Adhesive Tapes Market Share

APAC Market Statistics

The adhesive tapes market in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about 35% by the end of 2037. The regional growth can majorly be attributed to the increasing demand for vehicles, resulting in increasing vehicle production and sales in the region. Statistics from the International Automobile Manufacturers (OICA) show that in the year 2021, total vehicle production in the region increased from 44 million in 2020 to 46 million in the year 2020. Moreover, the production of electric vehicles is increasing in the Asia Pacific region, and their growing preference is another growth factor for market expansion. For instance, the International Energy Agency announced that China was largest producer of electric vehicles in 2020, with about 1.3 million electric vehicles registered in the same year. Furthermore, the presence of several major EV manufacturers in the region and the increasing development of better battery designs that require adhesive tape on EVs to provide maximum benefit to the battery cells used, is expected to drive the growth of the regional adhesive tapes market.

North American Market Forecast

The North America adhesive tapes market,amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. As of the year 2021, the U.S. auto and parts industry generated approximately USD 1.5 trillion in revenue. The automobile industry contributes 3% of its GDP to America. In addition, increased per capita income for local residents is estimated to enable them to switch to individual, environmentally friendly vehicles. Nearly 75% of Americans said they owned a car by the year 2022, and another 20% say they would own a business or family car by 2024. Hence, this is expected to drive the adhesive tapes market growth in the North America region.

Europe Market Forecast

Further, the adhesive tapes market in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for lightweight and fuel-efficient vehicles. Adhesive tapes are widely used in the automotive industry for bonding and joining applications, particularly in lightweight and fuel-efficient vehicles. As the demand for such vehicles increases in Europe, the demand for adhesive tapes in the automotive industry is expected to grow. With the increasing trend of online shopping in Europe, the demand for packaging tapes used for e-commerce applications is also increasing. The use of adhesive tapes in packaging offers improved security, convenience, and protection to the products during transportation, which is expected to drive the growth of the adhesive tapes market in Europe. Adhesive tapes are widely used in the construction industry for bonding and sealing applications. As the construction industry continues to grow in Europe, particularly in emerging economies, the demand for adhesive tapes in the industry is expected to increase. Adhesive tapes are widely used in the medical industry for wound care, surgical applications, and other medical procedures. As the demand for medical tapes in Europe increases, the demand for adhesive tapes market in the medical industry is also expected to grow.