The automotive tapes market in North America is projected to exhibit significant growth over the forecast period. The region is expected to account for 27% share of the global automotive tapes market. The automotive tapes market in Europe is estimated to hold 22% of the global market due to the growing automotive industry.
NEWARK, DE / ACCESSWIRE / September 29, 2022 / The global automotive tapes market is anticipated to reach a valuation of US$ 13,112.4 Mn by 2032, with the market expanding at a stagnant CAGR of 3.9% from 2022 to 2032. In 2022, the automotive tapes market will likely reach an estimated US$ 8,921.5 Mn fueled by high adhesive strength and excellent material attachment of the tapes.
These tapes are quick and easy to use than traditional fastening approaches like screws, rivets, and welds as well as being far more successful at bonding modern materials. These advantages are expected to have a positive impact on the market growth during the forecast period.
The usage of lightweight and affordable materials is increasing in the automotive industry. With the demand for such materials escalating in the automotive sector, the automotive tapes market is also likely to proliferate in the upcoming years. These tapes find a variety of application in the automotive sector such as masking, mirror assembly, mounting parts inside, covering holes, and wire harnessing. This factor further augments the global sales of automotive tapes. In addition to this, automotive tapes are anticipated to have a considerable impact on the future of the automotive industry as they are able to hold and unite a wide range of substrates that are used in lightweight vehicles.
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Rising popularity and adoption of electric and hybrid vehicles will further bolster the market prospects of automotive tapes. Owing to high demand of adhesive tapes as a lightweight sealing solution, the target product is likely to continue to gain usage by electric vehicle battery manufacturers. Furthermore, automotive tapes help the automobile sector to reduce cost, increase production efficiency, enhance safety and lessen vehicle weight. All of these factors aid in the expansion of the automotive tapes market over the projected period.
“Rising adoption of automotive tapes in the production of electric vehicles and hybrid vehicles is expected to propel the market growth of the automotive tapes over the forecast period,” says an FMI analyst.
- Expanding automotive industry to foster growth for the target market over the forecast period.
- North America holds about 27% share of the global automotive tapes market.
- Europe accounts for 22% share of the overall automotive tapes market.
- Start-ups in the market are utilizing advanced technologies like IoT, system integration, and others.
Tesa SE – A Beiersdorf Company, 3M Company, National Tape Corporation, Berry Global Inc., Avery Dennison Corporation, Scapa Group plc, ORAFOL Europe GmbH, Saint-Gobain Corporation, Maxell, Ltd., Henkel AG & Co., KGaA, Coroplast Tape Corporation, and Tecman Speciality Materials Ltd., among others are some of the major players in the automotive tapes market profiled in the full version of the report.
Leading market players are concentrating on utilizing strategies like mergers, acquisition, and agreements to strengthen their market position. These enterprises are also keen on product launches and expanding their product offerings to gain a competitive edge.
More Insights into Automotive Tapes Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive tapes market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type (specialty, double-sided, masking, others), function (bonding, masking, noise, harshness, vibration, others), application (interior, exterior, wire harnessing, others), and region.
According to the latest FMI reports, based on region, the automotive tapes market in North America is projected to exhibit significant growth over the forecast period. The region is expected to account for 27% share of the global automotive tapes market. Escalating automobile production, increasing investment in research and development activities, and process innovation are some factors among others that drive the growth of automotive tapes market in this region.
In Europe, the automotive tapes market holds about 22% of the global market share. The target market in this region is expected to grow at a positive rate over the next few years. This growth can be attributed to immense focus on developing fuel-efficient and lightweight vehicles, particularly in countries like Germany and the U.K. The target product is expected to witness elevated usage in the advancing automotive sector of Europe during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trend
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
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