The foam tape market has grown significantly in recent years, with a projected growth from $9.26 billion in 2023 to $10.02 billion in 2024, at a compound annual growth rate (CAGR) of 8.2%. The growth is driven by the automotive industry’s demand for foam tapes, construction sector expansion, increased adoption in electronics, and industries prioritizing lightweight materials for fuel efficiency.
The foam tape market is anticipated to expand rapidly, reaching $13.77 billion by 2028 at a CAGR of 8.3%. This growth is attributed to the demand for low-emission, eco-friendly foam tapes, the rise of electric vehicles, the development of smart home devices, IoT technology, e-commerce expansion, and the increasing focus on energy conservation. Trends to watch include the creation of bio-based foam tapes with lower VOC emissions, advanced foam tape solutions, more automation in sectors like automotive and electronics, and the provision of customized solutions.
Major Driver In The Foam Tape Market
The increasing demand from the construction industry is expected to propel the growth of the foam tape market going forward. Construction activities encompass various tasks related to infrastructure development for sewage, stormwater, and nonpoint-source projects. Rapid urbanization, infrastructure development, and technological advancements have spurred an increase in construction activity. Foam tape is particularly beneficial in sealing gaps and joints in construction projects around windows, doors, and other openings. In June 2024, TST Europe noted that total construction spending in the U.S. reached $1.98 trillion in 2023, reflecting a 7.4% increase from the previous year, with approximately 745,000 construction businesses operating in the U.S. as of 2023. Hence, the growing demand from the construction industry is driving the foam tape market.
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Foam Tape Market Competitive Landscape
3M Company, Avery Dennison, Berry Global Inc., Nitto Denko Corporation, Tesa Se, LINTEC Corporation, Intertape Polymer Group, Scapa Group, Vibac Group S.p.A., Yongle Tape Co Ltd., American Biltrite, CCT Tapes, DeWAL Industries Inc., Parafix Tapes & Conversions Ltd., Advance Tapes International Ltd., HALCO Europe Ltd., AFT Company, ECHOtape, 3F Industries, Ajit Industries, Lynvale Ltd., Saint-Gobain Performance Plastics, Tape-Rite Co Inc., Seal King Ind Co. Ltd., Zhongshan Crown Adhesive Products Co Ltd
Key Foam Tape Market Trend
Leading companies in the foam tapes market are developing acrylic foam tapes to provide superior bonding strength and durability. Acrylic foam tapes offer excellent adhesion to various surfaces and resistance to extreme conditions. For example, in November 2023, CCL Design, a Canada-based packaging and labeling company, introduced the 5400 LSE acrylic foam tape series, which provides primerless adhesion to plastics. This product simplifies the application process and offers a strong bond to polypropylene and automotive paints, making it ideal for automotive uses. It is also free from perfluoroalkyl substances (PFAS), aligning with the growing demand for eco-friendly products.
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Global Foam Tape Market Segmentation
The foam tape market covered in this report is segmented –
1) By Type: Single Sided Foam Tape, Double Sided Foam Tape
2) By Foam Type: Polyethylene, Polyurethane, Neoprene, Acrylic, Other Foam Types
3) By Resin Type: Rubber, Silicone, Acrylic, Ethylene-Vinyl Acetate (EVA), Other Resin Types
4) By Technology: Solvent-Based, Water-Based, Hot-Melt-Based
5) By End-User Industry: Automotive, Construction, Electrical and Electronics, Aerospace, Packaging, Other End-User Industries
By Geography:The regions covered in the foam tape market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the foam tape market in 2023, and is expected to be the fastest-growing region in the forecast period.
The Foam Tape Global Market Report 2024 furnishes information about the global foam tape market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
