Introduction of eco-friendly adhesives will seal new opportunities for foam tape manufacturers
The global market for double coated foam tape has been poised to witness promising expansion over an eight-year projection period 2018-2026, at a CAGR of 5.4%. Persistence Market Research predicts the global revenue of double coated foam tape to exceed the value worth US$ 1.1 Bn by the end of 2026.
Building and construction, coupled with automotive, will possibly hold a collective share of more than half of the value in double coated foam tape market. Persistence Market Research expects a positive growth outlook for a few other application areas, i.e. glass glazing and mounting.
Superior Structural and Functional Attributes of Double Coated Foam Tape Dictating Adoption in Automotive Sector
While traditional adhesives tend to bleed at their edges, advanced acrylic adhesives assure the integrity and stability of double coated foam tapes during processing. Double coated foam tape manufacturers are thus increasingly preferring advanced acrylic adhesive technology as the key bonding solution, which is likely to partially or completely replace the conventionally used liquid and spray adhesives, mechanical fasteners, and other bonding and fastening systems. Adhesive tape manufacturers have been taking efforts in innovating products over the most commonly concerned areas such as noise and vibration damping, over the past decade.
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High performance double coated foam tapes are being extensively employed in tandem with the damping materials adopted by the automotive industry. The capability of double coated foam tapes to hold components in place without affecting their functionality will continue to boost their adoption in the near future. Double coated foam tapes also help achieve controlled vibration and improved functionality of automotive brake assemblies through effective lamination of multi-layered material.
Manufacturers Focusing on Strengthening Supply Capabilities for Plastic-based Double Coated Foam Tapes
Manufacturers are enjoying healthy sales of double coated foam tapes with the rampant expansion of automotive and building & construction sectors, as these industries generate the highest demand for vibration resistance and high shear strength. The most commonly preferred backing material in these double coated foam tapes is plastic, i.e. polyethylene that introduce desirable physical transformation in double coated foam tapes. Persistence Market Research anticipates impressive sales of plastic-backed foam tapes in the near future, which are most likely to stimulate stronger efforts from manufacturers in enhanced plastic-based double coated foam tape supply capabilities.
Emergence of Sustainable Adhesives Creating High-potential Opportunities for Double Coated Foam Tape Manufacturers
Several governments have been developing regulatory standards for adhesive tape manufacturers so as to comply with environmentally-friendly manufacturing practices. The European government, in collaboration with the European Commission’s eco design directive, has already provided manufacturers with an extensive guideline regarding product design and total lifecycle energy consumption. The recently introduced biodegradable pressure sensitive adhesives in the tapes and labels industry are constantly compelling manufacturers to incorporate eco-friendly adhesives in double coated foam tapes. PMR foresees excellent growth opportunities for double coated foam tape manufacturers in this area over the projection period, 2018-2026.
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As indicated by regional analysis of the double coated foam tapes market,
- Asia Pacific is likely to maintain a significant share of over one-third of the total market value, attributed to promising growth prospects foreseen for Chinese market for double coated foam tape that accounts for over two-third share of the APAC market value.
- China, the leading double coated foam tape producer, is slated to witness robust expansion throughout the assessment period and will possibly experience growth at a CAGR of over 7% through 2026.
- Europe is also supposed to demonstrate impressive growth over the forecast period.
- On the other hand, the US is presumed to remain a key producer of double coated foam tape globally, estimated to exhibit healthy growth over the projection tenure.