(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Structural Adhesive Tapes Market Analysis & Trends - Industry Forecast to 2028" -
1% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include innovation in electro-mobility, robust growth of the vehicle industry, and the increasing number of public-private infrastructure development collaborations.
Global Structural Adhesive Tapes Market: Market Dynamics
Rising demand for low weight automobiles is fostering the growth of global structural adhesive tape market as these tapes reduce the weight of vehicles. These tapes improve the safety and performance of the vehicle. Additionally, government standards and regulations to increase fuel efficiency are encouraging the use of structural adhesive tapes in automobiles. The other factors driving the market growth are an increase in government relief packages to strengthen the healthcare system to tackle COVID-19 and rising application of structural adhesive tape in aerospace and marine industry.
On the other hand, the volatility in raw material prices and strong competition from commodity tape are likely to obstruct the profit boundaries. In addition, upcoming expansion of battery Gigafactories in key EV manufacturing hubs will further boost for the structural adhesive tapes market.
Impact of COVID-19 on Structural Adhesive Tapes
There has been a mixed impact on the structural adhesive tapes market across the globe during the pandemic. Various industries have witnessed a significant slump. The healthcare industry has seen growth since the pandemic due to high demand for personal protective equipment (PPE) kits and medical devices. Various companies have begun aggressive marketing of the product to expand the client base and mitigate the impact on business. To lessen the effects of the COVID-19 outbreak and to strengthen the healthcare industry, the European Union has planned to allocate budgets for different European nations. The initiatives in the healthcare sector include the purchase of specialized medical and PPE, extending research capabilities, recruiting additional staff and benefit payments, assistance to hospitals and subnational governments, and donations to vaccine production. These multiple applications in the healthcare industry and the funds allocated by the government act as drivers for the structural adhesive tapes market in the healthcare industry across the globe.
By Resin Type
Acrylics Segment Dominate the Market in 2020
The acrylics segment made huge revenue in 2020 and growing its prominence during the forecast period due to the low price of acrylic structural tapes and region's increasing electrical & electronics, healthcare & hygiene, and automotive industries. The properties of acrylic structural tapes make them more favorable in many countries, where environmental regulations regarding solvent-based technology are very strict.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period owing to the growth of automotive sector in Asian countries and the presence of the largest shipbuilding companies. Further, automotive industries are anticipated to expand in the region due to the availability of cost-effective labor. The increasing retail industry in these countries is further supporting the growth of the market in this region as it is a flourishing market for manufacturers offering technologically advanced packaging solutions for the retail and food and beverage industries.
List of the Key Players Profiled in the Market Include:
• Tesa SE
• Scapa Group Ltd.
• Nitto Denko Corporation
• Lintec Corporation
• Intertape Polymer Group, Inc.
• Avery Dennison Corporation
• 3M Company
• Saint-Gobain Performance Plastics Corporation
• Sika AG
• Lord Corporation
• Henkel AG & Co.
• Huntsman International LLC
• Illinois Tool Works Inc.
• The Dow Chemical Company
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report:
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