NEW YORK, July 7, 2020
- The growing demand from the construction industry and the increasing number of aircraft are driving market growth
- Market Size – USD 60.38 Billion in 2019, Market Growth - CAGR of 3.9%, Market Trends – High demand from developing nations
NEW YORK, July 7, 2020 /PRNewswire/ -- The global Pressure Sensitive Tapes market is forecast to reach USD 82.94 Billion by 2027, according to a new report by Reports and Data. Increasing concerns regarding the light-weighting of automobiles across the globe have led to the increasing adoption of tapes. Traditionally used products, such as fasteners and adhesives, are being replaced by pressure sensitive tapes, due to the benefits they offer.
The increasing population in the developing countries, which leads to an increase in industrialization and urbanization, is expected to lead to a rise in government spending on infrastructure and construction. This, in turn, will foster the demand for the pressure sensitive tapes market, as these find extensive uses in the construction industry. The growth in the aircraft industry is also expected to lead to an increased demand for the product, as pressure sensitive tapes are extensively used in making aircraft interiors and avionics.
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Frequent fluctuations in raw material prices have a significant impact on the manufacturers' procurement cost, which can hamper the demand for the market. Increasing sanctions on the import of crude oil affect the overall oil prices, which can also lead to reduced market size for pressure sensitive tapes. The market also faces a threat from the increasing number of substitutes present for the product, such as sealants and fasteners. The growing use of these in various industries can lead to reduced demand for Pressure Sensitive Tapes.
The COVID-19 impact:
The COVID-19 Pandemic has led to lockdowns among many countries around the globe. This has led to the shutting down of major industries temporarily. Industries, such as construction and aerospace, which find extensive uses for Pressure Sensitive Tapes, have currently halted operations. This has led to a decline in the demand for the product. Major players involved in the market have also halted operations currently, which has led to a decrease from the supply side. It is expected that once the situation becomes normal again, and the industries start functioning again, the demand for the market will rise. Manufacturers who are not able to operate currently are involved in innovations so that once the industries open, innovations would help them gain a greater market share and lead to a rise in the overall demand for the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/pressure-sensitive-tapes-market
Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global Pressure Sensitive Tapes market on the basis of product, Material, End-Use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Material Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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