Double Sided Tape Market - Forecasts from 2021 to 2026

The double-sided tape market is projected to grow at a CAGR of 4.89% to reach US$12.292 billion by 2026, from US$8.800 billion in 2019. A double-sided tape is a pressure-sensitive tape that is coated with adhesive on both sides. It is a versatile tool that comes in handy for many uses including mounting, sealing, and installing.

Driving Factors

The growing usage of double-sided tapes in multiple applications, rising population, and development in double-sided tape technology will drive the market growth of the double-sided tape market during the forecast period. The growing demand from the solar power generation industry will fuel the market growth as it will accelerate the demand for double-sided tapes in the market. In addition, the burgeoning demand for non-woven tapes across various end-user industries such as automotive, construction, paper, healthcare, and others, will propel is the market growth.

Moreover, the market is expected to grow at a good pace owing to the increasing adoption of electric and hybrid vehicles in the automotive sector. Further, the increasing demand for acrylic and PE foam-backed double-sided tapes in the automotive industry will strengthen the market growth.

Also, the flourishing e-commerce industry will contribute to the market growth as the double-sided tape is used for packaging and labeling of the e-commerce products when sent out for delivery, which in turn will bolster the demand for the tapes in the next few years.

Furthermore, the construction industry, especially in countries such as India, Indonesia, Brazil, Mexico, and Argentina will further contribute to the market growth of the double-sided tape as this tape is largely used in the industry.

Market Share Segmentation

By end-user industry, the automotive, construction, and paper industries are anticipated to grow at a high CAGR owing to the increasing use of double-sided tape in the flourishing industries. Double-sided tapes are actively used in these industries due to their pressure-sensitive characteristics. Geographically, Asia Pacific will be the fastest-growing region owing to the surging demand from industries such as automotive, construction, and paper, from countries such as India, China, South Korea, Vietnam, Taiwan, and Indonesia during the forecast period. North America will also hold a significant market owing to the presence of key market players in the region.

Growth Factors

Increasing industrialization in countries

The major key driver of the double-sided tape market is the increasing industrialization in several countries, especially in emerging economies, across the globe. The growing industrialization has led to a surge in the number of industries operating, nationwide which in turn will accelerate the demand for double-sided tape, specifically in industries such as automotive, construction, paper, e-commerce, healthcare, electronics, etc. Double-sided tape is largely used in all these industries which will fuel the market growth during the forecast period.

Restraints

High cost of raw materials

The high costs associated with the raw materials used to make the double-sided tapes may hamper the market growth during the forecast period. The shortage in the supply of silicones used to make the tapes is increasing the cost of raw materials. There is a global shortage of siloxane due to which there is a limited supply which in turn is raising the prices, globally. The supply shortage and high costs of raw materials may restraint the market growth in the long run.

Impact Of COVID–19 On The Double-Sided Tape Market

The Covid-19 pandemic negatively impacted the double-sided tape market, as due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the business operations of many industries such as automotive, construction, paper, electronics, etc. were put to a halt which in turn declined the demand for double-sided tapes in 2020 as the industries suffered huge losses. The dominant user of these tapes is the construction and automotive industry, both of which were among the worst-hit industries of the world, which massively declined the demand for double-sided tape in the market. However, with the ease of restrictions and normalcy being restored, the market is expected to rebound during the forecast period.

Competitive Insights

The market leaders for the double-sided tape market consist of The 3M Company, tesa SE, Parafix Tapes & Conversions Ltd., Berry Global, Inc., Nitto Denko Corporation, Avery Dennison Corporation, MBK Tape Solutions, ECHOtape, Lintec Corporation, and Shurtape Technologies, LLC. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors.

Segmentation:

By Application

• Bonding
• Laminating
• Molded Plastics
• Heat Sealable
• Others

By End-Use Industry

• Automotive
• Healthcare
• Paper
• Construction
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others