Increasing use of foam tapes for insulation, sound absorption, and to protect surfaces and rising demand from various end-use industries are key factors driving market growth
NEW YORK, Nov. 10, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Foam Tape Market Size, Share & Analysis, By Type (Polyethylene, Polyurethane, Acrylic, and Others), By Resin Type (Acrylic, Rubber, Silicone, And Others), By Technology (Water-Based, Solvent-Based, And Hotmelt-Based), By End-Use (Paper & Printing, Electrical & Electronics, Automotive, And Building & Construction), And By Region Forecast To 2028."
According to Reports and Data, the global foam tape market size was 8.58 billion in 2020 and is expected to reach USD 14.24 billion in 2028 and register a revenue CAGR of 6.5% during the forecast period, 2021-2028.
Foam tapes are widely used to fill gaps, provide insulation, absorb sound, and protect various surfaces. These tapes provide enhanced protection against dust, moisture, noise, impact, and temperature fluctuations. Different types of foam tapes are used in appliances and automotive applications. Foam tapes are used for attaching trim parts and bonding seals, and over electronic components and internal housings, and various others. In addition, foam tapes are used for a wide range of binding and sealing applications. Applications of foam tapes are expanding across various manufacturing industries and this is expected to continue to drive market revenue growth over the forecast period.
Foam tapes can withstand high level of vibration, have high strength properties, and are durable against cold, dust, and gas, among others, and are widely used in place of mechanical fasteners. Foam tape is extremely flexible which makes the products highly suitable for filling spaces, and can also be made conformable to join irregular surfaces. Foam tapes have good resistance to moisture, UV rays from sunlight, and impact. Foam tapes are available in a wide range of sizes and cuts such as sheets, slit rolls, and die-cut shapes. Foam tapes are adaptable and provide cushioning, insulation, weatherproofing and ozone resistance, and slip resistance. Foam tapes are also available in various foam ranges such as soft, medium, and firm density foam in closed-cell or open-cell format. PVC, polyurethane, polyethylene, and neoprene are some key compounds used in the manufacturing of foam tapes. Foam tapes generally come in rolls and have a removable backing layer that is peeled off prior to application. Foam tapes offer numerous benefits as compared to mechanical fasteners such as quick and easy application, better thermal and acoustical insulation. Mechanical fasteners on the other hand require holes to be drilled and screw deployment. Drilling and metallic in specific application areas can result in leaks, increased probability of corrosion, and related damage. These are among various other factors driving preference and use, which is contributing steadily to market growth.
In addition, foam tapes are better alternatives to liquid adhesives as adhesives require to be mixed before application, generate waste, require prep time, and have lower shelf life. Use of foam tapes has been increasing in automotive, paper & printing, and a number of other end-use industries in the recent past. Recent R&D advancements have led to development of biodegradable foam tapes and improved efficiency of insulating foam tapes, and increasing focus on eco-friendly products and preference for high-efficiency products will continue to support market growth. However, high cost associated with the production and processing of foam tapes is a key factor expected to restrain market growth to a certain extent going ahead.
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted production, construction, manufacturing, and assembly lines
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Acrylic Resin Type Segment to Account for Largest Revenue Share:
Acrylic resin type segment is expected to account for largest revenue share in the global market over the forecast period, attributable to increasing use of acrylic foam tapes in aerospace, automotive, and healthcare industries owing to features such as easy application, shear volume, robust bonding, resistance to UV rays, and excellent adhesion on plastic surfaces.
Polyethylene Foam Type Segment to Register Significant Revenue Growth:
Usage of polyethylene foam for shock absorption, insulation, vibration and sound dampening, and cushioning in various end-use industries such as aerospace, construction, packaging, and home and electronic appliances and others has been increasing. Polyethylene foams are coated with high-performance and cost-effective adhesive, which provides robust bonding between light surfaces, and are widely used in printing and manufacturing applications. These tapes are available in a variety of thicknesses and widths, and can be customizes for various applications.
North America to Register Steady Revenue Growth:
North America is expected to register steady revenue growth over the forecast period, attributable to growing demand for foam tapes due to rapid expansion of automotive industry and increasing demand for passenger vehicles, increasing number of construction and building projects, development of more advanced manufacturing technologies, and introduction of eco-friendly alternatives for adhesives and tapes.
Asia Pacific to Lead in Terms of Revenue Share:
Asia Pacific is expected to account for largest revenue share over the forecast period owing to increasing demand for and rapid adoption of foam tapes in automotive, construction and building, and appliances and electronics industries. Rapid development of advanced manufacturing infrastructure, R&D advancements, and easy availability of raw materials are other key factors expected to contribute to revenue growth of the Asia Pacific market.
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