SAN FRANCISCO, Sept. 7, 2021 /PRNewswire/ -- The global automotive adhesive tapes market size is expected to reach USD 4.73 billion by 2028, registering a CAGR of 7.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing usage of advanced functional materials to improve aesthetics, reduce weight, and enhance the performance of vehicles is expected to drive the market growth.
Key Insights & Findings:
The interior attachment application segment accounted for the largest revenue share in 2020 owing to high demand for vehicles with improved aesthetics
Emulsion-based adhesive tapes are expected to witness the fastest CAGR on account of the wide usage of these products in permanent application in car exteriors
The powertrain application segment is expected to witness the fastest growth on account of the rising product penetration in electric and hybrid vehicle powertrains
Europe dominated the global market, in terms of revenue share, in 2020 owing to the high per vehicle content of tapes in the European automotive car models
Key market players focus on improving the product application scope in niche areas, such as powertrains and battery compartments, which is expected to drive the industry growth.
Technological developments and performance enhancements in vehicles have led to the installation of specialized components, which is expected to have a positive impact on the product demand. In addition, the increasing focus of manufacturers on the development of lightweight vehicles will augment the product demand.
The global automotive market is witnessing switching trends with growing popularity and demand for Electric Vehicles (EVs). Prominent vehicle manufacturers are aiming to comply with environmental standards and emission norms by reducing vehicle pollutants at a significant level. Thus, battery-operated vehicles including cars, mini trucks, and others are gaining popularity across the globe, which, in turn, is expected to drive the product demand.
Grand View Research has segmented the global automotive adhesive tapes market on the basis of application, adhesive chemistry, and region:
Automotive Adhesive Tapes Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
Chassis & Wheels
Automotive Adhesive Tapes Adhesive Chemistry Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
Hot Melt Adhesives
Automotive Adhesive Tapes Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
Rest of World
List of Key Players of Automotive Adhesive Tapes Market
Automotive Adhesives Market– The global automotive adhesives market size was valued at USD 4.8 billion in 2018 and is estimated to progress at a CAGR of 4.4% from 2019 to 2025. Government initiatives to increase the production of lightweight vehicles is a major driver for market growth.
Automotive Plastics Market– The global automotive plastics market size was valued at USD 28.1 billion in 2020 & is expected to expand at a CAG of 4.4% from 2021 to 2028. Global recovery, improved vehicle design capabilities & increasing focus on vehicle weight reduction & emission control are boosting the growth.
Acoustic Insulation Market– The global acoustic insulation market size was valued at USD 9.33 billion in 2015. Increasing awareness regarding noise pollution, health awareness, and rising standard of living are likely to have a remarkable impact on the global acoustic insulation industry growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.