Specialty Tapes Market | Size, Industry Survey, Competitive Trends, Outlook and Forecasts 2018 to 2025

 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.

1. 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.

1. 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.
2. 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. 

1. 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.
2. 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.

1. 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.

Coronavirus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market

COVID-19 Impact Analysis on Polyvinyl Chloride (PVC) Market@ https://www.marketresearchfuture.com/report/covid-19-impact-pvc-market