TAGS: Acrylic Adhesives
Markets and Markets (M&M) has anticipated that the global structural adhesive tapes market size is projected to grow from USD 7.6 billion in 2020 to USD 10.2 billion by 2026, at a CAGR of 4.1% from 2021 and 2026.
Factors such as consistently growing electrical & electronics, automotive, building & construction, and healthcare industries have boosted the demand for structural adhesive tapes across application industries.
Moreover, the significant growth of the pharmaceutical industry in developing countries and the demand for thermal management solutions are driving the structural adhesive tapes market. Along with this, the increasing demand for strong, superior quality, reliable, and accurate structural adhesive tapes and expansion of gigafactories across the globe are expected to offer opportunities for structural adhesive tape manufacturers.
Acrylic Resin to Lead the Market
The Acrylic segments resin type accounted for the largest share in the overall structural adhesive tapes market. The demand for acrylic structural tapes is increasing worldwide, particularly in Europe, because of the region’s growing electrical & electronics, healthcare & hygiene, and automotive industries.
The properties of acrylic structural tapes make them more favorable in North America and Europe, where environmental regulations regarding solvent-based technology are very strict. Also, the price of acrylic structural tapes is comparatively lower than other types.
The PVC segment led the overall structural adhesive tapes market in 2020, both in value and volume. The fastest-growing market for PVC structural tapes is in developing countries, particularly in the electrical and electronics industries. It finds application in several end-use industries such as automotive, construction, electronics, and healthcare. Thus, with the growth of end-use industries worldwide, the demand for PVC-based structural tapes is expected to increase in the upcoming years.
Building & Construction: Largest Market Segment
The building & construction segment is estimated to be the largest end-use segment in terms of demand. However, the healthcare segment led the overall structural adhesive tapes market in 2020 in terms of value owing to comparatively high price of the structural adhesive tapes used in this industry.
The demand for structural tapes is anticipated to grow owing to ongoing mega projects across the globe. For instance, the California High-Speed Rail (CHSR) is a publicly funded, worth USD 77 billion, is a high-speed rail system under construction in the U.S. state of California. It is projected to connect the Anaheim Regional Transportation Intermodal Center in Anaheim and Union Station in Downtown Los Angeles. In addition to this, the booming Electric Vehicle (EV) industry is also anticipated to contribute to the product demand. EV manufacturers have announced several giga factories to be setup in various countries including US, Germany, China, Poland, among others.
Highest-Growth in APAC Region
APAC is projected to have the largest share in the global structural adhesive tapes market, in terms of both value and volume, from 2021 to 2026. APAC has been a high potential structural adhesive tapes market against an overall slowdown in global economic development. This region encompasses a diverse range of economies with different levels of economic development and a large variety of industries.
Most of the industries in this region include manufacturing, mining, semiconductors, electronics, oil & natural gas, textile, automobile, financial services, pharmaceutical, and telecommunication. The electrical & electronics, healthcare & hygiene, and automotive end-use industries drive the structural adhesive tapes market in this region.
Source: Markets and Markets