Specialty tapes likely to grow in emerging economies
The specialty tapes market is currently valued at $44.2 billion (2019), and projected to reach $59.3 billion in 2024 growing at a CAGR of 6.1%. Emerging markets such as China, Brazil, Indonesia and South Africa are the areas where the growth is expected to be the fastest.
Growth for special adhesive tapes throughout industries
The demand for special adhesive tapes tapes is increasing especially in the healthcare and hygiene, automotive, electrical and electronics, white goods as well as building and construction industries. Some reasons behind the increase in demand are infrastructure development, awareness of hygiene products, increasing utilization of healthcare services and upgrading and development of electrical appliances. Therefore, many companies now focus on developing and manufacturing specialty tapes with properties such as heat and weather resistance.
Where the opportunities lay
The segment forecast to account for the largest market share between 2019 and 2024 is healthcare and hygiene, and PVC tapes are expected to be the fastest growing product segment. Geographically, the largest market in terms of volume and value is likely to remain Asia-Pacific as the region is experiencing strong growth due to R&D advancements in various industries.
Another trend that is likely to reach the specialty tapes market is biodegradable pressure sensitive adhesive. Tapes made with this adhesive are suitable for compostable packaging which is becoming a norm in the western world.
Specialty tapes in emerging economies
The specialty tapes market is expected to grow especially in emerging economies like China, Brazil, India, South Africa and Indonesia. However, more developed markets, including Germany, the US, Japan and the UK, will experience slow or no growth. China is likely to become the key contributor due to demand for heavy industries and consumer products.