Specialty Tapes Market by Resin (Acrylic, Rubber, Silicone), Backing Material (PVC, Paper, Woven/Non-Woven, Pet, Foam, PP), Application (Electronics, Healthcare, Automotive, White Goods, Construction, Printing), and Region - Global Forecast to 2024
Growth in demand for specialty tapes in the healthcare & hygiene application is driving the market.
The specialty tapes market size is projected to grow from USD 44.2 billion in 2019 to USD 59.3 billion by 2024, at a CAGR of 6.1% during the forecast period. The growth of the market is primarily due to the increasing use of specialty tapes in the healthcare & hygiene industry. The specialty tapes market is affected by higher manufacturing costs resulting from increased energy costs. In addition, the consistently increasing global demand for chemicals and the capacity constraints in the supply of these primary chemicals and resin feedstock have fueled the rise in raw material prices.
Growth in the demand for PVC backing material is expected to fuel the demand for specialty tapes.
PVC is the most popular backing material used in the manufacturing of specialty tapes. PVC tapes are non-corrosive and resistant to humidity and UV rays. PVC is a thermoplastic polymer that possesses excellent mechanical properties, better insulation ability, and higher resistance to chemicals. These tapes can be used in a variety of applications such as general purpose, lane marking, hazard warning, duct sealing, vapor barrier, protection, construction, automotive, white goods, aircraft, and other industrial applications. In addition, these tapes are ideal for masking during the chemical plating process in the electrical & electronics industry.
Healthcare & hygiene is expected to be the fastest-growing application during the forecast period.
The specialty tapes market in the healthcare & hygiene application is growing with the aging population, demand for surgeries, wound dressings, awareness of hygiene products, transdermal drug delivery, and many others, owing to their advantages in various applications. These tapes have wide acceptability due to factors such as low cost and easy availability, as compared to traditional medical procedures. The global hygiene market is expanding with innovative products that are thinner, more breathable, and absorbent. Specialty tapes are used in the manufacturing of disposable infant diapers, feminine hygiene, and adult incontinence products. The release liners used in these products have high tear and tensile strength due to optimum fiber content and good formation.
APAC to record the highest growth rate during the forecast period.
The APAC specialty tapes market is projected to register the highest CAGR during the forecast period, due to the rising demand for specialty tapes from the developing countries such as Japan, India, China, and South Korea. The shift of manufacturing units from North America and Europe to APAC is driving the growth of the APAC specialty tapes market. China is expected to lead the demand for specialty tapes. In APAC, China and India have shown a high growth potential as the demand for healthcare & hygiene, electrical & electronics, building & construction, retail & graphics, and automotive industries is increasing. It is also one of the largest consumers of specialty tapes in the region.
By Company type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
By Designation: C Level – 30%, Director Level – 60%, and Others – 10%
By Region: North America – 35%, Europe – 20%, APAC – 30%, South America – 10%, and the Middle East & Africa – 5%
The specialty tapes market comprises major solution providers, such as 3M (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Lintec Corporation (Japan), Avery Dennison Corporation (US), Scapa Group PLC (UK), Intertape Polymer Group Inc. (Canada), Berry Global Inc. (US), Saint-Gobain Performance Plastics (France), Lohmann GMBH & Co. KG (Germany), and Nichiban Co. Ltd (Japan). The study includes an in-depth competitive analysis of these key players in the specialty tapes market, with their company profiles, recent developments, and key market strategies.
The study covers the specialty tapes market across segments. It aims at estimating the size and the growth potential of this market across different segments based on resin, backing material, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall specialty tapes market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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