The adhesive tapes market is valued around USD 70.1 billion in 2023, and it will touch USD 103.1 billion by 2030, powering at a compound annual growth rate of 5.8% in the years to come.
This is because of the large-scale consumption of these materials for more than a few packaging applications in electrical, electronics and e-commerce, the booming healthcare sector, growing R&D expenditure by the stalwarts of the industry, tech progressions, and the increasing count of advanced product introductions taking place.
The commodity category will have a larger revenue of USD 41.2 billion in 2023, and it will maintain its position in the future as well. This is because of the high use of adhesive tapes for packaging applications for goods.
The healthcare category will grow the fastest in the years to come, advancing at a rate of 6.3%.
This can be because of the increasing R&D expenditure, the growing health consciousness amongst people, the mounting number of hospitals and ASCs, the rising requirement for in-vitro diagnostics, and the booming introductions of medical equipment and associated products, as well as oral dissolvable films, hydrophilic films, and transdermal drug delivery patches.
While, the packaging category led the industry, and the trend will continue in the future as well. This is due to the fact that nearly all industries use these kinds of tapes for numerous applications.
Acrylic resin has the largest revenue share in the adhesive tapes market and this trend will continue by the end of this decade as well. This has a lot to do with the high requirement for acrylic adhesive products, because of their physical and chemical properties, lower cost, and vast applications in numerous end-use industries, for instance, automotive, healthcare and packaging.
The technological advancements going on, have a lot to do with the increasing demand for adhesive tapes all over the world. This trend will also continue in the years to come as well.
Comments