The global automotive adhesive tapes market size was USD 8.5 billion in 2020 and is projected to reach USD 12.1 billion by 2026, at a CAGR of 5.9% between 2021 and 2026, owing to an increase in demand of automotive adhesive tapes in lightweight hybrid vehicles. Poly-vinyl chloride is projected to record the fastest growth during the forecast period, at a CAGR of 7.1% from 2021 to 2026. Poly-vinyl chloride, as a backing material for adhesive tapes, caters to some of the largest applications in the automotive industry, such as wire harnessing, UV resistance, electrical insulation, device shielding, and others.
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Based on applications, the automotive adhesive tapes market is segmented as interior, exterior, and electric vehicle. In 2020, the interior segment dominated the automotive adhesive tapes market. The high demand for automotive adhesive tapes in wire harnessing is majorly driving the growth of interior applications.
Based on adhesive type, the automotive adhesive tapes market is segmented into acrylic, rubber, silicone, and others. Other adhesive types include ethylene-vinyl acetate (EVA) and butyl. Acrylic was the largest adhesive type in the overall automotive adhesive tapes market in 2020. This is majorly due to the excellent bonding of acrylic adhesives, offered to a wide range of substrates, including metal, plastics, glass, ceramics, and stainless steel. Acrylic is the most preferred resin due to its good physical and chemical properties in the automotive industry.
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The key market players in the automotive adhesive tapes market 3M (US), Nitto Denko Corporation (Japan), tesa SE (US), Avery Dennison Corporation (US), Lohmann GmbH & Co.KG (Germany), Henkel AG & Co. KGAA (Germany), Sika AG (Switzerland), Intertape Polymer Group (US), Lintec Corporation (Japan), Shurtape Technologies, LLC (US), Scapa (UK), and L&L Products (US). These players have adopted expansions, joint ventures, mergers, acquisitions, agreements, collaborations, product launches, and partnerships as their growth strategies to meet the growing demand for automotive adhesive tapes.
3M is among the leading manufacturers of technologically oriented products, which provides automotive adhesives and tapes for various applications through its safety and industrial business unit. In December 2020, 3M launched 2480 3M Hi-Tack silicone adhesive tapes. The products provide sheer performance, stronger adhesion, and longer-wear time.
Another important player in the automotive adhesive tapes market is tesa SE. In May 2020, tesa SE expanded a new plant in Vietnam for the production of adhesive tapes for the Asian market, which will start from 2023. This will enable the tesa group to strengthen its presence in Asia, and significantly increase its capacities. Also, in March 2019, tesa added Sugru, moldable special silicone-based glue, to its innovative product line. The company, followed by the acquisition of British company FormFormForm Ltd. in May 2018, added an innovative product line to its existing broad range of consumer products.
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