Global Automotive Adhesive Tape Market - Segmented by Material Type, Adhesive Type, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global automotive adhesive tape market is expected to register a CAGR of nearly 6.1% during the forecasted period, 2018-2023. Rising demand for light weight and economical automobiles is expected to be an important factor for the growth of automotive adhesive tape market.
Light Weight Automobiles Driving the Market
Automobile manufacturers are shifting their attention towards automotive adhesive tapes compared to conventional mechanical fasteners to cut down the automobile weight, because it saves energy and maintenance costs. According to United States Department of Energy statistics, decreasing automobile weight by 10% can result in improvement of fuel by 6%-8%. Therefore, this intrinsic property of automotive adhesive tape is expected to drive the market during the forecasted period.
Automobile Production Driving the Asia-Pacific Market
The market, based on the geographic area, is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific holds the largest market share, greater than 40%, and is expected to show its dominance during the forecasted period, because of increasing automobile production in economies, such as India, China, etc. In addition, North America, being the hub of automotive adhesive tapes manufacturers, such as 3M, PPG is also expected to show a good increase during the forecasted period.
Poly Vinyl Chloride & Acrylic are the Dominant Segments
The global automotive adhesive tape market is segmented, based on material type, and the polyvinyl chloride segment dominates the market, due to its water resistance and strong adhesion properties. Apart from this the market is also segmented on the basis of acrylic, natural rubber, butyl, and others, of these, acrylic has the highest market share.
Notable Developments in the Market
June 2017: Berry Global Inc. had completed the acquisition of Adchem Corporation, which is the manufacture of high performance adhesive tapes for different end- users, which include automotive ,etc.
Major Players: 3M, Nitto Denko Corporation, Tesa SE, Avery Dennison Corporation., Henkel Ag & Company Kgaa , Intertape Polymer Group , Lintec Corporation , Shurtape Technologies, Llc. , Scapa Group Plc, and Lohmann Gmbh & Co.Kg, among others.
Reason to Purchase this Report
To understand the impact of automotive sector on the studied market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating material type and product type in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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