Automotive Tape Market Valuation to Total USD 5,711.3 Million by 2034 Amid Rising Electric Vehicle Adoption | Future Market Insights, Inc.

Demand for Adhesives that Withstand High-Temperature Drive Revenue of Automotive Tapes. Explore More With FMI.

/EIN News/ -- NEWARK, Del, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The global automotive tape market value is anticipated to total USD 3,991.0 million in 2024 and USD 5,711.3 million in 2034. Over the forecast period, sales of automotive tapes are projected to soar at 4.1% CAGR.

Polyester remains the most widely used material for making automotive tapes. This is due to excellent properties of polyester tapes, including flexibility and high temperature resistance. The target segment is estimated to account for a market share of 28.9% in 2034.

The automotive tape industry is set to register steady growth through 2034. This is attributable to several factors, including:

• Expanding automotive sector
• Growing popularity of electric vehicles
• Increasing demand for advanced automotive adhesive solutions
• Development of eco-friendly automotive tapes

Automotive tapes have become essential adhesive products in the automotive industry. Hence, increasing production and sales of vehicles will likely play a crucial role in boosting the growth of the automotive tape market through 2034.

The increasing adoption of electric vehicles is anticipated to generate demand for advanced automotive tapes. Electric vehicles need specialized tapes that effectively bond and insulate the components. Thus, the shift towards electric cars is expected to fuel sales of automotive tapes.

The growing focus on reducing the weight of automobiles in electric and hybrid vehicles is also impacting the market. Lightweight automotive tapes help maintain the structural integrity and overall performance of electric vehicles.

The development of high-performance automotive tapes to meet the diverse requirements of electric vehicles will further boost the target market. Similarly, the implementation of regulatory standards is expected to create the need for optimum automotive tapes.

Regulatory standards and compliance in automobile manufacturing are essential to the automotive industry. Vehicle emissions, performance, and safety regulations require quality tapes in vehicle manufacturing.

Adhesive tapes are crucial in vehicles that ensure safety and performance standards and provide reliable bonding for critical components. Automotive tapes help contribute to structural integrity, efficiency, and vehicle safety.

Compliance with sustainability initiatives and government regulations drives the demand for tapes that are free of harmful substances and support eco-friendly manufacturing practices. To gain from this, key companies will look to develop eco-friendly, specialized tapes.

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How Do Automotive Tapes Market Dynamics Differ from Other Interior Materials?

Increase In Demand for Automotive Tapes

Electric vehicles are projected to have a high demand for adhesive tapes as lightweight sealing solutions. They are used by electric vehicle battery manufacturers worldwide to increase production efficiency, improve safety, and reduce vehicle weight.

In close collaboration with world-leading OEMs and suppliers, automotive adhesive tape manufacturers are constantly developing new adhesive tapes specifically for electric and hybrid vehicles.

Adoption of Electric Vehicles

Major automotive markets in countries such as China, the United States, Japan, India, South Korea, Germany, France, and several other European countries have begun expanding and adopting electric vehicles, resulting in healthy growth prospects for the automotive tapes market in these countries.

An Excellent Mounting Solution for Lightweight Vehicles

Aluminum and composite materials are being used by automobile manufacturers as construction platforms. Materials such as aluminum and composites are more expensive than steel.

To reduce costs, the automobile industry is also looking at using automotive tapes instead of rivets and bolts. In addition to providing lightweight, high-performance adhesive solutions for bonding and joining multi-materials, structural automotive tapes offer more opportunities to the market.

Key Takeaways from the Global Automotive Tape Market

• The global market for automotive tapes is projected to total USD 5,711.3 million in 2034.
• By product type, the security labeling tapes segment is expected to hold a market share of 30.1% in 2034, while the paint protection tapes segment is poised to grow at 6.6% CAGR.
• Based on material, the polyester segment is estimated to hold a market share of 28.9% in 2034.
• By application, the interior segment is expected to reach a valuation of USD 3,072.4 million by 2034.
• Sales in the United States are estimated to total USD 1,054.2 million in 2034.
• India is poised to exhibit a healthy CAGR of 7.7% through 2034.

“There is a sharp rise in the production and sales of electric vehicles across nations like China, the United States, Japan, India, South Korea, Germany, and France. This will likely create growth prospects for the automotive tape manufacturers.”- Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).

Who is Winning?

The tier 1 players hold 30% to 35% of the overall automotive tape market share. A few of the prominent automotive tape manufacturers listed in the report include:

• 3M Company,
• Shurtape Technologies LLC,
• TESA SE,
• Saint-Gobain Tape Solutions,
• Nitto Denko Corporation,
• PPM Industries SPA,
• Intertape Polymer Group Inc.,
• Berry Global Inc.,
• Folsen Tapes,
• Fabo SPA,
• PPI Adhesive Products Ltd.,
• Avery Dennison Corp.,
• Scapa Industrial,
• H.B. Fuller Company.

Key players are developing novel products from sustainable and eco-friendly materials. They are also employing strategies like partnerships, distribution agreements, acquisitions, mergers, collaborations, facility expansions, and alliances to gain a competitive edge in the market.

Recent Developments:

• In January 2023, a new adhesive tape portfolio for vehicle interiors was introduced by Lohmann.
• In April 2023, the new tesa L-tape 869x was launched by Tesa SE.
• In June 2023, H.B. Fuller Company completed acquisition of XCHEM International and Adhezion Biomedical as a part of its growth strategy.
  
  

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Global Automotive Tape Market by Category

By Product:

• Security Labeling Tapes
• Masking Tapes
• Cable Mounting Tapes
• Surface Protection Tapes
• Wire Harnessing Tapes
• Paint Protection Tapes
• Automotive Electronics Tapes
  

By Material:

• Polyester
• Polyurethane
• Polyvinyl Chloride
• Polyethylene
• Fluoropolymer
  

By Application:

• Interior
• Exterior
• Wire Harnessing
  

By Side:

• Double Sided
• Single Sided

By Adhesive:

• Rubber-based Adhesive
• Acrylic-based Adhesives
• Silicon-based Adhesive
• Hot Melt Adhesive

By Region:

• North America
• Latin America
• East Asia
• South Asia & Pacific
• Western Europe
• Eastern Europe
• Central Asia
• Russia & Belarus
• Balkan & Baltic Countries
• Middle East & Africa

Authored by:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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