According to a report by Grand View Research, Inc.; the global automotive adhesive tapes market is likely to achieve USD 11.54 billion by 2024. Rising use of the product in automotive accessories, roof ditch molding, brake shims, and automotive exterior trim parts can propel the market during the forecast period (2013 to 2024). Replacement of fasteners and development of innovative, eco-friendly products will further drive the market growth.
Automotive adhesive tapes are projected to witness high demand in years to come due to increasing requirement in commercial and passenger vehicles. The product can be used in several applications such as noise reduction, masking, vibration control, surface protection, device insulation, electrical insulation, wire harnessing, labeling auto body, and dash repairs. Growing use of biodegradable materials for making these product may drive the automotive adhesive tapes market growth during the projected period.
In addition, technological advancements, new product development for improving performance of the products, and government efforts to reduce carbon footprints by installing biodegradable backing material can create a great opportunity for the market. Additionally, these tapes offer many advantages including conformability, surface adhesion, temperature resistance, and high shear strength, which may replace old joining and sealing methods. However, volatility in raw material prices can restrain the market growth over the forecast period.
Full Research Report On Automotive Adhesive Tapes Market Analysis:
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U.S. automotive adhesive tapes market revenue, by backing material, 2013 – 2024 (USD Million)
The worldwide automotive adhesive tapes market can be fragmented on the basis of type, backing material, product, application, and region. Based on type, the market can be categorized into acrylic, butyl, natural rubber, and others. As per backing material, the market can be classified into polypropylene, polyvinyl chloride (PVC), foam, cloth, paper, and others. Based on product, the market can be fragmented into double-sided tapes, masking tapes, specialty tapes, and reinforced tapes. As per application, the market can be bifurcated into interior and exterior.
Geographically, the market for automotive adhesive tapes can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). In 2015, North America attained over 20% of the total market share in terms of volume. The region is likely to grow substantially over the forecast period. The growth can be attributed to strong manufacturing base and fast growing automotive sector in Mexico and the U.S.
Latin America is anticipated to show momentous growth in terms of revenue, at a CAGR of 7.3% from 2016 to 2024. The growth can be accredited to growing automotive sales in countries including Columbia, Brazil, and Argentina. Growing overseas investment in the automotive sector is predicted to create growth opportunities for the regional market in the coming years.
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Asia Pacific dominated the market in terms of volume and value with around USD 2.89 billion in 2015. The growth is likely to continue due to growing production of vehicles in China, India, and Thailand. Factors such as expansion of road networks, rapid infrastructure development, changing lifestyle and high disposable income have positively influenced sales of vehicles in the region.
Major companies operating in the global automotive adhesive tapes market are L&L Products Inc.; Zhejiang Yonghe Adhesive Products Company Limited; Iida Industry Co., Ltd.; Avery Dennison Corporation; and Berry Plastics.
The market is extremely competitive and most of the leading players are focusing on development of innovative products and increasing R&D expenditure. The manufacturers are also aiming to develop high performance and cost efficient adhesive tapes. The developments in automotive lightweight structure with a variety of different material combinations have also increased the need to reduce weight in case of adhesives.
For instance, Recently, Lohmann, a manufacturer of adhesive tape systems; developed epoxy tape called DuploTEC 106xx SBF. . The product has high water and chemical resistance. It can be used for structural bonding of a wide range of materials.
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