|Forecast Period :||2018-2026|
|Base Year :||2018|
|Leading Market Segments :||Silicone|
|Value in 2018 :||$7.52 Billion|
|Research covered :||100+ Countries|
Global Statistics Representing Foam Tape Market Scenario
Foam tapes are made by adding a thin layer of adhesive on various foam types wherein the type of adhesive and foam determines the strength, cost, ease of use and life of the foam tape. These tapes find a multitude of applications in various industries such as building and construction, automotive, holding, and electrical and electronics. Moreover, foam tapes are self-adhesive and pressure-sensitive and hence, can be used as a substitute for liquid and permanent fasteners, and uniform spot welds.
With the increasing adoption of foam tapes in various industries such as construction, automotive, paper and printing, and electronics, the global foam tape market is expected to witness significant growth during the forecast period. Growth of the automotive sector, in particular, is expected to provide impetus to the growth of the foam tape market as acrylic foam tapes are extensively used in this sector to provide strong bonding in metal and plastic. Key automotive players are moving from mechanical fasteners to automotive foam tapes with adhesive properties to reduce vehicle weight. According to the International Organization of Motor Vehicle Manufacturers, over 97.3 million vehicles were produced in 2017, and this number is expected to witness substantial growth over the forecast period, which in turn is expected to augment market growth.
Furthermore, research and development in both adhesive, as well as material components for advancement of foam tape properties, is expected to surge the demand over the forecast period.
The global foam tape market was valued at USD 7.52 billion in 2018 and is expected to reach USD 12.81 billion by 2026, with an anticipated CAGR of 6.89% during the forecast period, 2019–2026.
The global foam tape market is can be by resin, technology, type, and end user.
By resin, the foam tape market can be segmented into acrylic, rubber, silicone, and others (EVA and polyurethane). Among these, the silicone segment is expected to hold the largest market share during the forecast period, owing to the remarkable properties of these foam tapes, such as durability and resistance of protective coatings to moisture and corrosion. Silicone resin-based tapes can sustain adhesion over a high temperature range and offer superior adhesion on difficult surfaces.
By technology, the foam tape market can be segmented into solvent-based, water-based and hot-melt-based. The hot-melt-based segment is expected to account for a prominent market share, owing to the higher strength and quicker adhesion of these tapes as compared to solvent-based and water-based tapes. Hot-melt technology offers excellent adhesion, quick set, ease of use, and fast processing, which in turn spurs the segment’s growth.
By foam type, the foam tape market can be segmented into PE (polyethylene), PU (polyurethane), acrylic and others (nitrile, EVA, rubber, polyester, polyether, PVC, and vinyl). The acrylic segment is expected to lead the market, owing to the ability of these tapes to withstand a high level of vibration in the automotive sector. Acrylic foam type is appropriate for bonding with many substrates such as higher surface energy plastics, unpainted surfaces, glass, wood, metals, composite materials, and plastics, which are used in numerous industries.
By end user, the foam tape market can be segmented into automotive, electrical & electronics, paper & printing, building & construction, and others (packaging, aerospace & defense, healthcare, woodworking, wind energy, solar energy, and sports). The paper & printing industry is expected to hold a significant market share during the forecast period, as foam tapes are widely used in paper production. During the running of paper machines, coaters, calendars, and sheeters, foam tapes aid integral tasks during paper production, such as, reel closing, splicing, and core start.
Geographically, the global foam tape market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia Pacific accounted for the highest share in the global foam tape market as of 2017, owing to the increasing demand from automotive, building and construction, and electronics sectors in economies such as China, India, South Korea and others. Population growth alongside growth of industries such as food & beverage and hygiene products are also generating significant demand for foam tapes in Asia Pacific.
North America accounts for the second largest share in the foam tape market, owing to the well-established construction and automotive industries in the region. Foam tapes offer high temperature resistance and low fogging in automotive manufacturing. Due to high penetration of healthcare and automotive industries, the region is expected to lead the global foam tapes market during the forecast period. Polyurethane foam is associated with environmental benefits such as energy efficiency and reduced weight, which drive its adoption in the automotive industry.
Europe is a developing market, backed by new technological implementations in the automotive sector for vehicle production. Furthermore, Europe’s automotive sector is focusing on green vehicles, decarbonisation of conventional engines, information technology infrastructure, and safety. Increasing demand for electrically-conductive tapes for electronic shielding is further expected to foster market growth in coming years.
The Middle East & Africa region is expected to witness steady growth in the foam tape market. The market in this region is mainly driven by consumer demand from the electronic sector. Robust growth of the electronics sector is supported by several economic indicators and factors such as UAE's fast-growing population and increasing number of tourists.
Latin America is projected to witness sluggish growth over the forecast period, owing to the slow-paced economy; however, the construction industry in the region is gaining traction, supported by increasing commodity prices, and private capital infrastructure developments through Public Private Partnerships (PPPs).
Some of the key players in the global foam tape market are 3M Company (U.S.), Nitto Denko Corporation (Japan), 3F (Germany) and Scapa Group Plc (U.K.) Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (U.S.), Halco (US), Tesa SE (Germany),.
Foam Tape Market Segmentation