The rise in the demand across various industries like electrical & electronics, construction, automotive, healthcare, aerospace, and defense is also expected to drive the need for the specialty tape market globally
JERSEY CITY, N.J., Oct. 12, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Specialty Tapes Market" By Backing Material (Polyvinyl Chloride, Woven/non-woven, Polypropylene), By End-Use Industry (Electrical & Electronics, Healthcare & Hygiene), and By Geography. According to Verified Market Research, the Global Specialty Tapes Market size was valued at USD 45.39 Billion in 2020 and is projected to reach USD 71.32 Billion by 2028, growing at a CAGR of 5.81% from 2021 to 2028.
Specialty tapes are used in various end-use industries such as electrical & electronics, healthcare, automotive, white goods, paper & printing, construction, etc. The electrical & electronics industry's trend toward using flatter and microelectronic devices continues. The rise in the aging population, growing chronic diseases, and demand for in-vitro diagnostics, hydrophilic films, transdermal drug delivery patches, and oral dissolvable films are driving the market of Specialty Tapes in the healthcare industry.
Furthermore, construction is also one of the growing end-use industries of specialty tapes in regions like APAC, South America, and the Middle East. These tapes are used for HVAC, glazing, reduction, and insulation in the construction industry. Thus, the growing use of specialty tapes in diverse end-use industries is expected to drive global specialty tapes market growth.
However, Volatile raw material prices, the slowdown in global automotive production, and unfavorable conditions from the COVID-19 outbreak are hindering the market's growth. The replacing traditional fastening systems, various properties offered by-products such as high strength and weather resistance, and the rapid increase in hygiene awareness among the consumers are likely to provide multiple growth opportunities for the specialty tape market growth over the forecast period.
Key Developments inSpecialty Tapes Market
In January 2019, tesa SE, a German manufacturer of self-adhesive products & solutions, launched six new aluminum foil tapes. These tapes are used in consumer electronics, including refrigerators, to seal liners of the freezer for better heat transfer.
In March 2021, Duraco Specialty Tapes buys a US-based Filmquest Group. The acquisition of Filmquest will enable Duraco to expand its product offering into specialty films within the $18bn flexible packaging market in the U.S.
In October 2019, 3M acquired Acelity Inc., a recognized leading provider of advanced wound care technologies and solutions. This acquisition is expected to bolster 3M's Health Care business's Medical Solutions business and support its growth strategy to offer comprehensive, advanced, and surgical wound care solutions.
The major players in the market are 3M Company, Nitto Denko Corporation, tesa SE, Lintec Corporation, Avery Dennison Corporation, Scapa Group Plc, Intertape Polymer Group, Inc., Berry Global Inc., Saint-Gobain Performance Plastics Corporation, and Lohmann GmbH & Co. K.G.
Verified Market Research has segmented the Global Specialty Tapes Market On the basis of Backing Material, End-Use Industry, and Geography.
Specialty Tapes Market, By Backing Material
Specialty Tapes Market, By End-Use Industry
Electrical & Electronics
Healthcare & Hygiene
Building & Construction
Specialty Tapes Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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