Pressure Sensitive Tapes Market Growth & Trends
The global pressure sensitive tapes market size is poised to reach USD 92.45 billion by 2030, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.9% from 2024 to 2030. Increasing application scope in the medical and automotive industries is projected to augment the market over the forecast period.
The market is driven by the packaging industry on account of their high-volume usage in cardboard and container sealing. In addition, ease of application of packaging tapes as compared to substitute products such as adhesives and sealants is anticipated to further boost the demand in packaging application in end-use industries.
Technological advancements in the industry are focused towards production of premium quality products with superior performance. Development of customized product designed for use in specialized applications along with rise in use of silicone-based adhesives is estimated to emerge as a way forward for tape manufacturers across the globe.
Fluctuations in raw material prices result in a notable changes in procurement cost for manufacturers, thereby negatively influencing the growth of the market. Volatility in prices of raw materials is a result of changes in crude oil prices. Moreover, sanctions imposed on import of crude oil are also expected to limit the market from realizing its utmost potential.
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Pressure Sensitive Tapes Market Report
Pressure Sensitive Tapes Market Report Highlights
- The packaging tapes segment held the largest revenue share of more than 48.3% in 2023 and is expected to grow at the fastest CAGR during the forecast period.
- The hot melt segment accounted for over 41% share of the global revenue in 2023. The demand for hot melt technology is primarily driven by their high consumption volumes in North America.
- In 2023, the medical applications segment accounted for 23.4% of the revenue share owing to their usage to attach dressings, bandages, and gauze to the skin and wounds.
- The demand in the pressure sensitive tapes market in Asia Pacific accounted for a market share of 36.7% in 2023. Asia Pacific is one of the fastest–growing economies, spearheaded by China and India.
