Automotive Adhesive Tape Market Projected to Touch USD 11.91 Bn by 2024| Avery Dennison Corporation, 3M Company
Nov 25, 2020 (AB Digital via COMTEX) —
The global market of automotive adhesive tape accounted for USD 7.2 Billion in 2016 and is expected to reach USD 11.91 Billion by 2024. Further, the automotive adhesive tape market is anticipated t0 witness a compound annual growth rate of 5.27 % over the period 2017-2024. Rapid growth of automobile industry is the major growth driver behind the expansion of automotive adhesive tape market. Additionally, the growth of lightweight vehicles has replaced the conventional mechanical fasteners with economical automotive adhesive tapes which are further expected to drive the growth of the market during the forecast period.
The Automotive Adhesive Tape Market has been segmented by types into polyester tapes, polypropylene tapes, paper tape, polyvinyl chloride tapes, foam tapes and cloth tapes, out of which, polyvinyl chloride tapes held the highest market share in terms of revenue in 2016 and is anticipated to hold its positive growth during the forecast period.
In terms of region, Asia-Pacific held the largest percentage of market share in 2016 and is expected to hold its dominant stance over the forecast period owing to the rising demand for automobiles in the region. Further, North America is envisioned to bolster the growth of automotive adhesive tape market owing to latest technologies, development of efficient and long lasting automotive adhesive tapes. Furthermore, growing demand for automobiles and setup of manufacturing plants is anticipated to boost the growth of the automotive adhesive tape market of Latin America.
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Growth of Automobile Industry to Boom the Market
Emergence of major key players on the back of growing automobile industry is anticipated to drive the growth of the automotive adhesive tape market during the forecast period. Further increasing number of plastic parts in automotive and growing preference of automotive adhesive tape among automotive manufacturers is estimated to propel the growth of the market by the end of 2024.
The report titled “Automotive Adhesive Tape Market: Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the automotive adhesive tape market in terms of market segmentation by types, by material type, by backing material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
However, lack of environment friendly adhesive tapes is likely to inhibit the growth of the automotive adhesive tape market in the near future.
This report also provides the existing competitive scenario of some of the key players of the automotive adhesive tape market which includes company profiling ofThe Dow Chemical Company, Avery Dennison Corporation, 3M Company, H.B. Fuller, tesa SE, Intertape Polymer Group, Lohmann GmbH & Co. KG, Scapa Group PLC, Shurtape Technologies LLC and LINTEC Corporation.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive adhesive tape market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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