English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Specialty Tapes Market Size to Grow at a CAGR of 5.0% During 2022–2027

Specialty Tapes Market size is valued at around US$ 40.1 billion in 2021 and is forecast to grow at a CAGR of 5.0% during 2022-2027. Specialty tapes offer precise designs for particular applications that enrich the capabilities of the adhesive solution. These are widely adopted owing the superior adhesion properties and chemical and abrasion resistance. The other properties of these tapes include tensile strength, peel strength, temperature resistance, abrasion resistance, and weather resistance. The resin used in specialty tapes is acrylic, synthetic rubber, polyvinyl chloride, silicone, and phenolic including others. These resins offer several benefits, for instance, silicone adhesive is fungus resistant, UV resistance, and weather resistant. Width and thickness are the important aspect of specialty tape to be considered while manufacturing, however, length is specified by the user at the time of application. Specialty tape includes silicone adhesive tape, pressure sensitive tape, and other specialty tapes which are extensively used for splicing, bonding, and assembly. It is also used as sealing tape and masking tapes in several applications. Currently, specialty tapes are replacing fasteners, rivets, and other liquid adhesive solution in range of industries owing to their cost effectiveness, pleasing aesthetics, availability of colors, and different grades.

COVID-19 Impact

Many of the industries across the global have faced several challenges due to the COVID-19 pandemic. The industries such as automotive, aerospace, electrical and electronics, and printing industry including many other has experienced pitfalls. Many projects in such industries have been halted due to an interrupted supply chain and employee shortages due to quarantines. However, during these times healthcare industry was functional on a larger scale due to the need of medical facilities for the affected people. Front line warriors were working extra hours to treat the infected people around the world. The doctors and nurses required extra protection, thus, different adhesive tapes have been used in the PPE kits and masks. Specialty tapes are used in medical industry which has anti-bacterial properties and designed for protective wear. These are also suitable to use in wound care, sensors, and other medical instruments. COVID-19 has impacted the market for specialty tapes in other industries; however, wide range of usage in healthcare industry has provided the growth opportunity for this market.

Specialty Tapes Market Segment Analysis – By Resin Type

The acrylic segment held the largest share in the specialty tapes market in 2021 and accounts for around 30% of share in the global market. Acrylic specialty tapes are widely used in automotive industry and provide superior bonding strength to plastic and metal as compared to other technologies. Acrylic tapes offers excellent performance, durability, and suitable to use in high temperature applications. It delivers good UV light resistance and superior solvent and moisture resistance. It provides excellent clarity and superior quick stick which is suitable for heavy duty application and industrial sealing of carton exposed to high load and rough handling. Solvent-based specialty tape is used for light duty packaging, paper repair, and label protection, general bonding, splicing, aircraft water sealing, and over lamination.

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Specialty Tapes Market Segment Analysis – By End-Use Industry

The healthcare industry segment is projected to grow with a highest CAGR of around 7.0% during the forecast period. Specialty tapes is cost efficient alternative for other adhesives, light in weight, and easy to apply as compared to other fasteners. These tapes comply with the basic requisites to be used in medical and healthcare application as it is come in contact with skin in these applications. Healthcare grade specialty tapes are hypo allergic, breathable, sterilizable, anti-microbial, and hydrophilic. It can be used for diagnostic, wound care, and device attachment. It is also utilized in sensors, medical devices assembly, ostomy products, surgical and pulse drapes, and diagnostic test strips. The companies operating in the specialty tapes market provides wide range of tapes compliant to different industrial use including medical biocompatible tapes. Thus, surge in demand from medical industry and presence of numerous manufacturers is driving the growth of global specialty tapes market.

Specialty Tapes Market Segment Analysis – By Geography

The Asia-Pacific is the fastest growing region and is estimated to grow at a CAGR of 7.7% during the forecast period. This growth is mainly attributed to the surge in demand for specialty tapes in various end-use industries in the region. These tapes are extensively used in electrical and electronics, automotive, healthcare, white goods, building and construction, paper and printing, and aerospace including many others. In Asia-Pacific region, the increase in demand for specialty tapes majorly comes from automotive and electronics industry. Specialty tapes play a vital role in automotive application in paint shop in order to protect interior of the vehicle and windows. Some of the widely used tapes in automotive are masking tape, double-sided tape, slip resistant tape, and plating tape. The major characteristic for automotive specialty tapes are high-temperature resistance, clean removal, and compatible with used painting products, water and solvent resistant, and superior tensile strength. There is an increased production and high growth of automotive sector in Asia-Pacific specifically in countries such as China, India, Japan, and South Korea. The fast growth in automotive industry is further boosting the growth of specialty tape in this region.

Specialty Tapes Market Drivers

Potential Substitute for Traditional Fasteners

Currently, specialty tapes are utilized in several end use industries owing to their ease of use and availability of variety of product suitable for particular applications. Consumer inclination towards high performance devices, home appliances, and lightweight cars is continuously growing worldwide. Thus, original equipment manufacturers (OEM) require materials which meet the changing consumer demand and are innovative, high performing, and provide reduced cycle time. These tapes are manufactured using different resins and backing material which provides superior, reliable, and strong bonding. Thus, they are replacing traditional mechanical fasteners such as bolts, rivets, and screws. It also reduces the noise, vibration, and provides enhanced product design. Moreover, these tapes are applicable for varied substrate such as plastics, metal, glass, ceramic, and composites. Thus, aforementioned benefits associated with the use of specialty tapes are replacing the traditional fasteners, in turn, boosting the growth of global specialty tapes market.

Adoption in Numerous End-Use Industries

Specialty tapes are extensively used in several industries such as electrical and electronics, automotive, healthcare, aerospace, white goods, and paper and printing including many others. These are preferred bonding material owing to its combination of flexibility and conformability, bond ability on several substrates, excellent UV resistance, weather resistant, suitable for high temperature applications, high load bearing capability, and simplify assembly. These are majorly utilized as bonding tape, sealing tape, joining, gasketing, and fastening. These also provide enhanced performance of the product along with decent appearance. These tapes are accepted in healthcare applications owing to its anti-microbial and hydrophilic properties. In healthcare industry these are used for sensors, surgical drapes, and device assembly. According to World Health Organization (WHO), in 2021 owing to the global pandemic, the household budget on medical spending has been increased by 9% to 13%. Thus, surge in healthcare spending and need for advanced medical facilities is driving the growth of specialty tapes market. These tapes are widely used in specialty vehicles, attaching logos to domestic appliances, bonding TV screens, tablets, computers, and several other electronic devices. These are suitable for both indoor and outdoor application due to their resistance to weather, heat, moisture, chemical, and fatigue. The acceptance of specialty tapes in wide range of application is fueling the growth of global market.

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Specialty Tapes Market Challenges

Volatility of Raw Material Prices

Specialty tapes are manufactured using different raw materials such as polyvinyl chloride (PVC), polypropylene (PP), polyamide, PET, and polyethylene including many others. These all raw materials are petroleum based resins which are exposed to volatility of the commodity prices. These resins are commonly used in the production of wide range of chemicals and materials for instance paints and coating, plastic, packaging films, composites, adhesives and sealants, etc. According to U.S. Energy Information Administration, prices of crude oil in 2021 have increased up to $71/lb from $42/lb in 2020. This increase in prices is attributed to the growth in global oil demand. Thus, any change in crude oil prices or change supply demand of the other application market may impact the prices and supply of resins for specialty tapes market. Thus, volatile crude oil prices directly impacts the prices of raw material for specialty tapes which is restraining the growth of global specialty tapes market.

Specialty Tapes Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Specialty tapes top 10 companies include:

  1. 3M Company
  2. Nitto Denko Corporation
  3. Tesa SE
  4. Lintec Corporation
  5. Avery Dennison Corporation
  6. Scapa
  7. Intertape Polymer Group
  8. Berry Global Inc.
  9. Saint-Gobain
  10. Lohmann GmbH & Co. KG

Recent Developments

In June 2021, Avery Dennison Corporation has announced their expansion of performance tapes in Painesville, Ohio. The facility is spread across 32,000 sq. ft. and expands the production of pressure-sensitive specialty tape to be used in packaging, automotive, general industrial, and building and construction including many others.

In May 2021, Intertape Polymer Group, a leading manufacturer in tape and films has launched PEFR a new flame retardant polyethylene (PE) tape. This tape is heavy duty and ideal for healthcare, laboratories, shipyards, and construction application.

In November 2019, Tesa SE launched multi-purpose acrylic core tape assortment. These tapes own superior adhesion, excellent viscoelasticity, and can be used in broad range of boding applications such as displays, household appliances, and decorative parts.

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Key Takeaways

Asia-Pacific is the fastest growing region in the global specialty tapes market. This growth is mainly attributed to the presence and growth of key end use industries specifically in China, Japan, India, and South Korea.

Acrylic is the highly used resin for the manufacturing of specialty tapes which can be solvent-based or water based. They form a stronger bond and can be utilized under high temperature.

Specialty tapes are remarkable substitute for rivets, fasteners, and other liquid adhesive which is expected to provide significant growth opportunity for the global market.

Relevant Reports

A. Double Sided Tape Market

https://www.industryarc.com/Research/Double-Sided-Tape-Market-Research-500449

B. Seal Adhesive Tape Market

https://www.industryarc.com/Research/Seal-Adhesive-Tape-Market-Research-501675

For more Chemicals and Materials Market reports, Please click here

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Tags:
PR-Wirein, Reportedtimes, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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