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Albany, New York, July 18, 2019 (GLOBE NEWSWIRE) -- A new research report compiled by Transparency Market Research expects the global pressure sensitive tapes market to reach a staggering valuation of US$96,105.0 mn by the end of 2024. Such high growth of the global pressure sensitive tapes market is projected to be achieved with the help of a strong CAGR of 6.7% over the course of the given forecast period.
Due to the ever-increasing competition in the pressure sensitive tapes market, the key players are now putting in more investments in the research and development activities for the development of innovative products. Growth in the implementation of stricter guidelines related to the use of plastics or other non-biodegradable materials in the packaging sector has forced the players to concentrate more on developing sustainable biodegradable products. Some of the prominent names in the global pressure sensitive tapes market include names such as Intertape, 3M, and Tesa among others.
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Thriving Packaging Industry to Fuel Market Growth in the Asia Pacific
From the product type criteria, carton sealing tapes segment currently dominate the pressure sensitive tapes market. In 2015, this segment held around 60% of the overall market share in terms of volume and is still expanding at a rapid pace. As per the research report, the specialty tapes segment is projected to show a highly promising growth rate over the course of the given forecast period of 2016 to 2024. The revenue contribution of this segment of pressure sensitive tapes market is projected to showcase a CAGR of 7.7% in the coming years.
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From a geographical perspective, the pressure sensitive tapes market is presently dominated by the Asia Pacific and is expected to continue the trend over the course of the forecast period. The regional market is expected to contribute both in terms of volume as well as revenue during these forecast years. Based on revenue, the pressure sensitive tapes market of the Asia Pacific is expected to show a solid CAGR of 7.3%. This surging growth is primarily attributed to the rapid developments in the packaging industry in the region.
Booming Electronics Products Sector is Helping Market to Thrive
One of the important factors helping to drive the global pressure sensitive tapes market is the growing adoption of the products in numerous applications across the electronic devices and automotive sector. Traditionally, these industries used fasteners, bolts, rivets, and screws for their needs. However, with the popularity of pressure sensitive tapes have been successful in replacing the conventional methods. Additionally, these sectors are concentrating on developing more compact and lightweight products. Use of pressure sensitive tapes allows them to replace the bulky and rigid traditional components. These tapes have become a popular choice in terms of the form factor of the joint, aesthetics, and strength of the final product. These obvious advantages have significantly helped in driving the growth of the global market.
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In addition to this, the pressure sensitive tapes market is also positively influenced by the booming electronics equipment industry wherein there is a growing trend of miniaturization. Devices such as tablets, wearables, and smartphones are increasingly using pressure sensitive tapes and thus offering lucrative business opportunities for the growth of the market. The market growth is also helped by the thriving packaging industry. Strict regulations need for sustainable bio-degradable packages is expected to drive the market growth in the coming years of the forecast period.
This analysis of the global pressure sensitive tapes market is based on a recent market research report by Transparency Market Research, titled “Pressure Sensitive Tapes (Product - Carton Sealing Tape, Masking Tape, Double Sided Tape, and Specialty Tape; Backing Material -Polypropylene, Paper, Polyvinyl Chloride, Others; End-user - Food and Beverage, Building and Construction, Electrical and Electronics, Automotive, and Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.”
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For the study, the global pressure sensitive tapes market has been segmented as follows:
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