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CHEMICALS AND ADVANCED MATERIALS

Automotive Tapes Market Analysis by Type (Specialty, Double-sided, Masking, and Others); by Function (Bonding, Masking, NVH, and Others); by Application (Interior, Exterior, Wire Harnessing, Electric Vehicle, and Others); and by Material (Polypropylene, Poly-Vinyl Chloride, Paper, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • BASF and Toray Advanced Composites has entered into an agreement that is focused on the production of continuous fiber reinforced thermoplastic (CFRT) tapes for the automotive and industrial markets.
  • Tesa SE has planned to build a new plant in Vietnam that is expected to produce adhesive tapes for the Asian market starting from 2023.

Global Automotive Tapes Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~ USD 8 Billion

Forecast Year Market Size (2033)

~ USD 13 Billion

The global automotive tapes market is estimated to garner a revenue of USD 13 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 8 Billion in the year 2022. The primary factor for the automotive tapes market to expand is attributed to rising global automotive industry in the upcoming years. A report published recently showed that global automotive industry is expected to reach approximately USD 9 trillion by 2030 as per newest data.  

Automotive-Tapes-Market-Size

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The rapid modernization has propelled the population to adopt upgraded components for their vehicles. Also, the burgeoning population increase the demand for vehicles. This trend generates the need of automotive tapes in varied applications of automotive industry which includes wire harnessing, hole coverings, interior mounting, masking, mirror assembling and many others. As a result, the employment rate in the automotive industry has increased considerably. The high involvement of population is expected to adopt rate of automotive tapes in the assessment period. The employment rate in the Indian automotive industry was calculated to be approximately 2 million people in 2018.

Global Automotive Tapes Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Middle Income of the Population -  Several benefits of integrating automotive tapes such as reducing the weight of the vehicle, enhanced on-road performance and increased the durability of the vehicle parts has propelled the population to adopt vehicles with automotive tapes. The recent growth in middle income has fueled this preference which is in turn, is expected to expand the automotive tapes market size. According to World Bank, the total population with middle income in the world rose from 5.51 Billion in 2015 to 5.86 Billion in 2021.
  • Increased Production Rate of Vehicles -  As per Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80 million units in 2021. This is a rise from 77 million units in 2020.
  • High Demand for Sports Cars – As per estimations, the sports cars sales are anticipated to augment to 920K vehicles in 2026. This is an increase from 840K vehicles in 2022.
  • Increasing Preference for Electric Cars -  A latest report by International Energy Agency stated the number of electric cars on the road was 16.5 million in 2021.

Challenges

  • Low Adoption Rate in Developing Countries
  • Extra Expenses Incurred in Production Cycles
  • Rising Government Policies Regarding Carbon Dioxide Emission by Vehicles

The automotive tapes market is segmented and analyzed for demand and supply by application into interior, exterior, wire harnessing, electric vehicle, and others. Out of these, the electric vehicle segment is attributed to garner the highest market share by 2033, owing to its high demand and production rate. As per the reports of International Energy Agency, the number of electric vehicles sales in 2021 surpassed sales of year 2020, with nearly doubling to 6.6 million.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Demand-Analysis

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Automotive Tapes Market Regional Synopsis

Regionally, the global automotive tapes market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the increased production, sales and demand of vehicles by burgeoning population of the region. International Organization of Motor Vehicle Manufacturers (OICA) statistics revealed that the total production of vehicles in the region was 46 million in 2021, a rise from 44 million in 2020. Also the rising preference of electric vehicles in the countries falling under Asia Pacific region is an another growth factor for expanding the market size. International Energy Agency revealed that China is the top producer of electric vehicles with electric car registration of around 1300 thousand units in 2020.

Automotive-Tapes-Market-Scope

The global automotive tapes market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive tapes market includes the following segments:

By Type

  • Specialty
  • Double-sided
  • Masking
  • Others

By Function

  • Bonding
  • Masking
  • NVH
  • Others

By Application

  • Interior
  • Exterior
  • Wire Harnessing
  • Electric Vehicle
  • Others

By Material

  • Polypropylene
  • Poly-Vinyl Chloride
  • Paper
  • Others

Top Featured Companies Dominating the Global Automotive Tapes Market

  • Tesa SE
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • BASF
  • 3M
  • Arkema
  • Nitto Denko Corporation
  • Avery Dennison
  • Sika AG
  • Henkel Corporation
  • LINTEC Corporation
  • Saint-Gobain Group

 

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