Kenneth Research, in its repository of market research reports, has recently added a report on Adhesive Tapes Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Adhesive Tapes Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Adhesive Tapes Market products.
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The global Adhesive Tapesmarket was valued at USD 47.30billion in 2016 and is projected to reach USD 74.65billionby 2025, growing at a CAGR of 5.20% from 2017 to 2025.
Adhesive tapes demand is increasing rapidly owing to new product innovation in many industries. Healthcare is the major consumer of adhesive tapes globally owing to increasing demand for medical devices. Asia Pacific industrial growth is expected to be a major booster for market growth globally.
Market Dynamics:
1. Market Drivers
1.1 Growing demand in Asia Pacific
1.2 Technological advancements in adhesive technology
2. Market Restraints
2.1 Raw material price volatility
2.2 Stringent regulations regarding approval
Market Segmentation:
The global Adhesive Tapesmarket is segmented on the coating technology, function, backing material, application, and region.
1. By Coating Technology:
1.1 Solvent Based
1.2 Dispersion Based
1.3 Hot melt Based
2. By Function:
2.1 Water activated
2.2 Pressure Sensitive
2.3 Drywall
2.4 Dry sensitive
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3. By Tape Backing Material:
3.1 Paper Backed
3.2 Polypropylene Backed
3.3 Polyvinyl Chloride Backed
3.4 Others
4. By Tape Backing Material:
4.1 Commodity
4.1.1 Masking
4.1.2 Packaging
4.1.3 Household
4.1.4 Others
4.2 Specialty
4.2.1 Automotive
4.2.2 Healthcare
4.2.3 Electronics and Electrics
4.2.4 White Goods
4.2.5 Printing and Paper
4.2.6 Building and Construction
4.2.7 Retail
4.2.8 Others
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. 3M
2. Lohmann GmbH & Co. Kg
3. Nitto Denko
4. Scapa Group PLC
5. Tesa SE
6. Shurtape Technologies LLC
7. Avery Dennison Corporation
8. Lintec Corporation
9. Intertape Polymer Group Inc.
10. Henkel AG
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Adhesive Tapes Marketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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