Global industrial adhesives and tapes market is estimated to grow significantly in the forecast period due to increasing awareness among market players for manufacture of innovative products for wide range of applications. Industrial adhesives are organic or inorganic chemical compounds joining the two components. Industrial tapes are used in applications like thread sealing, electrical insulation, adhesive bonding, wrapping, masking and packaging. In short, industrial adhesives and tapes are used instead of screws, welding and fasteners.
Remarkable speed in increasing applications (particularly in medical, healthcare, and electronic industries) of industrial adhesives and tapes is one of the major drivers of the market. Furthermore, increasing demand for electronic commodities and electrical appliances, developments and technological innovations in adhesive tapes, and rise in demand from aerospace and construction industries are fueling the market. However, strict government policies and environmental regulations are hampering the growth of the market.
Increase in demand for lightweight vehicles is one of the trends observed in the industrial adhesives and tapes market. Moreover, increasing replacement of screws and fasteners with industrial adhesives and tapes are another emerging trend in the market. Moreover, introduction of recyclable adhesives are expected to offer opportunities to the market. Nonetheless, production of adhesive tapes with less VOC (volatile organic compounds) emissions is a challenge for the existing market players.
Market is categorized on the basis of type, technology, and geography. On the basis of type, market is divided into specialty and commodity tapes. Specialty tapes segment is expected to lead the market owing to the continuous advancements in automotive industry, which demands these tapes on the large scale.
Based on technology, market is bifurcated into hot-melt-based, water-based and solvent-based. Owing to the eco-friendliness and economic rates, water-based segment is predicted to hold maximum share of the industrial adhesive and tape market.
In terms of end user, market is split into consumer and office, packaging, automotive, healthcare, building and construction, electrical and electronics, and others. Owing to the increasing packaging industry on the global scale due to penetration of e-commerce, packaging segment is expected to dominate the market.
Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is projected to lead the market owing to the increasing technological advancements and easy accessibility of raw materials. North America and Europe are also expected to dominate the market due to increasing adoption of technology.
The leading players profiled in industrial adhesives and tapes market are Ashland Inc., Eastman Chemical Company, Saint Gobain S.A., The 3M Company, The Dow Chemical Company, Henkel AG & Company KGaA, Avery Dennison Corporation, Von Roll Holding AG., Sika AG, and H.B Fuller Company.
Research Support Specialist, USA