Good Growth Opportunities in Double-sided Tapes Market

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Double-sided Tapes Market Introduction:

• Double-sided tape is a type of pressure-sensitive adhesive tape that has adhesive applied on both sides. Double-sided tapes are used for binding two surfaces together. Double-sided tapes are known to produce robust bonding even on difficult surfaces. They also provide smooth finish after bonding.
• In terms of resin type, the global double-sided tapes market can be segmented into acrylic, rubber, silicone, and others. The others segment includes polyurethanes and EVA (ethylene vinyl acetate). Silicone is anticipated to be a rapidly expanding segment of the double-sided tapes market during the forecast period, due to its superior adhesion over a wide range of temperatures. Based on technology, the global double-sided tapes market can be divided into solvent-based, water-based, and hot melt. Hot melt is expected to be a rapidly expanding segment of the double-sided tapes market. In terms of carrier material, the global double-sided tapes market can be segregated into foam, film, paper, unsupported, and others. Paper is anticipated to be a rapidly expanding segment during the forecast period. Based on application, the global double-sided tapes market can be classified into automotive, building & construction, electrical & electronics, paper & printing, and others. Double-sided tapes are also used by common people for DIY projects.

Key Drivers of Double-Sided Tapes Market

• The global double-sided tapes market is expanding rapidly, due to rise in demand for these tapes in various end-user industries. Demand for double-sided tapes has been rising in Asia Pacific owing to the growth of economies such as China, India, and Indonesia. Rapid growth of various end-user industries such as automotive, electrical & electronics, and paper & printing is boosting the double-sided tapes market in various regions. Countries in Asia Pacific are emerging as new manufacturing bases for several industries across the world. The double-sided tapes market in Asia Pacific is estimated to expand at a rapid rate during the forecast period led by advancements in technology and rise in population in the region.
• Rapid growth of the e-commerce sector is also augmenting the global double-sided tapes market. The e-commerce sector uses double-sided tapes for various purposes such as packaging and delivery. The coronavirus pandemic crisis has disrupted small and medium-sized businesses. However, it has boosted the e-commerce industry. Increase in usage of double-sided tapes in diverse applications is propelling the global double-sided tapes market. Asia Pacific is a fastest-growing region of the global double-sided tapes market.

Restraints of Global Double-Sided Tapes Market

• Dearth of universal directives pertaining to applications of double-sided tapes is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of these tapes. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investment in the double-sided tapes market, thereby adversely affecting the market.
• Lack of awareness and less adoption of double-sided tapes in many developed and underdeveloped countries is projected to restrain the market during the forecast period

COVID-19 impact on Double-Sided Tapes Market

• Key players operating in the double-sided tapes market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.

North America to Hold Major Share of Double-Sided Tapes Market

• In terms of geography, the global double-sided tapes market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. North America is the leading consumer of double-sided tapes, led by the growth of automotive and electrical & electronics industries in the region. Europe is another significant consumer of double-sided tapes.
• Asia Pacific is projected to be the rapidly expanding region of the global double-sided tapes market during the forecast period. Latin America and Middle East & Africa possess relatively small global double-sided tapes market; however, these regions are expected to witness high increase in demand for double-sided tapes in the next few years. The double-sided tapes market in Europe is likely to expand at a moderate pace during the forecast period.