Dover, DE -- (SBWIRE) -- 05/11/2016 -- Pressure sensitive tape market size was estimated at over 40.5 billion square meters in 2015. Global pressure sensitive tapes industry analysis forecasts revenue to exceed USD 65 billion by 2023, with estimated gains of 5.5%.

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Asia Pacific pressure sensitive adhesives market size was worth over USD 20 billion in 2015. China, India, Indonesia, and South Korea are the key revenue generating countries owing to growth in packaged goods sales and increase in building & construction spending.

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Packaging was the major revenue generating application in U.S. pressure sensitive adhesives (PSA) tapes market in 2015. Global demand was valued at over USD 25 billion in 2015, driven by rising corrugated box demand due to increase in trend for green technology accompanied by growth in the food & beverages sector.

The industry is anticipated to witness moderate growth due to increase in retail and electrical & electronics spending in the U.S.

Automotive applications accounted for over 5.5% of the global revenue in 2015; however, technology innovations and increase in automobile production is projected to create opportunities in this segment. Global automotive production was over 89.55 million units in 2015 and is anticipated to exceed 100 million vehicle units by 2018.

China dominated the overall volume and manufactured more than 23.4 million vehicle units in the same year. North America was the second main region, manufactured over 17.25 million vehicle units in 2015.

Brazil pressure sensitive tape market share was the leading revenue generating country in Latin America and is estimated to witness significant growth due to increase in interregional trade with Colombia, Argentina and Venezuela.

Middle East & Africa (MEA) is projected to be an attractive region pertaining to increase in construction spending in Saudi Arabia and UAE accompanied by growth in healthcare industry in the region.

Germany and UK were the key revenue contributing countries in Europe; hospital renovation and construction accompanied by environment regulations is likely to positively influence Europe PSA tapes demand.

PSA tapes market is most suitable sticking substitute to solvent or heat required for activation and it also creates negligible residue. This product can be used in the office, home, industry, and institutions for diverse purposes.

Product types include carton sealing, masking, double-sided, surgical, and electrical. Carton sealing dominated the demand and accounted for more than 55% of the total share in 2015.

Recyclability and reusability coupled with long-lasting adhesion properties are propelling corrugated box packaging demand in several industries including food & beverages and electronic goods.

Masking tape is designed to be applied on those parts which are not required to be painted or coated such as window pane in homes and offices during painting and automotive coatings. Increase in automotive production is anticipated to stimulate demand in this segment.

Double-sided sticking solution serves the purpose when two surfaces need to be glued together, they provide strong adhesion to several crafting and clothing application.

Increase in importance for healthy & hygienic products is projected to boost demand for surgical adhesives as it provides strong and safe wound dressing and other remedial purposes.

Electrical or insulating products are used to protect electrical wires and materials which conduct electricity, specialty electrically conductive adhesive product introduction for telecommunications equipment is anticipated to create product opportunity in the coming seven years.

Major applications can be segmented into packaging, building & construction, electrical & electronics, automotive, and health & hygiene.

Building & construction application is anticipated to witness notable growth due to increase in real-estate and manufacturing industry in China, India, and UAE. Electrical & electronics applications are considered to be a promising segment owing to growth in the telecommunications industry.

Rise in need for more sustainable and environment friendly adhesive solutions are among the key driving factors to boost PSA tapes market size. Increase in trend for eco-friendly and biodegradable materials & products due to environment consciousness and government regulations are likely to positively influence pressure sensitive tape market share. However, fluctuating raw materials prices is anticipated to adversely affect pressure sensitive tapes market price trend.

Pressure sensitive tapes market share is fairly consolidated with major players including 3M, Nitto Denko, and Lintec, which accounted for more than 19% of the overall demand. Other key players consist of Adchem, ABI Tape Products, Jonson Tapes, and Avery Dennison.