Automotive Adhesive Tapes Market Size is projected to reach USD 12.1 Billion By 2026

(IT-NEWSWIRE.COM, February 03, 2023 ) The global Automotive Adhesive Tapes Market size was USD 8.5 billion in 2020 and is projected to reach USD 12.1 billion by 2026, at a CAGR of 5.9% between 2021 and 2026. Adhesive tapes are gaining popularity as an efficient and economical replacement of traditional fixing and fastening applications in the automotive sector.

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Based on adhesive type, the Automotive Adhesive Tapes Market is segmented into acrylic, rubber, silicone, and others. Other adhesive types include ethylene-vinyl acetate (EVA) and butyl. Acrylic was the largest adhesive type in the overall automotive adhesive tapes market in 2020. This is majorly due to the excellent bonding of acrylic adhesives, offered to a wide range of substrates, including metal, plastics, glass, ceramics, and stainless steel. Acrylic is the most preferred resin due to its good physical and chemical properties in the automotive industry.

Based on backing material, polypropylene (PP) -backed automotive adhesive tapes accounted for the largest share of the overall automotive adhesive tapes market, in terms of volume and value, in 2020. PP is elastic in nature and resistant to humidity. It has high demand as it is a low-cost material, which provides better flexibility and conformability owing to its softness.

Based on applications, the automotive adhesive tapes market is segmented as interior, exterior, and electric vehicle. In 2020, the interior segment dominated the automotive adhesive tapes market. The high demand for automotive adhesive tapes in wire harnessing is majorly driving the growth of interior applications.

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Based on region, Asia Pacific dominated the global automotive adhesive tapes market in 2020. It is majorly due to the increase in demand for automotive adhesive tapes from major countries such as China, Japan, and India. China is the largest market for automotive adhesive tapes market in Asia Pacific and the growing automotive industry in China is expected to fuel the market growth.

The key market players include 3M (US), Nitto Denko Corporation (Japan), tesa SE (US), Avery Dennison Corporation (US), Lohmann GmbH & Co.KG (Germany), Henkel AG & Co. KGAA (Germany), Sika AG (Switzerland), Intertape Polymer Group (US), Lintec Corporation (Japan), Shurtape Technologies, LLC (US), Scapa (UK), and L&L Products (US). These players have adopted expansions, joint ventures, mergers, acquisitions, agreements, collaborations, product launches, and partnerships as their growth strategies.

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Automotive Adhesive Tapes Market Size is projected to reach USD 12.1 Billion By 2026