The specialty tapes market will increase from $55.00 billion in 2023 to $59.44 billion in 2024, with a CAGR of 8.1%. This is attributed to the growth of consumer electronics, the aging population, urbanization, rising disposable income, and increased awareness of environmental sustainability.
The specialty tapes market is expected to grow to $82.09 billion by 2028 at a CAGR of 8.4%. Growth is supported by e-commerce expansion, aerospace and defense sector growth, demand in healthcare, automotive, and industrial industries. Trends include smart tape innovations, multifunctionality features, supply chain optimization, manufacturing innovations, and advancements in adhesive technologies.
Major Driver In The Specialty Tapes Market
The increasing popularity of e-commerce is expected to drive the growth of the specialty tapes market. E-commerce, which includes the buying and selling of goods and services over the internet, has grown significantly due to improved technology, social media integration, and competitive pricing. Specialty tapes are widely used in e-commerce for packaging, branding, and enhancing the unboxing experience for customers. In August 2024, the Census Bureau reported that retail e-commerce sales for Q2 2024 reached $291.6 billion, a 1.3% increase from Q1 2024 and a 6.6% increase from Q2 2023. As a result, the growth of e-commerce is propelling the specialty tapes market.
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Specialty Tapes Market Competitive Landscape
Dow Inc., 3M Company, Henkel AG & Co. KGaA, Berry Global Inc., Avery Dennison Corporation, Lintec Corporation, Tesa SE, Essentra PLC, Scapa Group PLC, Shurtape Technologies LLC, Duraco Specialty Tapes LLC, Worthen Industries Inc., Insul-Fab Inc., CCT Tapes Inc., Advance Tapes International Ltd., Tom Brown Inc., Adchem Corporation, Presto Tape Inc., Cheever Specialty Paper & Film Inc., Penguin Tapes Inc., Saint-Gobain Performance Plastics Corporation, Vasavitapes Inc.
Key Specialty Tapes Market Trend
Leading companies in the specialty tapes market are developing innovative products such as adhesive bond industrial tapes to provide superior adhesion on various surfaces. These high-performance tapes are designed to create strong, durable bonds in industrial applications, resisting environmental factors like temperature, moisture, and chemicals. In September 2024, Mactac introduced the Macbond 481 and Macbond LS55 series. The Macbond 481 offers high-strength acrylic adhesives with excellent shear and bonding properties, while the Macbond LS55 features high-tack acrylic adhesives suitable for low surface energy materials, both offering strong performance in industrial environments.
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Global Specialty Tapes Market Segmentation
The specialty tapes market covered in this report is segmented –
1) By Resin Type: Acrylic, Rubber, Silicone, Other Resin Types
2) By Backing Material: Polyvinyl Chloride (PVC), Paper, Woven Or Non-Woven, Pet, Foam, Polypropylene (PP), Other Backing Materials
3) By End-User Industry: Electrical And Electronics, Healthcare And Hygiene, Automotive, White Goods, Paper And Printing, Building And Construction, Retail And Graphics, Other End-User Industries
By Geography:The regions covered in the specialty tapes marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the specialty tapes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Specialty Tapes Global Market Report 2024 furnishes information about the global specialty tapes 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.
