Foam Tape Market is Growing Exponentially in Order to Gain More Demand by 2023

Posted September 21, 2020 by armaan007

Foam Tape Market expected to be valued at USD 10.3 Billion by 2023, at a CAGR of 6.8%, during 2018–2023

[151 Pages Report] The Foam Tape Market is projected to grow from USD 7.4 billion in 2018 to USD 10.3 billion by 2023, at a CAGR of 6.8% between 2018 and 2023. The rising demand for foam tape across various end-use industries such as electrical & electronics, building & construction, automotive, and paper & printing is expected to drive the foam tape market.

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Automotive is expected to be the largest end-use industry of foam tape during the forecast period

Automotive is expected to be the leading end-use industry of foam tape during the forecast period, in terms of volume. In the automotive industry, foam tape -is used in plate panels, roof molding, outer belt moldings, rocker panel/claddings, emblem & nameplates, rear spoilers, body & bumper side moldings, side mirrors, and side fenders/wheel flares.

Acrylic resin-based foam tape accounted for the largest share of the foam tape market

The demand for acrylic resin-based foam tape is increasing across all the regions, as it has higher tack and peel adhesion than silicone. It also has excellent cohesion and humidity resistance, which makes it suitable for use in various environmental conditions. The price of acrylic resin-based foam tapes is also lower than the other types. It is widely used in the medical and automotive industries, owing to its excellent adhesion properties.

Solvent-based technology was the dominating segment of the foam tape market

The solvent-based technology was the largest segment of the foam tape market, as it offers extraordinary chemical resistance. The solvent-based technology is used when properties such as high tensile strength, durability, and peel and shear strength are required in foam tapes. In addition, solvent-based foam tapes offer durability and can withstand a high range of temperature, which makes them suitable for a wide range of applications.

Polyethylene (PE) accounted to be the largest segment of the foam tape market

There is a high demand for PE-backed foam tape is from applications which require tapes to offer properties such as gap filling between two surfaces that are being bonded. PE-backed foam tape also offers properties such as sound and vibration reduction and shock absorption. This growth is attributed to its use in a wide variety of applications in the automotive and building & construction industries, which are growing rapidly in the APAC region, owing to the increase in private and public investments, growing population, and focus on renewable energy sector.

APAC is expected to lead the foam tape market during the forecast period.

The APAC region is projected to lead the foam tape market during the forecast period, in terms of volume. The economic growth of the emerging countries such as China, India, Taiwan, Indonesia, Vietnam, and Malaysia, is expected to drive the demand for foam tape in the region. China is expected to lead the foam tape market in the APAC region. Factors such as increasing automotive production, availability of cheap labor and raw materials, low taxes, and less stringent environmental regulations are driving the foam tape market 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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