Automotive Adhesive Tape Market is estimated to be US$ 17.2 billion by 2032 with a CAGR of 6.2% during the forecast period-By PMI
Prophecy Market Insights latest research report on the Automotive Adhesive Tape Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 30, 2023 (GLOBE NEWSWIRE) — Automotive adhesive tape, also known as automotive tape or automotive adhesive film, is a specialized type of tape used in the automotive industry for various applications. These tapes are designed to provide strong adhesion, durability, and resistance to environmental factors, making them suitable for a wide range of uses in both the manufacturing and maintenance of vehicles.
Adhesive tapes provide a lightweight substitute for conventional mechanical fasteners as the automobile industry concentrates on decreasing vehicle weight to increase fuel economy and comply with environmental laws. Automotive Adhesive Tape Market is anticipated to grow as a result of this trend.
Automotive Adhesive Tape Market accounted for US$ 9.5 billion in 2022 and is estimated to be US$ 17.2 billion by 2032 and is anticipated to register a CAGR of 6.2%. The market report has been segmented on the material type, adhesive type, and region.
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Key Highlights –
- In August 2022, Lohmann launched an adhesive tape for the flexographic printing industry with an exceptionally high grip to the sleeve. The business provides cutting-edge adhesive solutions, mostly for use in the consumer goods, electronics, automotive, building and architecture, and graphic arts sectors. Precision die-cut components, process integration, and multipurpose adhesive tapes are just a few of the solutions provided by Lohmann experts.
Key Market Drivers
- Rising demand for lightweight vehicles: Automotive adhesive tapes are used in lightweight vehicles to reduce weight and improve fuel efficiency. This is a key trend driving the market growth.
- Growing adoption of electric vehicles: Electric vehicles require more adhesive tapes for battery packs, powertrains, and other components. This is another key factor driving the market growth.
- Increasing aftermarket sales: The aftermarket sales of automotive adhesive tapes are growing due to the rising demand for vehicle modifications and performance enhancements.
The prominent player operating in the automotive adhesive Tape market includes,
- 3M Company
- Nitto Denko Corporation
- Tesa SE
- Lintec Corporation
- Avery Dennison Corporation
- Intertape Polymer Group, Inc.
- Shurtape Technologies, LLC.
- Scapa Group PLC
- Lohmann GmbH & Co. Kg
- Nichiban Co. Ltd.
- By Material Type, the global automotive adhesive tape market is segmented into Polyester, Polypropylene, Paper, Polyvinyl Chloride, and Other Materials.
- By Adhesive type, the natural rubber is going to dominate in this segment, Owing to its unique properties.
- By Region, Asia-Pacific is projected to lead the global automotive adhesive tape market and is expected to remain dominant during the forecast period, owing to the rising demand for automobiles in the region.
Analyst View –
The growth of electric vehicles presents new opportunities for automotive adhesive tapes. They are used in battery assembly, cable management, and thermal management systems within EVs. The development of advanced materials for automotive adhesive tapes, such as high-performance polymers and nano-composite materials, is enhancing their strength, durability, and resistance to extreme conditions.
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The automotive adhesive tape market is a growing market with a number of opportunities for growth. The key drivers of the market are the rising demand for lightweight vehicles, increasing adoption of electric vehicles, and growing aftermarket sales. The major players in the market are investing in new product development and capacity expansion to meet the growing demand.
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