Selbyville, Delaware , Feb. 19, 2024 (GLOBE NEWSWIRE) -- Specialty tapes market size is predicted to surpass USD 96.9 billion by 2032 as per a recent study by Global Market Insights Inc.
The market is driven by the escalating need for efficiency and sustainability in various industries. As businesses globally embrace eco-friendly practices, the demand for tapes with environmentally conscious formulations has surged. The continuous evolution of manufacturing technologies has facilitated the development of specialty tapes with enhanced performance characteristics, catering to specific industry requirements.
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In 2023, Avery Dennison Performance Tapes launched an entirely new line of high-performance pressure-sensitive adhesive tape products. This range has been made for the building and construction industries. Furthermore, the increasing demand for customization and flexibility in adhesive solutions to address unique challenges across sectors has fueled the market expansion.
Growing demand for rubber resin tapes
The specialty tapes market share from rubber resin segment is anticipated to witness substantial growth through 2032 due to its versatility and adaptability to different surfaces and substrates. These tapes exhibit exceptional adhesive properties, offering superior bonding strength and durability. Manufacturers are continually investing in R&D to enhance the performance characteristics of rubber resin tapes, making them suitable for challenging applications. The robust demand for rubber resin-based specialty tapes is expected to persist, driven by their ability to provide reliable and long-lasting adhesion in a wide array of environments and conditions.
Rise of electric vehicles to drive product uptake
The specialty tapes market from automotive segment is expected to record strong CAGR from 2023 to 2032 as there is an increased adoption of specialty tapes for interior components and exterior assemblies. These tapes offer solutions for bonding, noise reduction, vibration damping, and other critical functions, contributing to improved vehicle performance and durability. With the automotive industry undergoing rapid transformations, such as the rise in popularity of electric vehicles and the integration of advanced safety features, the demand for specialized tapes tailored to these specific needs will surge.
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Stringent regulation in Europe to push market expansion
Europe specialty tapes market size will expand through 2032 driven by a proactive approach toward adopting advanced adhesive solutions. Manufacturers in Europe are actively investing in R&D to create tapes that align with the region's stringent regulatory standards while meeting the diverse needs of industries such as manufacturing, construction, and healthcare. The growing emphasis on sustainable practices, coupled with the increasing awareness of the benefits offered by specialty tapes, has propelled their widespread adoption in the European industries.
Some of the leading companies in the global specialty tapes market are Lintec Corporation, 3M Company, Avery Dennison Corporation, Nitto Denko Corporation, Saint-Gobain Performance Plastics Corporation, Scapa Group Plc, tesa SE, Nichiban Co. Ltd, Intertape Polymer Group, Inc., Adchem Corporation, Berry Global Inc., Lohmann GMBH & Co. Kg, Shurtape Technologies LLC, HB Fuller Company, and Henkel AG & Co. KGaA.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
