Building Construction Tapes Market

Market Overview

The global building construction tapes market revenue was valued at USD 3.8 billion in 2022. It is estimated to reach USD 5.6 billion by 2031, growing at a CAGR of 4.4% over the forecast period (2023–2031). Increasing demand for pressure-sensitive tapes is projected to drive the utilization of adhesive tapes in the building and construction sector throughout the forecast period.

Building and construction tapes offer extensive adhesion for various applications in an infrastructure. Building and construction tapes are synthetic materials that bond two surfaces to support contraction. Apart from providing aesthetic appearance to internal and external structures, Building and construction tapes have unmatched benefits, including easy and fast application on any surface and protection of walls and windows. Moreover, the building and construction tapes are used to remodel the building structure, insulate the building, paint, and hold or bundle wires.

Building systems and components require proper protection from adverse weather conditions, external forces, pollution, cracks, excess sounds/vibrations, and multiple other factors that harm the well-being of the construction. Building and construction tapes address acoustic, sealing, waterproofing, and fireproofing obstacles/challenges. Moreover, building and construction tapes reduce the overall cost of materials required at the construction site.

Market Dynamics

Global Building Construction Tapes Market Drivers:

Growth of the Building and Construction Industry

The building and construction industry is one of the most booming industries in the world. Australia, India, China, Indonesia, Norway, Sweden, and Canada are among the major countries rampantly boosting their construction and infrastructure development. They are predicted to exhibit steady market growth over the forecast period. Sustained economic growth coupled with low interest rates has increased the approvals for building projects across the globe. Approximately 50% of India's construction activity demand comes from the infrastructure sector.

Similarly, as per the India Brand Equity Foundation (IBEF), India's real estate market size is expected to reach USD 853 billion by 2028. Moreover, the expanding population, rapid urbanization, and industrialization of emerging economies are expected to prompt governments to increase their construction spending to cater to rising infrastructure needs. This is projected to propel the demand for adhesive tapes in various construction applications over the forecast period.

Rising Demand for Pressure-Sensitive Tapes

Adhesive tapes can mitigate stress concentration caused by rivets, spot welds, screws, bolts, and other mechanical fasteners. These tapes reduce the use of fasteners, thus reducing the component weight. Adhesive tapes produce clean finished products and help reduce finishing costs, including metalworking and sanding. Advantages such as cost-effectiveness, lower manufacturing costs, minimal surface preparation, aesthetic improvement, lower weight, corrosion resistance, rust resistance, and superior strength likely boost demand for adhesive tapes. Moreover, factors such as rising demand for corrugated box packaging in the food and beverage sector, advancements in manufacturing processes, and materials used for pressure-sensitive tapes are expected to drive the market over the next seven years.

Furthermore, the growing use of medical tapes compared to traditional bandages in various medical applications is expected to open new market avenues over the next seven years. The increasing use of biodegradable material for manufacturing these tapes is also expected to fuel market growth over the forecast period. Introducing new specialty electrically conductive adhesive tapes for telecommunications equipment will likely create immense market potential over the forecast period. Therefore, the rising demand for pressure-sensitive tapes is expected to promote the use of adhesive tapes in the building and construction market over the forecast period.

Global Building Construction Tapes Market Restraint:

Volatile Prices of Raw Materials

PVC, PP, acrylic, SBR, plastics, and paper are the key raw materials used to manufacture tapes for various applications. Since crude oil is the source of these raw materials, changes in oil prices will probably affect raw material prices, which will then affect the total cost of the tape. Crude oil has witnessed tremendous price fluctuations over the past few years due to the large supply-demand gap. Several countries, including India, South Africa, and China, implemented policies to stock up on crude oil to maintain a constant supply. At the same time, fossil fuel deposits could not yield enough output to satisfy the ever-rising global demand for oil. However, technological advancements in the oil and gas sector have increased crude oil output, reducing the supply-demand gap and lowering its prices.

Synthetic rubber is one of the primary raw materials for manufacturing adhesives. However, the prices of styrene-butadiene rubber (SBR) fluctuate owing to variations in crude oil prices, which are anticipated to affect the profitability of building and construction tape manufacturers. SBR was first synthesized as a substitute for natural rubber (NR) during the Second World War when Japan had cut supplies of NR to Western countries. Due to technological advancements, SBR has gradually replaced natural rubber in most applications, and this trend is anticipated to continue. SBR is the highest synthetic rubber consumed, accounting for over 45% of consumption. However, frequent fluctuations in its prices, owing to supply-demand imbalances, have led to fluctuations in the profitability of adhesive and sealant manufacturers. Therefore, fluctuations in the prices of raw materials and difficulty in raw material sourcing are expected to be the major challenges for tape manufacturers, thereby restricting market growth over the forecast period.

Global Building Construction Tapes Market Opportunities:

Production of Eco-Friendly Tapes

Building and construction tapes are not capable of undergoing biodegradation. The manufacturing process of these tapes emits volatile organic compounds. Overall, building and construction tapes can be harmful to the environment. The rising environmental concerns have forced market players to develop green or eco-friendly tapes that can combat severe environmental issues; this is also observed to offer lucrative opportunities to manufacturers.

Additionally, multiple global building and construction tape market companies have shifted their focus to producing eco-friendly tapes to contribute to the environment. For instance, in July 2022, a globally leading manufacturer of tapes, Nitto Denko Corporation, announced a new scheme for recognizing environmentally friendly products. Nitto Denko Corporation announced that it is identifying its products by assigning PlanetFlags and HumanFlags. This step by the company highlights its social contribution. Low VOC- double-sided adhesive tape launched by Nitto Denko Corporation in 2021 has been recognized under the PlanetFlags category.

Regional Analysis

North America Dominates the Global Market

Region-wise, the global building construction tapes market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

North America is the most significant global building construction tapes market shareholder and is expected to expand substantially over the forecast period. The adhesive tapes market in North America's building and construction industry is projected to expand due to the growing residential and commercial construction in the United States. Consumers in the nation have exhibited a preference for sophisticated products in the residential, commercial, and industrial construction domains. In addition, the market is expected to grow due to an extensive and organized building and construction industry. Barrier protection applications primarily dominate the use of masking tapes in the region. Masking tapes are extensively used during painting to limit the application of paints to the desired areas. Moreover, demand for duct tapes for insulation and HVAC applications is expected to remain one of the major market segments in the region over the forecast period.

In Europe, the construction industry is expected to benefit from the recovery of residential and commercial construction sectors. The European construction market has witnessed significant transactions over the last five years. The growth of the building and construction industry in the region has directly translated into a growing demand for construction materials such as tapes. The market is also expected to grow over the forecast period due to the rise in residential constructions spurred by the growing immigrant population in the region. Similarly, the market is expected to be driven by the rising demand for advanced tapes made by companies like Tesa Tape during the forecast period. The demand is likely to gain momentum over the forecast period owing to the growth of the commercial construction sector. The region was characterized by heavy usage of double-sided tape and duct tape. Moreover, increasing the use of double-sided tapes for decorative purposes, such as the bonding of carpets to floors, is expected to drive the market over the forecast period.

In Central and South America, the construction market is expected to remain stable over the forecast period. The demand for advanced tapes will likely remain low due to the recovering economy, which is expected to maintain market growth over the forecast period. Due to increasing demand for road designers and construction equipment makers, the market will likely gain momentum over the forecast period. The region is characterized by heavy usage of double-sided tapes and masking tapes. The use of double-sided tapes for bonding and attaching is expected to rise over the forecast period, thereby driving market growth. Moreover, masking tapes are widely used in commercial and residential sectors to make the walls dirt-free and offer walls with exact and sharp edges. The backing material, such as foam and PVC, is widely used in double-sided and masking tapes and is estimated to drive the market for tapes over the forecast period.

Segmental Analysis

The global building construction tapes market is segmented based on product, backing material, application, function, end-user, and distribution channel.

By product, the global building construction tapes market is categorized into double-sided tapes, masking tapes, duct tapes, and other tapes. 

The duct tape segment dominates the global market and is predicted to exhibit a CAGR of 1.8% during the forecast period. Duct tape is one of the major product types used in the building and construction industry. The product finds extensive use in HVAC applications due to superior properties such as insulation and protection. Moreover, companies such as 3M manufacture advanced duct tapes such as 3M Multi-Purpose Duct Tape 3900, which can be used across various applications and functions, including wrapping, sealing, and protecting. The products are made waterproof to extract superior performance in demanding applications.

Furthermore, using specialized tapes for electrical insulation is one of the major applications in the building and construction industry. The other tapes include specialized and foil tapes primarily used to modify the electrical properties. Moreover, market expansion is anticipated due to the specialized applications of copper- and aluminum-backed tapes.

Based on backing material, the global building construction tapes market is categorized into PVC, PET, PP, PE, foil, paper, foam, and others. 

The foam segment owns the highest market share and is estimated to grow at a CAGR of 3.6% during the forecast period. Since foam tapes are flexible and can provide cushioning, insulation, slip resistance, sound and vibration absorption, weatherproofing, and ozone resistance, they can be used in many fields. Foam tape comes in rolls, sheets, and die-cut shapes, among other sizes and shapes. These tapes are increasingly used for mounting, joining, and other applications and are expected to drive market growth over the forecast period.

Based on application, the global building construction tapes market is categorized into flooring, walls and ceiling, windows, doors, roofing, building envelope, electrical, HVAC, and plumbing. 

The walls and ceiling segment dominates the global market and is estimated to exhibit a CAGR of 3.3% during the forecast period. Building and construction tapes offer quality covering between the plaster borders on walls and ceilings. Various types of tape can be used to cover walls and ceilings. Fiberglass drywall tape is among the options available. Both professionals and individuals who prefer to do things themselves can gain advantages from the robustness and long-lasting nature of fiberglass drywall tape. Fiberglass tape has gained widespread acceptance in the industry as a preferred choice for drywall repair, owing to its exceptional strength and capacity to effectively seal cracks and other imperfections on the surface.

Based on function, the global building construction tapes market is categorized into bonding, protection, insulation, glazing, soundproofing, and cable management. 

The protection segment owns the highest market share and is estimated to grow at a CAGR of 2.9% during the forecast period. Various components of buildings are vulnerable to corrosion due to adverse weather conditions, and building and construction tapes protect windows, doors, and other surfaces from the potential danger of corrosion. The enormous demand for tapes to offer a waterproof, permanent, and airtight seal to the building structure has supplemented the growth of the protection segment.

Based on end-users, the global building construction tapes market is bifurcated into residential, commercial, and industrial. 

The residential segment dominates the global market and is estimated to exhibit a CAGR of 3.5% during the forecast period. The residential construction sector uses more tapes for applications such as doors and windows, which is anticipated to boost market growth. The use of tapes for building refurbishment is expected to increase demand for tapes, leading to market growth.

Based on the distribution channel, the global building construction tapes market is categorized into direct and third parties. 

The direct segment owns the highest market share and is estimated to exhibit a CAGR of 2.7% during the forecast period. The companies in the market engage in direct sales through an extensive network comprising designated product distributors, which are involved in selling the product to the consumers. As a result, the volume of products sold through direct channels is higher than that sold through a third-party channel. The high sales volume is realized through direct distribution as the companies' profit margins are higher due to the absence of middlemen. Moreover, the companies in the market operate through distributors supplying products exclusively manufactured by the company, thereby increasing the area of operation.

Recent Developments

• August 2023- Avery Dennison Performance Tapes introduced a new range of high-performing pressure-sensitive adhesive (PSA) tape products for the building and construction sector. The Cold Tough Adhesive Portfolio provides a bonding solution that works well in various weather conditions, from the harsh winter months to the summer's extreme humidity. Thanks to its adhesive chemistry, cold Tough is made to resist harsh weather, such as protracted droughts and torrential downpours.