at par in terms of shear strength, surface adhesion, and durability." The revival of the automotive industry post the economic slump of 2008 is expected to positively impact the global adhesive tapes market.