According to the new market research report on the "Foam Tape Market by Resin (Acrylic, Rubber, Silicone), Technology (Solvent, Water, Hot-Melt), Type (PE, PU, Acrylic), End-Use Industry (Automotive, Building & Construction, Electrical & Electronics, Paper & Printing), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at USD 7.44 billion in 2018 and is projected to reach USD 10.35 billion by 2023, at a CAGR of 6.83% between 2018 and 2023. Foam tapes are pressure-sensitive and self-adhesive tapes that are coated with adhesive on one side or both sides of the foam types such as PE, PU, acrylic and (nitrile, EVA, rubber, polyester, polyether, PVC, and vinyl). These tapes are created by applying a thin adhesive layer to various foam types. The type of adhesive and the type of foam play important roles in determining the strength, cost, and ease of use and life of the foam tape. Foam tapes are widely used in the industries such as automotive, building & construction, and electrical & electronics for bonding, holding, mounting, splicing, and other purposes.
Silicone - to be the fastest-growing resin type for foam tape during the forecast period.
The silicone segment is projected to grow at the fastest rate than the other resin types because of its better adhesion properties. Silicone resin-based foam tape maintains adhesion over a larger temperature range and possesses the ability to adhere to difficult surfaces. These factors are expected to drive the market for silicone resin-based foam tape during the forecast period.
Hot-melt-based - to be the fastest-growing is technology for foam tape during the forecast period.
The hot-melt technology segment is projected to witness the highest growth during the forecast period. Hot-melt-based foam tape is widely used in the healthcare, aerospace & defense, and wind and solar energy industries. It has an extreme rate of bond formation, which can translate into high production rates. In the US, the hot-melt-based technology is widely used in tape production by the key players such as 3M Company (US) and Intertape Polymer Group Inc. (Canada).
Acrylic - to be the fastest-growing foam type during the forecast period.
The acrylic segment is projected to register the highest CAGR from 2018 to 2023 as acrylic-backed foam tapes are high-performance tapes, which are used in a variety of industries such as aerospace, solar energy, and wind energy. These tapes are ideal for bonding many substrates such as metals, higher surface energy plastics, glass, composite materials, unpainted metals, and where the demand for thicker conformable products is required.
APAC- to be the fastest-growing market for foam tape during the forecast period.
The Foam Tape Market in the APAC region is expected to register the highest CAGR during the forecast period due to the rising demand for foam tape in the emerging economies such as India, China, South Korea, Vietnam, Taiwan, and Singapore. China is leading the market for foam tape in the region. The growth of various industries such as automotive, electrical & electronics, and paper & printing, is projected to drive the demand for foam tape in China.
3M Company (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), HALCO (US), 3F (Germany), and Scapa Group Plc (UK) are some of the key players operating in the Foam Tape Market.
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