Chemicals and Advanced Materials

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

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Report ID: 4496 | Published On: Jan 30, 2023

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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. Purchasing 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.


In The News

  • BASF SE and Toray Advanced Composites have 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 in 2023.


Global Automotive Tapes Market Definition

Automotive tapes are a combination of materials that includes a carrier, coated with an adhesive, and a release liner if needed. An adhesive film is used to join components together and is a commendable replacement for nut bolt fasteners, screws, or welding in automobile manufacturing as it aids in reducing vehicle weight. These enable excellent bonding or joining to different substrates used in lightweight vehicles.

Automotive tape designed for vehicles needs a different kind of adhesive, as they are majorly used to serve specific purposes. For instance, masking tape is specifically used as an automotive tape for painting. It protects the windows, exteriors, and interior of the vehicle while painting. Moreover, waterproof automotive tapes are installed in an impact-resistant manner for automotive electronics such as air conditioning systems, battery connectors, wires, sensors, interior and exterior lights, and several other electronic devices so that neither water nor other unwanted particles can get in. Furthermore, the double-sided tape for car exterior bonds auto body, side body moldings, drip rail moldings, and wheel trim to add instant protection against door dings and other hazards.

A tape for the car dashboard operates in a highly visible, aesthetically-focused area of the vehicle interior. Advanced, modern dashboard tapes fit perfectly to the shape of the parts they are affixed and create a seamless bond while at the same time providing longevity, seal, and bond strength, reducing the levels of noise, and vibration.

Thus, the automotive tape is considered a key component in the automotive sector and is an invaluable material for modern vehicles.


Global Automotive Tapes Market: Key Insights

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

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Automotive Tapes Market Size, Forecast, and Trend Highlights Over 2023 - 2033

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 market's expansion can be attributed to the growing revenue of the automotive industry, which is the result of increased vehicle production globally. It has been found that the global automotive industry is expected to reach approximately USD 9 trillion by 2030. Furthermore, rising demand for premium vehicles with high-end materials, safety and technology features, and an aesthetically improved environment is expected to drive market growth.

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Rapid modernization has propelled the population to adopt upgraded components for their vehicles that include electronic chargers, air purifiers, attachments for mobile devices, connections for portable refrigerators, and other components. This trend fuels the demand for automotive tapes in varied applications on vehicles such as wire harnessing, hole coverings, interior mounting, masking, mirror assembling, and many others. Furthermore, collaborations between key players and vehicle engineers to provide versatile and customizable adhesive solutions for electric vehicles are expected to present market expansion opportunities over the forecast period. For instance, in December 2020, Sika AG, the world's biggest manufacturer of adhesives and sealants for the automotive industry and building sector, introduced a new polyurethane technology called PURFORM. These high-performance solutions are used in the battery systems and bonding of body components for electric vehicles.


Automotive-Tapes-Market-overview
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Global Automotive Tapes Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Incorporation of Advanced Driver Assistance Systems (ADAS) Technology - Cars with ADAS technology improve road safety. ADAS is a modern safety technology that assists drivers in driving and parking functions by coordinating the operation of cameras, sensors, and radars to scan the area and then feed that information to the driver. Road safety is becoming of utmost importance with increasing vehicle crashes and fatalities. For instance, about 1.3 million people lose their lives each year as a result of road traffic crashes. This can be curbed with safety technology such as ADAS, which was earlier limited to high-end luxury cars only. However, it is now found in mass-market segment vehicles as well and is expected to be incorporated in all future vehicles with innovative mounting solutions. With rising automotive digitization and environmentally friendly electrification, automotive tapes are specially designed to fulfill demanding automotive requirements and perform an increasing number of important functions in addition to various mounting applications.

  • Increased Production Rate of Vehicles - As per the Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80 million units in 2021, depicting a rise, from 77 million units in 2020.

  • High Demand for Sports Cars – As per estimations, sports car sales are anticipated to augment to 920,000 vehicles in 2026. This is an increase from 840000 vehicles in 2022.

  • Increasing Preference for Electric Cars – With the rising compliance with environmental standards and emission norms to reduce vehicle pollutants at a significant level there is a surge in the demand for electric vehicles (EVs). As per a report by International Energy Agency, there were ~16.5 million electric cars on the road in 2021.

Challenges

  • Increasing Government Policies Promoting the Use of Eco-Friendly Solutions- The use of solvent-based adhesive tapes is responsible for adversely affecting the environment and human health. This is why there is a demand to develop either more environmentally friendly solvent-based solutions or switch to water-based solutions in the upcoming years, which is posing a major challenge for the manufacturers.
  • Low Adoption Rate in Developing Countries
  • Extra Expenses Incurred in Production Cycles


Market Segmentation

The global automotive tapes market is segmented and analyzed for demand and supply by application into interior, exterior, wire harnessing, and electric vehicles. Out of these, the electric vehicle (EV) segment is attributed to garner the highest market share by 2033. The growth of the segment can be attributed to the growing production rate of EVs globally and the anticipated high demand in the upcoming years owing to the increasing awareness among the global population regarding the ill effects of transport emissions on human health and the environment. As per the reports of the International Energy Agency, the number of electric vehicle sales in 2021 surpassed sales of 2020, nearly doubling to 6.6 million.

The global automotive tapes market is also segmented and analyzed for demand and supply by type into specialty, double-sided, masking, and others. Among these segments, the double-sided segment is expected to account for a sizable share. Double-sided tape is widely used for most automotive applications, especially for car interiors. It is excellent for dashboards or other interior pieces of a car, as it has the ability to stay hidden behind components. Additionally, automotive double-sided tape is also used for small body pieces such as bumper trims, mirrors, and others, as it is designed to withstand UV light, chemicals, cold, and humidity. Hence, numerous opportunities are anticipated for the growth of the segment with the growing demand for cars with advanced features in their interiors. It was found that ~3.79 million units of cars were sold in India in 2022, which was the highest ever in the Indian auto industry in a calendar year. The last highest was in 2018, which was ~3.38 million.

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

      By Type

  • Specialty
  • Double-sided
  • Masking
  • Others

      By Functions

  • Bonding
  • Masking
  • NVH
  • Others

     By Application

  • Interior
  • Exterior
  • Wire Harnessing
  • Electric Vehicle

      By Material

  • Polypropylene
  • Poly-Vinyl Chloride
  • Paper
  • Others


Global Automotive Tapes Market Regional Synopsis

The Asia Pacific automotive tapes market, amongst the markets in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increased demand for vehicles, which has fueled up the production, and sales, of vehicles in the region. According to the International Organization of Motor Vehicle Manufacturers (OICA) statistics, the total production of vehicles in the region was 46 million in 2021, a rise from 44 million in 2020. Furthermore, the increasing production of electric vehicles in the Asia-Pacific region, as well as their growing preference, is another growth factor for expanding the market. For instance, the International Energy Agency revealed that China was the top producer of electric vehicles in 2020, with around 1300 thousand units registered in the same year. Furthermore, the presence of some giant electric vehicle manufacturers in the region and the rising development of excellent battery designs that need adhesive tapes in electric vehicles to deliver maximum benefit to the battery cells used are also anticipated to boost market growth during the forecast period.

Automotive-Tapes-Market-share

Automotive-Tapes-Market-share
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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 SE
    • 3M Company
    • Arkema S.A.
    • Nitto Denko Corporation
    • Avery Dennison Corporation
    • Sika AG
    • Henkel Corporation
    • Lintec Corporation
    • Saint-Gobain Group

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the automotive tapes market?

Ans: The expansion in automotive industry and the increased demand for vehicles is expected to fuel the market growth in the future.

2) What would be the CAGR of automotive tapes market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the automotive tapes market growth?

Ans: The low adoption rate in developing countries owing to less amount of awareness along with extra expenses incurred in production cycles and rising government policies regarding carbon dioxide emission by vehicles are some of the factors that are expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of automotive tapes market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the automotive tapes market?

Ans: The major players in the market are Tesa SE, BASF, 3M, Arkema, Nitto Denko Corporation, Avery Dennison, Sika AG, Henkel Corporation, LINTEC Corporation, Saint-Gobain Group, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the automotive tapes market?

Ans: The market is segmented by type, function, application, material, and by region.

8) Which segment captures the largest market size in material in the automotive tapes market?

Ans: The electric vehicle segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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