Automotive Tapes Industry - Regional Synopsis
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 2037. 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.
