The Global Automotive Adhesive Tapes Market size is projected to reach USD 12.37 billion by 2025, driven by the surging growth of the automotive sector in developing economies. Also, the demand for lightweight vehicles has led to the rapid adoption of adhesive tapes as an alternative to mechanical fasteners, in turn, driving the growth of the global automotive adhesive tapes market.
Miniaturization and weight reduction of vehicles is the latest trend being followed by the automobile sector, globally. Adhesives have found extensive application in the automobile industry and have revolutionized the way the vehicles are designed and built. Adhesive tapes are being widely deployed by OEMs for the production and assembly of minor parts of an automobile. These are also used in refinishing and aftermarket. Currently, the use of bolts, screws and other fasteners are being substituted by adhesive tapes and this trend is expected to remain prevalent over the next few years. Growing demand for lightweight vehicle automobiles is a prime factor driving the growth of the global automotive adhesive tapes market.
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In 2017, paper garnered a revenue share of 26.8% and is one of the leading segment by backing material is expected to continue its prominence throughout the forecast period. The backing material on the tape improves the functioning of the adhesive. Smooth papers, as a backing material, are witnessing increased demand since they are used when adhesive tapes are required for easier applications or for curves and contours surfaces.
Adhesives dominated the global automotive adhesives tapes market in 2017 with a consumption of 1.75 billion square meters. Car customization is the ongoing megatrend in today’s automotive industry. Constructive bonding is a key feature in every industry and may lead to challenging components bondings. For multiple applications, high-tech materials are widely utilized that have special structures and properties, which can be only bonded by the use of high-performance tapes. Thus, acrylic foam tapes outperform conventional fastening methods and form a permanent bonding along with the complete sealing of the bonded substrates.
On the basis of product, masking tapes are projected to rise with the fastest CAGR of 7.3% from 2018 to 2025. Increasing preference for masking tapes in automotive industries owing to its superior adhesion properties with any surface including metals, plastics, and rubber parts is expected to significantly drive the growth of this segment in the years ahead.
Interior application segment is projected to rise with a CAGR of 7.5% by revenue, during the forecast period. Interior applications have been witnessing lucrative gains in the automotive adhesive tapes market on account of increasing utilization of tapes for interior cable mountings, cover labeling’s and fixing parts.
Asia Pacific dominated the global adhesive tapes market, in terms of both volume and value. Expansion of road networks in Asia Pacific coupled with the government commitments towards industrial and infrastructure development is the key factor behind the market growth in this region. Also, increasing domestic vehicles production in developing economies such as China, Thailand and India are expected to augment the vehicle sales in this region, with a favorable impact on the market in the coming years.
The global automotive adhesive tapes market is witnessing fierce competition and players are continuously involved in large-scale research and innovation. Some of the players operating in the market include Sika Automotive AG, L&L Products Inc., Dow Automotive, 3M Company, Nitto Denko, PPG Industries, Avery Dennison Corporation and EMS-EFTEC AG.
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