Albany, NY -- (SBWIRE) -- 12/24/2018 -- In the highly competitive global pressure sensitive tapes market, companies are lending more attention to R&D activities aimed at the development of biodegradable pressure sensitive adhesive tapes to gain an edge against competitors, observes Transparency Market Research in a recent report. With stringent environmental regulations bearing upon several decisions in the packaging industry, which happens to be one of the leading consumers of a variety of pressure sensitive tapes, biodegradable products are witnessing unprecedented demand globally. This trend could emerge as one of the key growth opportunities for aspiring companies in the market.
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According to the recent TMR report, the global pressure sensitive tape market was valued at US$53,906.5 mn in 2015 and is estimated to reach US$96,105.0 mn by 2024, expanding at a CAGR of 6.7% between 2016 and 2024. In terms of volume, the market is expected to expand to 69,745.2 mn sq m in 2024.
Geographically, the market in Asia Pacific presently dominates the global pressure sensitive tapes market both in terms of revenue and volume. The regional market is likely to remain strong and expand at a CAGR of 7.3% in terms of revenue over the forecast period. Cartoon sealing tape was the leading product segment of the pressure sensitive tape market in 2015. The segment accounted for more than 60% share the global volume in 2015. In terms of revenue, specialty tape segment is expected to be the key product segment in terms of growth, expanding at a CAGR of 7.7% during the forecast period.
Pressure sensitive tapes are rapidly replacing fasteners, screws, bolts, and rivets in vehicles and electronic devices as focus on reducing the weight and form factor of the final product has increased in the recent yeas. The steadily expanding electronics industry employs pressure-sensitive tapes and adhesives to install parts directly in devices. Thus the trend of miniaturization of electronic devices, especially cell phones, portable personal computers, and tablets is expected to emerge as a leading growth factor for the adhesive tapes market in the next few years.
Rising usage of pressure sensitive tapes across the packaging industry is also proving highly beneficial for the market. Thus the promising growth of the global consumer goods industry is likely to drive the global adhesive tapes market during the forecast period on account of suitability of adhesive tapes in packaging application.
Raw materials used for the production of pressure sensitive tapes are petrochemical by-products, the prices of which depend on crude oil prices. Regional supply-demand gap, production output, currency fluctuations, GDP growth, and unpredictable geo-political conflicts have a notable bearing on the global market for adhesive raw materials. Raw materials such as polymers and tackifier resins used in several technologies are primarily influenced by changing supply-demand scenario.
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Unprecedented changes in prices of raw materials, followed by fluctuations in crude oil prices are likely to impact the pressure sensitive tapes market. Environmental regulations also affect the pressure-sensitive tape technology, especially in two areas: manufacturing process and product design. Strict regulations related to the production of non-ecofriendly tapes such as PVC is monitored by government of several developed nations such as the U.S, which could have a negative bearing on the market.