Automotive Tapes Market Worth $13 Billion by 2033.
Automotive Tapes Market Introduction
Research Nester published a report titled “Automotive Tapes Market : Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global automotive tapes market in terms of market segmentation by type, function, application, material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive tapes market is anticipated to grow with a CAGR of ~4% during the forecast period, i.e. 2023-2033. The market is segmented by application into interior, exterior, wire harnessing, electric vehicle, and others. Out of these, the electric vehicle segment is attributed to garner the highest market share by 2033, owing to its high demand and production rate. As per the reports of International Energy Agency, the number of electric vehicles sales in 2021 surpassed sales of year 2020, with nearly doubling to 6.6 million.
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Automotive Tapes Market Usage
The global automotive tapes market is estimated to garner a noteworthy revenue by the end of 2033. With the increasing global concern on climate change and carbon dioxide emission, automobile manufacturers are focused to improve fuel efficiency of their vehicles. The switching of automobile manufacturers to aluminum and composite materials as a building platform for vehicles have the made the production costs higher. Therefore, the automotive industry is adopting automotive tapes instead of rivets and bolts to reduce costs. Structural adhesive tapes are engineered for multi-material bonding and joining and are the excellent adhesive solution for lightweight and high-performance designs. Thus, a boost in the automotive industry is expected to increase the sales of automotive tapes in the assessment period.
Automotive Tapes Market Geographical Location
Geographically, the global automotive tapes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimate to garner the largest market share by the end of 2033, on the back of increased sales and production of vehicles. International Organization of Motor Vehicles, stated that the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Demand and Sales of Automobiles to Drive the Market Growth
The automotive sector is embracing lightweight and affordable materials more and more, and the market for automotive tapes is anticipated to expand. Automotive tapes are used for a variety of tasks, including masking, mirror assembly, mounting parts inside, covering holes, and wire harnessing which is expected to fuel the growth of automotive tapes market. It was estimated that an average consumption of automotive tape in producing a vehicle is almost one-fourth while harnessing the long wires. Thus, an increase in production rate of automobiles is expected to drive the market growth.
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However, the low adoption rate in developing countries owing to less amount of awareness along with extra expenses incurred in production cycles and rising government policies regarding carbon dioxide emission by vehicles is expected to operate as key restraint to the growth of the global automotive tapes market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive tapes market which includes company profiling of Tesa SE, BASF, 3M, Arkema, Nitto Denko Corporation, Avery Dennison, Sika AG, Henkel Corporation, LINTEC Corporation, Saint-Gobain Group, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive tapes market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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