CHICAGO, Sept. 27, 2023 /PRNewswire/ -- The report "Double-sided Tape Market by Resinn Type (Acrylic, Rubber, Silicone), Technology (Solvent borne, Waterborne, Hot-melt-based), Tape-Backing Material (Foam-backed, Film-backed, Paper-/Tissue-backed), End-Use Industry, & Region - Global Forecast to 2028", is growing at a high rate due to the increased demand from various sectors. The global double-sided tape market size was USD 11.6 billion in 2022 and is projected to reach USD 17.2 billion by 2028, at a CAGR of 6.7% between 2023 and 2028. The Asia Pacific accounted for the major share of the overall market in 2022. High demand from automotive and building & construction is driving the double-sided tape market in Asia Pacific. Rapidly rising household income and fast growing middle class population in Asia Pacific is also responsible for the high demand from the region. The most potential market is currently in the Asia Pacific region, and this is likely to continue.
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The major driver for the double-sided tape market is the growing demand from packaging industry. The packaging industry's rising presence in less developed areas, demand for packaged goods has increased as a result of more people moving to metropolitan areas and adopting westernized attitudes and lifestyles. The booming e-commerce industry has further accelerated this trend on a global level. Increase in raw material prices is the major restraining factor of double-sided tape market. The industry for double-sided tape is heavily impacted by rising raw material costs. The main issue is that the cost of raw materials is steadily rising. With a noticeable influence on the manufacturing costs experienced by double-sided tape producers, this spike is caused by interruption in supply chains, geopolitical tensions, and changes in energy prices. Potential substitutes to traditional fastening systems offers the opportunity in the double-sided tape market. Although traditional techniques like screws and bolts are efficient, they are complicated, heavy, and unattractive. It reduces vibrations in order to handle different business problems. A flexible and long-lasting adhesive utilized in high-temperature industries is double-sided tape. It firmly connects tiny parts, promoting advancement in electronics and healthcare.
Acrylic segment is expected to hold largest share of the double-sided tape market during the forecasted period.
Acrylic is widely used in double-sided tapes because of its appealing qualities that set them apart in a market. Acrylics are renowned for their quick drying times, outstanding resistance to oxidation, wide temperature range, and capacity to withstand UV rays. Additionally, they display exceptional anti-aging qualities and maintain color consistency over time. They excel in water resistance and have high levels of peel, tack, and shear strength because they expertly balance adhesion and cohesion.
Solvent-based technology segment hold the largest segment in overall double-sided tape market during forecast period.
The solvent-based technology is the largest segment in the overall double-sided tape market. Asia Pacific has emerged as the center of demand for solvent-based adhesive technology and is expected to keep holding onto the top spot through the year 2028. Particularly in a variety of electrical and electronic applications, it provides performance that is unmatched. They are essential to the development of membrane switches and are widely used in both indoor and outdoor settings where utmost durability is required.
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Foam-backed backing material segment hold the largest segment in overall double-sided tape market during forecast period.
The foam-backed backing material is the largest segment in the overall double-sided tape market. Due to its exceptional quality, its demand is rising, particularly in the aerospace, automotive, defense, and building & construction industries. Furthermore, these tapes are eco-friendly and have good anti-vibration qualities, outstanding moisture and solvent resistance, long-term holding power, shock absorption capability, excellent conformance, and global anti-aging properties. The foam-backed double-sided tape market is likely to expand over the forecast period due to characteristics such as high internal strength, flexibility, and low peeling stress.
Automotive end-use industry accounted largest share of the global double-sided tape market during forecasted period.
Automotive is the largest end-use industry segment in the overall double-sided tape market. Double-sided tape is important in the automobile industry since it serves numerous tasks for both the outside and interior of vehicles. These tapes have a wide range of uses, including bonding accessories, adhesion, and vibration resistance. They are also used to attach the body of automobiles.
Asia Pacific region likely to account the fastest growing region of the global double-sided tape market during forecasted period.
The Asia Pacific is the largest double-sided tape market, in terms of both, value and volume, and is projected to be the fastest-growing market during the forecast period. Asia Pacific was driven by the rapidly rising household income and fast growing middle class population. The market in Asia Pacific is now the most promising and is anticipated to remain so in the foreseeable future. Even in these times of a slowing global economy, Asia Pacific remains the most appealing region for double-sided tape manufacturers. Double-sided tape is widely used in the region's construction, packaging, and footwear sectors due to environmental and health and safety concerns.
The key companies profiled in this report are 3M (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Avery Dennison Corporation (US).
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