Key Highlights:
· In termsof value, the global Pressure Sensitive Tapes market was stood around US$ 65.0 Bn in 2018 andis anticipated to expand at a CAGR of more than 6% from 2019 to 2027
· Based onproduct type, carton sealing tapes held a major share of the market in 2018owing to increasing online retailing market and growing global cargo scenario
· On thebasis of backing material, polypropylene was the major material used inpressure sensitive tape in 2018. It is accounted for more than 50% ofthe total Pressure Sensitive Tapes usage in 2018.It is projected toexhibit significant growth rate during the forecast period 2019 to2027
· In termsof end-user industry, automotive was the dominant end-user industry accountedfor more than 20% of the total Pressure Sensitive Tapes marketin 2018. It is likely remain dominant application between 2019 and 2027
· Based onregion, Asia Pacific held major share in 2018 and is expectedto grow at significant rate of more than 7% compared to otherregion from 2019 to 2027. Strong economic growthin China and India followed by increase in online retailing where pressuresensitive tapes are majorly utilized is the major factor which drives thedemand for pressure sensitive tapes in Asia Pacific
· NorthAmerica and Europe are matured markets expected to exhibit moderate growth rateduring the forecast period
· Growingurbanization, increase in global trade relation followed by increase inadoption of online retailing are the major factor which are anticipated todrive the global pressure sensitive tape demand in near future
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VOC Emissions duringManufacturing and Volatility in Raw Material Prices May Hamper Overall Demand
· Thereexist major environmental concerns regarding the manufacture of tapes,particularly pressure sensitive tapes
· Environmentalregulations affect the pressure-sensitive tape technology in two areas:manufacturing process and product design
· Whileforming an adhesive layer on the backing material, adhesives such aslow-viscosity natural rubber and resins are coated by solvents such as xyleneand toluene. Without proper containment devices, these solvents are simplyreleased into the atmosphere. Moreover, energy required to evaporate thesesolvents emits carbon dioxide into the atmosphere
· Solvent-basedadhesives contain a significant level of volatile organic compounds (VOCs),which can lead to smog formation and asthma irritations. It is often a reasonfor environmental concerns worldwide. Hence, emission of VOCs during productionof tapes is likely to act as a restraint for the pressure sensitive tapesmarket
· However,the innovation of hot-melt, pressure-sensitive adhesives and water-based acrylateadhesives that require no solvent and consume minimum energy can mitigate therestraint arising out of environmental regulations
· On theother hand, volatility in the price of raw materials due to changing price ofcrude is likely to affect the development of the market adversely over theassessment tenure, from 2019 to 2027. In addition,regulations pertaining to the use of backing materials and adhesives forseveral applications are factors that could add to the complications of theregulatory framework
· This isalso major factor which may hamper the overall demand for Pressure SensitiveTapes during the forecast period 2019 to 2027
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Asia Pacific Expected to beHighly Lucrative Region of Global Pressure Sensitive Tapes Market
· In termsof volume and value, Asia Pacific held the largest share of the global pressuresensitive tapes market in 2018 across the globe. Boom in themanufacturing sector, the electronics and electrical sector, motor vehicleassembly, and the accelerating construction and packaging industry in theregion is fueling the demand for pressure sensitive tape
· In termsof value, Asia Pacific was estimated to hold for more than 40% shareof the global pressure sensitive tapes market in 2018. This trendis anticipated to continue during the forecast period 2019 to 2027
· China andIndia are the key countries which are expected to drive the pressure sensitivetapes market demand in near future. These countries accounted for combinedshare of more than 60.0% in 2018 in AsiaPacific region
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Global Pressure Sensitive TapesMarket -Key Developments
· In 2018, AveryDennison Corporation has introduced a new line of acrylic pressure sensitiveadhesive (PSA) tapes which offers a high performance alternative toconventional bonding methods used to install resilient flooring is nowavailable in North America
· The newline of acrylic PSA tapes makes life easier for flooring manufacturers,converters, builders, contractors and installers by eliminating cure time andsimplifying the floorings’ installation
Global Pressure Sensitive TapesMarket: Competition Landscape
· Theglobal pressure sensitive tape market features a highly fragmented competitivelandscape with the presence of a large number of global and regional players.Some of the key players in the global pressure sensitive market are NittoDenko Corporation, Lintec, Avery Dennison Corporation, Henkel AG & CompanyKGaA, 3M, Adchem Corporation, and Canadian Technical Tape Limited among others
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