CHICAGO, July 17, 2019 /PRNewswire/ -- According to the new market research report "Specialty Tapes Market by Resin (Acrylic, Rubber, Silicone), Backing Material (PVC, Paper, Woven/Non-Woven, Pet, Foam, PP), Application (Electronics, Healthcare, Automotive, White Goods, Construction, Printing), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Specialty Tapes Market is projected to grow from USD 44.2 billion in 2019 to USD 59.3 billion by 2024, at a CAGR of 6.1% during the forecast period.
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The major factor driving the specialty tapes market includes the increase in demand from applications such as electrical & electronics, healthcare & hygiene, automotive, white goods, paper & printing, building & construction, retail & graphics, and others. These specialty tapes have wide acceptability due to factors such as low cost and easy availability, as compared to its substitutes-staples and glue.
Acrylic is estimated to be the largest resin segment in the specialty tapes market during the forecast period
The acrylic segment is expected to account for the largest market share during the forecast period because of its better adhesion to a variety of substrates. Acrylic specialty tapes are designed with high or low tack and high or low peel strength. These tapes are permeable to moisture that is measured by the moisture vapor transmission rate (MVTR). Acrylic specialty tapes release off from body or skin without leaving adhesive residue.
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PVC is estimated to be the fastest backing material in the specialty tapes market during the forecast period
PVC is the most popular backing material used in the manufacturing of specialty tapes. Easy availability, flexibility, and a high degree of printability are driving the demand for PVC backed specialty tapes. Also, these tapes are inherently flame retardant and have electric insulation properties. PVC tapes can be printed on and are available in different colors. They are used in a variety of applications such as general purpose, electrical & electronics, lane marking, hazard warning, duct sealing, vapor barrier, protection, construction, automotive, white goods, aircraft, and other industrial applications.
APAC is estimated to be the largest as well as the fastest-growing specialty tapes market
APAC to account for the largest share of the specialty tapes market during the forecast period. The healthcare & hygiene and electrical & electronics segments are the key markets for specialty tape manufacturers as these industries are expected to witness significant growth. Also, demand from various industries in the developing countries such as Japan, India, China, South Korea, Vietnam, Taiwan, and Singapore, among others is contributing to the growth of the APAC specialty tapes market. China is the largest consumer of specialty tapes in the region and continues to drive global demand.
Major vendors in the Specialty Tapes Market include 3M (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Lintec Corporation (Japan), Avery Dennison Corporation (US), Scapa Group Plc (US), Intertape Polymer Group, Inc. (Canada), Berry Global Inc. (US), Saint-Gobain Performance Plastics (France), Lohmann GMBH& Co. KG (Germany), and Nichiban Co. Ltd. (Japan).
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