Automotive Tapes Market size was valued at USD 8.34 Billion in 2023 and is poised to cross USD 14.24 Billion by the end of 2036, registering more than 4.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive tapes is estimated at USD 8.69 Billion. 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.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.2% |
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Base Year Market Size (2023) |
USD 8.34 Billion |
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Forecast Year Market Size (2033) |
USD 14.24 Billion |
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Regional Scope |
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Application (Interior, Exterior, Wire Harnessing, Electric Vehicles)
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 2036. The growth of the segment can be attributed to the growing production rate of electric vehicles 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.
Type (Specialty, Double-Sided, Masking)
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 market includes the following segments:
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By Type |
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By Functions |
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By Application |
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By Material |
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APAC Market Statistics
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 2036. 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.
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.
Author Credits: Rajrani Baghel
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