ALBANY, N.Y, Dec. 28, 2020 /PRNewswire/ — Rapid urbanization has given a boost to new construction projects around the world. Industrialization is also on a rise for long, especially in emerging economies. Pressure sensitive tapes are used on a large scale in construction projects and commercial industries. Based on these aspects, the global pressure sensitive tapes market is anticipated to witness exceptional growth across the forecast period of 2019-2027.
A pressure sensitive tape is a strip applied with adhesive either on one side or both sides. These tapes can temporarily or permanently join two overlapping materials. They are broadly used for sealing, labeling, packaging, and other similar processes.
The properties of pressure sensitive tapes such as effective bonding, durability, and fixing properties make them a crucial part of any end-use. Hence, these properties will help the pressure sensitive tapes market to gain exponential growth through the assessment period of 2019-2027.
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The researchers at Transparency Market Research (TMR), after a thorough and detailed study on the global pressure sensitive tapes market, conclude that it will expand at a CAGR of 6 percent during the forecast period of 2019-2027. The global pressure sensitive tapes market was valued at US$ 65 bn in 2018.
The increasing influence of pressure sensitive tapes across a large number of applications will add extra stars of growth. The automotive industry is one of the prominent end-users. The rising demand from the automotive industry for pressure sensitive tapes to be used in auto components, motor vehicle assembly, roof sealing applications, and interior designs may bring tremendous growth opportunities for the pressure sensitive tapes market.
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Pressure Sensitive Tapes Market: Vital Findings
- On the basis of end-users, the automotive segment acquired a large share of the global pressure sensitive tapes market in 2018
- During the forecast period of 2019-2027, the healthcare industry is expected to bring lucrative growth for the global pressure sensitive tapes market
- In the context of product type, the carton sealing tape segment accounted for a leading share of more than 60 percent in 2018
- The carton sealing tape segment is expected to record a CAGR of 6 percent between 2019 and 2027
- Asia Pacific held a major share of the pressure sensitive tapes market in terms of regional distribution in 2018
- China and India accounted for more than 60 percent of the regional growth share of Asia Pacific in 2018
- Asia Pacific is expected to grow at a rate of more than 7 percent across the assessment period of 2019-2027
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Pressure Sensitive Tapes Market: Growth Accelerators
A rise in the production and shipping of consumer goods is expected to paint strokes of growth during the assessment period of 2019-2027.
- Increasing utilization of pressure sensitive tapes for noise-reflection, bonding, and anti-vibration applications may bring tremendous growth prospects
- The rapidly growing packaging industry in some regions may prove to be impactful for the growth of the pressure sensitive tapes market
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Pressure Sensitive Tapes Market: Regional Prospects
Asia Pacific may hold the leading share of more than 40 percent in 2018 and is extrapolated to remain a major regional growth contributor for the pressure sensitive tapes market during the forecast period of 2019-2027. China is a major manufacturer of pressure sensitive tapes and this factor may prove to be a prominent growth factor.
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