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Global Automotive Adhesive Tapes Market Size is Estimated to Reach USD 13778.8 million by 2031, Growing at a CAGR of 6.45%: Straits Research

There is an increasing demand by customers to improve the fuel efficiency of their vehicles because of the high gas prices all over the world. The automotive industry manufacturers have also acknowledged this and replaced the nuts, bolts, and screws with adhesive tapes wherever required.

New York, United States, Dec. 21, 2023 (GLOBE NEWSWIRE) — Automotive adhesive tapes are a class of heavy-duty adhesive tapes composed of various adhesive chemistry. They are primarily used for binding, wrapping, and as a protective layer for the interior and exterior of any automotive product. In order to increase rigidity and bond longevity, reduce noise, and improve fuel efficiency and user experience, the automotive industry had to deal with several challenges, which have increased the importance of automotive adhesive tapes. Compared to the traditional nut, bolt, and screw used in manufacturing, automotive adhesive tapes help reduce the vehicle’s weight, eliminate noise, and reduce maintenance needs.

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Increasing Demand for Light Weight Vehicles and Improved Fuel Efficiency Drives the Market

According to Straits Research, “The global automotive adhesive tapes market size was valued at USD 8645.6 million in 2022. It is projected to reach USD 13778.8 million by 2031, growing at a CAGR of 6.45% during the forecast period (2023–2031).” Due to the high gas prices worldwide, customers are increasingly demanding to increase their vehicle’s fuel efficiency. The automotive industry makers have noticed this and begun substituting adhesive tapes for nuts, bolts, and screws where necessary. According to a US Department of Energy study, a 10% reduction in an automobile’s weight can increase fuel efficiency by 6-8%. Automobile adhesive tapes can be used with conventional mechanical fasteners to reduce weight and fuel consumption and lower maintenance costs. Tapes produce higher-quality output at a lower cost with little training required. In addition, unlike fasteners, which only distribute holding power where they are installed, adhesives distribute holding power along the entire bond line. Unlike adhesives, which create a stronger bond, fasteners cannot hold things together.

Development of Environmentally Friendly Solvent-based Adhesives Creates Tremendous Opportunities

Sustainability has become a top priority for brands across industries as consumers have shifted their purchasing habits to be more environmentally conscious. It is now essential for automakers to demonstrate their commitment to sustainability in the automotive industry concerning automotive adhesives, given the clear connection between gas-powered vehicles and climate change. Manufacturers are primarily focused on finding environmentally friendly alternatives to solvents. As opposed to mechanical fasteners, green adhesives produce a stronger and more long-lasting bond for automobiles because they are rust-free and less likely to be penetrated by water and snow.

Regional Analysis

Europe is the most significant shareholder in the global automotive adhesive tapes market and is expected to grow at a CAGR of 5.8% during the forecast period. The more significant share is related to the manufacturer’s high adoption of automotive adhesive tapes and the rising output of electric and hybrid vehicles. The market is expanding as a result of the presence of luxury car producers in the area. These manufacturers use automotive adhesive tapes to finish automotive products more smoothly and improve the appearance of vehicles from the inside and outside. As a result, there is an increase in R&D in the area to meet the growing demand for more affordable and long-lasting automotive tapes. Additionally, the use of automotive tapes will increase along with the sales of luxury cars in developed nations, which will significantly fuel the expansion of the automotive adhesive tapes market in the area.

Asia-Pacific is expected to generate USD 2420.8 million during the forecast period. Large-scale manufacturing facilities in China are responsible for the high growth rate. Due to economic factors like easy access to raw materials, reasonably priced transportation, and skilled labor, many automotive adhesive tape manufacturers are shifting their manufacturing to developing nations like China, India, Indonesia, Taiwan, and the Philippines. The development of the automotive adhesive tape market will be positively impacted by the growth of the automotive industry and the increasing acceptance of lightweight vehicles. The region’s market will grow as China and India become the world’s two leading automotive manufacturers.

Key Highlights

  • Based on type, the global automotive adhesive tapes market is bifurcated into acrylic foam tape, double-sided tape, silicone rubber tape, polyurethane foam tape, and pressure-sensitive adhesive tape. The acrylic foam tape segment is the highest contributor to the market.
  • Based on function, the global automotive adhesive tapes market is bifurcated into bonding and joining, harness wrap, protective masking, and acoustic and thermal management. The masking segment is the highest contributor to the market, as all coating and repair processes require masking.
  • Based on adhesive chemistry, the global automotive adhesive tapes market is bifurcated into solvent, emulsion, hot melt, and radiation. The solvent adhesive segment is the highest contributor to the market and is expected to grow at a CAGR of 4.8% during the forecast period.
  • Based on application, the global automotive adhesive tape market is bifurcated into interior attachments, exterior, wire harnessing, and electric vehicles. The interior attachment segment is the highest contributor to the market and is expected to grow at a CAGR of 3.4% during the forecast period.
  • Europe is the most significant shareholder in the global automotive adhesive tapes market and is expected to grow at a CAGR of 5.2% during the forecast period.

Competitive Players

The major players in the global automotive adhesive tapes market are L&L Products, Inc, Sika Automotive AG, The 3M Company, Nitto Denko Corporation, Lida Industry Co Ltd, ThreeBond Co Ltd, PPG Industries, ABI Tape Products, Adchem Corporation, Avery Dennison Corporation, Saint Gobain, Berry Plastics, Tesa SE, Lintec Corporation, Scapa, and Shurtape.

Market News

  • In September 2022, TESA SE developed a new packaging tape using recycled post-consumer PET as a backing material. This includes 70% recycled PCR and a water-based acrylic adhesive system for its manufacture. It is stronger, wear and tear-resistant, and eliminates noise.
  • In August 2022, LINTEC developed a new environmentally friendly, plastic-alternative label stock product that can be used with direct thermal printers.

Global Automotive Adhesive Tapes Market Segmentation

By Type

  • Acrylic Foam Tape
  • Double-Sided Tape
  • Silicone Rubber Tape
  • Polyurethane Foam Tape
  • Pressure Sensitive Adhesive Tape

By Function 

  • Bonding and Joining
  • Harness Wrap
  • Protective Masking
  • Acoustic and Thermal Management

By Adhesive Chemistry

  • Solvent
  • Emulsion
  • Hot Melt
  • Radiation

By Applications

  • Interior Attachments
  • Exterior
  • Wire Harnessing
  • Electric Vehicle

By Regions

  • North America
  • Europe 
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/automotive-adhesive-tapes-market/segmentation
 

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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Originally published at https://www.einpresswire.com/article/676597985/global-automotive-adhesive-tapes-market-size-is-estimated-to-reach-usd-13778-8-million-by-2031-growing-at-a-cagr-of-6-45-straits-research

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