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“, 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 market size of specialty tapes is estimated 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. The need for developed products in healthcare & hygiene, electrical & electronics, automotive, white goods, and building & construction industries has specifically driven the demand for specialty tapes.
Specialty tapes are different from industrial tapes and are manufactured to enhance particular abilities of the adhesive tape, making them excellent for applications where general-use tapes fall short of the application constraints. These tapes integrate a wide variety of tapes for specific applications in various industries. The backing material such as PVC, paper, woven/non-woven, PET, foam, PP, and others coated with acrylic, rubber, or silicone adhesives provide optimum strength for specialty tapes. These tapes can be applied in operations such as healthcare & hygiene, automotive, electricals & electronics, white goods, paper & printing, building & construction, retail & graphics, sports & entertainment, military & defense, and aerospace.
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The specialty tapes market size 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. Growing use of specialty tapes in diverse applications, rising urbanized population, and improved healthcare systems are driving the demand for specialty tapes.
The healthcare & hygiene industry is undergoing a rapid transformation and plays a significant role in driving the specialty tapes market, globally. The major factors driving the healthcare & hygiene sector are identified as the growth and penetration of the products in this sector in developing countries along with growth in disposable income, rising number of surgeries & the growing number of ambulatory surgery centers, rise in the aging population, improved healthcare systems, and awareness regarding hygiene products. Also, research institutions and various manufacturers are taking initiatives and making huge investments in R&D for the technological development of specialty tapes in healthcare systems and the improvement of their properties for use in various applications.
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The key players of the 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). New product launches, mergers & acquisitions, and investments & expansions have been the dominating strategies adopted by major players between 2015 and 2019, which helped them broaden their customer base.
In line with the rising demand for specialty tapes, 3M Company offers a broad spectrum of products, including adhesives, bonding materials, coatings, and specialty materials. The company operates through five business segments, namely, industrial, safety & graphics, healthcare, electronics & energy, and consumer. 3M has been working to deliver efficient specialty tape products to various applications through its industrial business segment. Through the industrial adhesives and tapes segment, 3M offers a comprehensive line of specialty tapes to meet the challenges within the appliance, aerospace, automotive, construction, MRO, electronics, commercial, transportation, and marine industries. Its specialty tapes products in the healthcare & hygiene application have global brand recognition. The company has an extensive portfolio of options for almost every application. In 2018, the company launched Durapore healthcare specialty tape, a high adhesion tape designed to provide safe, reliable, and critical tube securement in challenging conditions such as high-moisture environments. The company also expanded its lineup of advanced adhesives for medical devices. Through the strategy of new product launch, the company is able to cater to the demands of a wide range of industries, especially from APAC. This will boost the growth of the company and, also, its specialty tapes business, globally.
The second most active company in the market is Nitto Denko Corporation (Japan). The company operates through three segments, namely, optronics, industrial tape, and life science. It manufactures specialty tapes for varied applications through its industrial tapes and life science segments. The industrial tape segment provides bonding and joining products as well as engineering plastics. The life science segment provides specialty tapes for use in the healthcare & hygiene sector. The company has planned to adopt organic and inorganic strategies such as new product launch, investment & expansion, and merger & acquisition in the future, which will surely increase its presence and revenue globally.
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