Specialty Tapes Market: Current Analysis and Forecast (2024-2032)

Report Description

Specialty Tapes Market Size & Forecast

The Specialty Tapes Market was valued at approximately USD 40 Billion in 2023 and is expected to grow at a robust CAGR of around 6.5% during the forecast period (2024-2032). The specialty tapes market is on the growth because the need for new and improved adhesive solutions for electronics, healthcare, and automotive industries has been on the rise in the global market.

Specialty Tapes Market Analysis

The performance of the global specialty tapes market depends on the performance of several industries such as chemicals, packaging, healthcare, electronics, and construction. Specialty tapes are utilized in construction and industrial applications owing to their high-tensile strength. These tapes are also used in the automotive and healthcare industries owing to their bonding and fastening properties. Further, these tapes are resistant to various factors such as water, fire, and dust, among others, and are much stronger to hold heavy-weight objects and protect them from any type of damage. Various types of adhesives are used in the manufacturing of specialty tapes to offer additional characteristics. For instance, acrylic and rubber-based adhesives are utilized to produce soundproof tape. Moreover, the growing healthcare industry coupled with the increasing use of specialty tapes due to its wide utilization in surgical containers, monitoring electrodes and other medical devices, covering wounds, fixing cover shields while surgeries are performed, cleaning in antiseptic rooms as well as for manufacturing of disposable infant and adult diapers is maintaining its strong demand. Additionally, the robust growth of the food & beverages sector due to fast urbanization, adoption of modern lifestyles, and growing need for hygienic & packed food would drive the specialty tapes market.

Specialty Tapes Market Trends

This section discusses the key market trends influencing the Specialty Tapes segments as identified by our research experts.

Acrylic Segment Transforming Industry

Based on resin type, the market is categorized as acrylic, rubber, silicone, and others. Among these, acrylic held a considerable share in the specialty tapes market due to its favorable physical and chemical qualities, low cost, and applicability in a variety of end-use industries such as packaging, transportation, and healthcare. Further, they are more resistant to other solvents, chemicals, and water. Acrylic-based adhesive tapes are appropriate for both solvent and water-based technologies. Among all the resins used in the adhesive tapes sector, water-based acrylic adhesives are the least expensive.

Asia Pacific to hold a significant share of the market

Asia-Pacific held a prominent share in the specialty tapes market owing to a rising base of various industries such as electric & electronics, healthcare, packaging, building and construction, and others.  Also, the market growth can be attributed to the expanding automotive industry, in electric vehicles (Evs), specialty tapes are used for covering the gaps and for bonding purposes in the battery. Other prominent applications of such tapes in Evs are motor assembly, insulation, and wire harnessing. Moreover, increasing disposable income and rapid economic growth in the region are increasing the demand for better-quality products, and improving lifestyle is also fueling the market for specialty tapes.

Specialty Tapes Industry Overview

Specialty Tapes is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Nitto Denko Corporation, LINTEC Corporation, AVERY DENNISON CORPORATION, Addev Walco, Saint-Gobain Performance Plastics, Scapa Group Ltd, IPG, NICHIBAN Co., Ltd, Lohmann GmbH & Co. KG, Ashland. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Recent Development

In 2023, Duraco Specialty Materials a leading manufacturer of specialty materials including pressure-sensitive tapes and labels, coated films, and release liners, announced today that it has acquired Strata-Tac, Inc. (“Strata-Tac”), a leading manufacturer of custom-engineered pressure sensitive self-adhesive products and top coated films, from private sellers. Terms of the transaction were not disclosed.

Specialty Tapes Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Specialty Tapes can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Specialty Tapes Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Specialty Tapes market were the three major steps undertaken to create and analyze the adoption of Specialty Tapes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Specialty Tapes market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Specialty Tapes market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Specialty Tapes, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as resin type, backing material, end-users, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Specialty Tapes market. Further, we conducted factor analysis using dependent and independent variables such as resin type, backing material, end-users, and Specialty tape regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Specialty Tapes market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Specialty Tapes market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Specialty Tapes across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Specialty Tapes in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Specialty Tapes. Data was split into several segments and sub-segments after studying various parameters and trends in the resin type, backing material, end-users, and regions of the global Specialty Tapes market.

The main objective of the Global Specialty Tapes Market Study

The current & future market trends of global Specialty Tapes were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Specialty Tapes market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of resin type, backing material, end-users, and regions.
• Define and analyze the regulatory framework for the Specialty Tapes
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Specialty Tapes market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Specialty Tapes market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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