Automotive adhesive tape is a thin strip of adhesive coated on plastic and is used to assemble, coat or stick parts together. These tapes do serve the purpose of lamination of bolts and welds in the automobile industry. Rapid growth of automobile industry is garnering the growth of automotive adhesive tape market. It cannot be ignored that automotive adhesive tapes are cheaper than conventional mechanical fasteners which have further foster the growth. Apart from this, demand of lightweight vehicles has led to the replacement of mechanical fasteners with adhesive tapes.
Based on application, it is fragmented as interior application and exterior application. Interior application part covers cable harness and part assembling. On the other hand, exterior usage covers labeling and fixing parts. Interior application tapes accounts for the largest market share of automotive adhesive tapes market. Further, these tapes are backed by various materials such as PVC and clothes to increase their strength and tear and wear resistance.
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Global Automotive Adhesive tape Market is expected to reach USD 11.91 billion by 2024 from USD 7.2 billion in 2016. Further, automotive adhesive tape market is anticipated t0 witness a CAGR (compound annual growth rate) of 5.27 % over the forecast period 2017-2024.
Asia-Pacific held the largest percentage market share in 2016 and is anticipated to continue its dominance over the forecast period. Further, Asia-Pacific automotive adhesive tape market is expected to grow at a CAGR of 5.79 % owing to the rise in demand and manufacture of automobiles. Countries such as China, Japan, India and South Korea are the major automotive adhesive tapes utilizer accounting for more than 80% consumption. Europe is anticipated to witness slower growth rate than Asia-Pacific.
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Furthermore, North America captures more than 22% market share and is envisioned to bolster automotive adhesive tape market due to the existence of major companies such as 3M and PPG Company. Apart from this, new advance technologies and development of efficient and long lasting tapes is expected to propel the market over the forecast period.
Moreover, riding on the back of rising demand of automobiles and setup of manufacturing plants, the market of Latin America is anticipated to witness during the forecast period.
Our in-depth analysis segmented the global automotive adhesive market in the following segments:
Global Automotive Adhesive tape market is further classified on the basis of region as follows:
Rise in demand of lightweight vehicles automobiles is expected to be dynamic factor behind the quick growth of automotive adhesive tape market. Automotive manufacturers are moving from mechanical fasteners to automotive adhesive tape to cut down the weight of vehicles. Apart from this, increasing number of plastic parts in automobiles is expected to grow the demand of automotive adhesive tape all over the world. Increasing usage of exterior applied adhesive can be expected to positively impact the demand.
However, legislation regarding the prohibition on use of certain chemicals and lack of environment friendly adhesive tapes is anticipated to restrain the growth of global automotive adhesive tape market.
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