Market Synopsis
The global specialty tapes market
is expected to grow at 6% CAGR to reach USD 62 billion by 2025. Specialty tapes
are used in a wide array of applications such as electronic appliances, white
goods, automobiles, aircraft, marine, paper, packaging, retail, and consumer
goods among others. Electrical & electronics segment generated major
revenue for the specialty tapes market. Expanding healthcare industry in the
developing markets with increased spending on healthcare is expected to create
lucrative opportunities for the players operating in the global market.
Regulatory Analysis
Prevalence of stringent
regulation to reduce VOC emissions affecting the surrounding environment and
human health is affecting the market growth. Some of the regulatory authorities
regulating the VOC emissions include-
- US
Environmental Protection Agency, EPA (US)
- International
Maritime Organization, IMO (UK)
- European
Commission (Europe)
Market Segmentation:
By Resin Type
- Acrylic
- Rubber
- Silicone
- Others
By Backing Material
- Polyvinyl
Chloride (PVC)
- Woven/Non-Woven
- Paper
- Polyester
(PET)
- Foam
- Polypropylene
- Metal
- Glass
Cloth
- Polyethylene
- Others
By Application
- Electrical
& Electronics
- Healthcare
- Automotive
- Consumer
Goods
- Paper
& Printing
- Building
& Construction
- Retail
& Graphics
- Aerospace
& Defense
- Marine
- Others
By Region
- North
America
- Europe
- Asia-Pacific
- Latin
America
- Middle
East & Africa
Regional Analysis
North America: The North
American specialty tapes market accounted for 23% share in 2018. North America
has established automotive, healthcare, electric and electronics industry which
have a huge demand for specialty tapes.
- US:
The US is one of the largest manufacturing hubs in the world and has the
largest healthcare industry globally. Reviving automotive industry with
increased production of lightweight and energy-efficient vehicles is
likely to propel the market growth.
Europe: The European
specialty tapes market comprises around 20% of the global specialty tapes
market. The market growth can be attributed to factors such as reviving
automotive industry with increasing production of electric, hydrogen cell fuel,
and lightweight vehicles; increased spending on R&D activities to bring
technological advancements in healthcare industry and expanding consumption of
portable technologically advanced consumer electronics. Growing building &
construction industry with increased spending on residential construction
particularly in eastern European countries is projected to propel the market
growth.
- Germany:
Germany accounted for the largest share of the overall consumption of
specialty tapes in Europe owing to presence of established automotive,
healthcare, and electrical & electronics end-use industries.
- The
UK- The demand for specialty tapes in the UK is expected to increase
on account of growth of the major end-use industries with rapid
technological advancements.
Asia-Pacific: Asia-Pacific
was the largest and fastest-growing market for specialty tapes accounting for
48% market share. Expanding automotive and electrical & electronics
industries are the major revenue-generating segments in Asia-Pacific.
- China:
China accounted for the largest share of the specialty tapes market in
Asia-Pacific in 2018 and is projected to register significant growth rate
in the coming years. China being the world’s largest manufacturing center
for electronics is the prime factor fueling the demand for specialty
tapes. The electric component manufacturing industry in China grew by
around 11% in 2018 to reach to over USD 282 billion. Additionally, the
growing healthcare industry with easy access to medical services in the
nation is another important factor driving the market growth.
- India-
India was the fastest growing nation in Asia-Pacific owing to growing
automotive, healthcare, and electrical & electronics industry. In
2018, overall automobiles production in India grew by around 8% owing to
increased spending on automobiles coupled with rising per capita
disposable income of the consumers.
Latin America: The market
in Latin America is expected to grow at a healthy CAGR during the review period
on account of growing major end-use industries particularly, the automotive
industry.
- Brazil:
Growing automotive industry is the prime factor fueling the demand for
specialty tapes in the country. Automobiles production in the country grew
by around 5.2% in 2018 and is expected to grow further at a significant
rate in the coming years.
Middle East & Africa:
Growing industrialization in the Middle East and African countries is expected
to drive the growth of the specialty tapes market in the region.
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