CHICAGO, July 26, 2021 /PRNewswire/ -- According to the new market research report "Specialty Tapes Market by Resin (Acrylic, Rubber, Silicone), Backing Material (Pvc, Woven/Non-Woven, Paper), End-Use Industry (Healthcare& Hygiene, Automotive, Electrical & Electronics), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Specialty Tapes Market size was USD 45.9 billion in 2020 and is projected to reach USD 67.2 billion by 2026, at a CAGR of 6.4% between 2020 and 2026.
The driving factor for the specialty tapes market is the growing use of specialty tapes in diverse end-use industries.
Woven/Non-Woven specialty tapes is the largest segment in the specialty tapes market
Woven/Non-Woven was the largest backing material used in the specialty tapes market, in terms of volume, in 2020. This backing material is mostly used in the healthcare & hygiene industries. An aging population, rising incidences of chronic diseases, increasing awareness toward personal & hygiene in the region have increased the demand for these specialty tapes at every stage of the value chain. The wide acceptance of woven/non-woven tapes in industries such as healthcare & hygiene, automotive & transportation, and electrical & electronics is mainly driving the market. Furthermore, the ongoing product development in these high growth markets to manufacture micro and nano-electronic components and systems is driving the demand for non-woven specialty tapes.
Growth of the healthcare & hygiene end-use industry relies on the level of penetration of the finished products within each country and its demographics
The healthcare & hygiene segment is the fastest-growing segment in the forecasted period. Overall global production and population increase are linked. Growth and penetration of products in the healthcare sector in developing countries, along with growth in disposable income, is driving the market for healthcare specialty tapes. The aging global population is also a key driver of this segment.
APAC is the fastest-growing specialty tapes market globally.
APAC is the fastest-growing specialty tapes market due to the growth in the end-use industries such as electricals& electronics, healthcare & hygiene, automotive, white goods, paper & printing, retail & graphics, and building & construction in China, India, Japan, South Korea, Indonesia, and Taiwan. The leading global players are shifting their production base, establishing sales offices, and enhancing distribution channels to developing regions, including APAC, which offer sustained demand to increase their profit margins. The gradual shift of manufacturing facilities to countries having high demand and lower production cost is positively influencing the market growth.
The key players profiled in the specialty tapes market report are 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Lintec Corporation (Japan), Avery Dennison Corporation (US), Scapa Group Plc (UK), Intertape Polymer Group, Inc. (US), Berry Global Inc. (US), Saint-Gobain Performance Plastics Corporation (France), and Lohmann GMBH & Co. Kg, Nichiban Co. Ltd (Germany).
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