NEW YORK, Sept. 27, 2021 /PRNewswire/ — The value of the global water-based-adhesive specialty tapes market will increase from $5,093.2 million in 2020 to $9,514.9 million by 2030, at a 6.5% CAGR between 2020 and 2030.
The COVID-19 pandemic had a neutral impact on the water-based-adhesive specialty tapes market, as the supply of raw materials was not significantly impacted. Moreover, the pandemic, combined with the crashing crude prices, led to varying levels of demand for such tapes from the end-use industries, such as commercial construction and infrastructure. However, the demand for such materials in the medical device and residential construction sectors has risen.
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The polyvinyl acetate (PVA) emulsion category is set to hold the largest value and volume shares in the water-based-adhesive specialty tapes market in the coming years, based on resin type. The clear, hard films produced by PVA emulsion show strong resistance against environmental forces, oils, greases, petroleum products, and water.
The electric vehicle bifurcation, within the industry segment, will witness the higher CAGR in the water-based-adhesive specialty tapes market in the coming years. In EVs, such tapes are used for covering the gaps, compensating for evenness, and for bonding purposes in the battery. Other prominent applications of such tapes in EVs are motor assembly, insulation, and wire harnessing.
The market is growing on account of:
- Booming Automotive Production: Double-sided tapes, foam tapes, and protection tapes containing water-based adhesives are widely used in the automotive industry, as they are easy to apply and remove. Therefore, with the global vehicle production already touching 21,084,417 units during January–March 2021, as per Organisation Internationale des Constructeurs d’Automobiles (OICA), the demand for such tapes will only burgeon.
- Growing Demand from Healthcare Industry: With the increasing incidence of chronic and acute diseases, injuries, burns, and other health issues, the healthcare sector is growing. This is propelling the water-based-adhesive specialty tapes market because such tapes are applied on incisions and wounds. Such tapes hold tightly to band-aids, dressings, and the skin, and they have antigenic properties.
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The Asia-Pacific (APAC) region dominated the water-based-adhesive specialty tapes market in the past due to the growing medical device, automotive, and electronics production. This is itself attributed to the increasing disposable income and rapid economic growth in regional countries.
Key organizations competing in the global water-based-adhesive specialty tapes market are 3M Company, tesa SE, Nitto Denko Corporation, LINTEC Corporation, Intertape Polymer Group Inc., Avery Dennison Corporation, Shurtape Technologies LLC, Lohmann GmbH & Co. KG, Nichiban Co. Ltd., and Scapa Group plc.
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