Splicing Tapes Market Will Generate All New Growth Opportunities, Projected To Reach USD 3.19 Billion At A CAGR of 6.7%
The global splicing tape market size was USD 1.78 Billion in 2022 and is expected to reach USD 3.19 Billion in 2032, and register a revenue CAGR of 6.7% during the forecast period. Rising demand for splicing tapes across a range of end-use sectors, including electronics, automotive, construction, and packaging, among others, is a major factor driving the market revenue growth. Splicing tapes are widely used in the electronics sector to join circuit boards and electronic components. In the automobile sector, they are also utilized for splicing cables and wires. Splicing tapes are used for sealing packaging boxes and Bags as well as combining building materials in the construction and packaging industries.
Also, producers are constantly coming out with new, effective splicing tapes due to the growing consumer interest in technologically advanced, high-performance splicing tapes. The main reason for this is the rising demand for splicing tapes with better temperature and Ultraviolet (UV) resistance, increased adhesion, and elongation qualities, and improved flexibility. Technology advances in splicing tape production, such as the usage of Silicone adhesives and Synthetic Rubber, is expected to further drive market revenue growth.
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Further key findings from the report suggest
- Digitalization method has pushed the market of online shopping, which has developed a trend for packaging and labeling.
- Increasing demand for splicing tapes in the paper & printing and packaging industries is because of the expansion in population and digitalization in various parts of the globe.
- The acrylic resin accounts for the largest share of 37.7% of the market in 2018.
- The trend of Acrylic resin type is expanding owing to technological innovations in the automobile industries and electronics industries. Adhesive technology maturity is also leading to replacing functional technologies for bonding and increasing applications for specialty tapes in binding and adhering.
- The paper/tissue material segment is anticipated to grow at the highest rate of 3.2% during the forecast period.
- The paper & printing end user accounts for the largest share of 27.3% of the market in 2018.
- The paper & printing and packaging sectors are increasing with the growing population, which is one of the significant factors driving the splicing tapes market. The market in India, China, and other swiftly developing countries are expected to observe the fastest growth.
- The Asia Pacific region accounts for the largest market share of 26.3% of the market in 2018 and is expected to provide lucrative growth towards the global market, due to the presence of prominent manufacturers leading massive demand in the region.
- Various players are developing strategies to mark their presence in the industry.
- For example, Lee & Man Paper Manufacturing Ltd. announced an investment in a new packaging paper mill in October 2018, having 700,000 tons capacity in Malaysia.
- Oji Holdings Corporation built a new plant in Vietnam in March 2018 and expanded the production capacity at two of its existing box plants in Malaysia to satisfy the increasing demand for corrugated containers.
- The Key players in the Splicing Tapes Market include 3M, Avery Dennison Corporation, Nitto Denko Corporation, Scapa Group Plc, Intertape Polymer Group, Inc., Tesa SE, Shurtape Technologies, Llc, Orafol Europe Gmbh, and Adhesive Research, Inc.ECHOtape.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Resin, Material, End User, and region:
End User Outlook
- Paper & Printing
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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