Global Pressure Sensitive Tape Market
The global pressure sensitive tape market is anticipated to rise on the back of increasing use of the products in stationery, electrical insulation, labeling, bonding, sealing, packaging, and other general purpose applications. Consumers could be largely attracted to the ease of use and other advantages offered by pressure sensitive tape. This is expected to improve the adoption of pressure sensitive tape in the near future. Advancement in technology could be a powerful factor augmenting the demand in the global pressure sensitive tape market.
Expected to log a 6.7% CAGR during the forecast period 2016-2024, the global pressure sensitive tape market could reach a valuation of US$96.1 bn by the end of 2024. In 2015, the global pressure sensitive tape market was worth a US$53.9 bn.
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The global pressure sensitive tape market is specialty, double-sided, masking, and carton sealing tapes as per type of product. In 2015, the segment of carton sealing tape took the driver’s seat of the global pressure sensitive tape market. On the basis of volume, it secured close to a 60.0% share of the global pressure sensitive tape market. However, in terms of value, the global pressure sensitive tape market is foreseen to witness the dominance of the specialty segment. This segment could clock a 7.7% CAGR during the said forecast period. Compared to general-use pressure sensitive tapes, specialty tape possesses unique attributes as per the given requirement.
Specialty tape is forecast to secure a telling share of the global pressure sensitive tape market due to its rising demand in labeling, wire harnessing, insulation, masking, vibration, and other applications. High demand in specific end-use operations could also push the growth of the specialty pressure sensitive tape market in the near future.
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By backing material, the global pressure sensitive tape market is bifurcated into polyvinyl chloride, paper, polypropylene, and other segments. With regard to end user, the global pressure sensitive tape market is classified into healthcare, automotive, electrical and electronics, building and construction, and food and beverage.
Regionally, the global pressure sensitive tape market is prognosticated to find Asia Pacific taking the lead in terms of share. Factors such as rapid industrialization, rising population, and steady expansion of Vietnam, Indonesia, India, and other economies could benefit the regional pressure sensitive tape market. The emerging region could also bank on the availability of strong manufacturing bases in Japan and China to gain a larger share of the global pressure sensitive tape market.
On the other hand, easy availability of raw materials and technological developments are foretold to create a whole lot of demand in the Asia Pacific pressure sensitive tape market. As per the market analysts, Asia Pacific could rise at a 7.3% CAGR.
North America could show a promising growth rate in the global pressure sensitive tape market. Replacement of mechanical fasteners with pressure sensitive tape and impressive growth the automotive industry are predicted to support the rise of North America in the global market.
Some of the prominent names operating in the global pressure sensitive tape market are Nitto Denko Corporation, 3M, and Kruse Adhesive Tape, Inc.