Structural Adhesive Tapes Market

The structural adhesive tapes market is projected to grow from USD 10.3 billion in 2022 to USD 13.0 billion by 2028, at a CAGR of 4.1% between 2023 and 2028. Asia Pacific has been a highly promising structural adhesive tapes market against the backdrop of an overall slowdown in global economic development. This region encompasses a diverse range of economies with different levels of economic development and a large variety of industries. The important industries in this region include manufacturing, mining, semiconductors, electronics, oil & natural gas, textile, automobile, financial services, pharmaceutical, and telecommunication.

Attractive Opportunities in the Structural Adhesive Tapes Market

Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

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Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Structural Adhesive Tapes Market Dynamics

Drivers: Growing use of structural adhesive tapes in diverse end-use industries

Structural adhesive tapes find applications across various end-use sectors, including electrical and electronics, healthcare, automotive, e-mobility, renewable energy, building and construction, among others. The growing utilization of structural adhesive tapes is anticipated to fuel market growth.

The ongoing adoption of flatter and micro-electronic devices is perpetuating the expansion of adhesive tape applications within the electrical and electronics sector. Forecasts indicate that the adhesive tape market within the healthcare and hygiene domain is poised to exhibit the most substantial compound annual growth rate (CAGR). This surge can be attributed to the increasing elderly population and the rising incidence of chronic ailments. Furthermore, the global healthcare industry is witnessing heightened demand for in vitro diagnostics, hydrophilic films, transdermal drug delivery patches, and oral dissolvable films, all of which are stimulating adhesive tape market growth. The building and construction industry, especially in regions like the Asia Pacific, South America, and the Middle East, is also emerging as a burgeoning consumer of adhesive tapes. These tapes are deployed for various purposes such as HVAC, glazing, abatement, and insulation, thus fueling market expansion in the building and construction sector.

Restraints: Volatility in raw material prices

Adhesive tape manufacturers must carefully assess prices and the accessibility of raw materials when determining the cost frameworks for their products. The production of adhesive tapes relies on a range of raw materials, including rubber, acrylic, silicone, paper, polypropylene (PP), polyvinyl chloride (PVC), adhesives, and release liners. The majority of these raw materials are derived from petroleum, making them susceptible to price fluctuations. The past has witnessed substantial volatility in oil prices, driven by factors such as escalating global demand and unrest in the Middle East. The resulting uncertainty and oscillations in the cost and availability of these essential inputs exert a direct influence on the growth trajectory of the market.

Opportunities: Upcoming expansion of battery gigafactories in key EV manufacturing hubs

Several automakers are investing in their own battery production to secure volume and control costs, while many are partnering with existing suppliers to extend their exposure to new advancements in battery technology and increase flexibility. The batteries used for vehicles differ in many characteristics, such as energy storage efficiency, speed, recharging time, reliability, cost, safety, and consistent performance. Several companies have announced new Gigafactories in Central and Eastern Europe. Thus, with the increase in battery productions, the demand for structural adhesive tapes in insulation, wire harnessing, and other applications is expected to increase in the upcoming years.

Challenges: Implementation of stringent regulatory policies

The European chemical industry is grappling with regulatory hurdles imposed by authorities such as the Control of Substances Hazardous to Health (COSHH), the European Union (EU), and the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH). Manufacturers across Europe, spanning countries like Germany, Slovakia, the Czech Republic, Hungary, Poland, Romania, and others, are obligated to adhere to stringent regulations governing the production and utilization of structural adhesive tapes across various applications. These regulations aim to curtail the release of volatile organic compounds (VOCs). Complying with these directives necessitates a transition from solvent-based to water-based technology, a formidable challenge for manufacturers. Solvent-based structural adhesive tapes have historically offered durability and the ability to withstand a broad temperature range, rendering them suitable for a diverse array of applications. Consequently, due to these regulations, the production of solvent-based structural adhesive tapes has seen a decline.

Structural Adhesive Tapes Ecosystem

The diagram below indicates MnM coverage of the structural adhesive tapes ecosystem. Knowledgestore provides strategic insights on each of the nodes in the ecosystem through a cloud based, highly interactive market intellence platform.

Acrylic by resin type accounted for the largest segment of structural adhesive tapes market

The demand for acrylic structural adhesive tapes is increasing worldwide, particularly in the Asia Pacific, because of the region’s growing electrical & electronics, healthcare, and automotive industries. The properties of acrylic structural adhesive tapes make them more favorable, where environmental regulations regarding solvent-based technology are stringent. Also, the price of acrylic structural adhesive tapes is comparatively lower than other types.

Woven/Non-woven is the fastest-growing backing material segment of structural adhesive tapes market

Woven and non-woven structural adhesive tapes are pressure-sensitive adhesive-backed by woven/non-woven fabrics such as polyester and paper. They can either be single-sided or double-sided and coated with acrylic, rubber, or silicone adhesive. Woven/non-woven structural adhesive tapes have relatively low thickness, which helps achieve better wetting and enhanced cohesion. These tapes are widely used in the healthcare industry, where medical-grade acrylic, rubber, or silicone adhesives are used. Woven and non-woven structural adhesive tapes are ideal for device attachment, medical devices, wearables, and wound care. The breathable and conformable material provides a moderate stretch and excellent adhesion to the skin.

Healthcare by end-use industry accounted for the largest segment of structural adhesive tapes market

The healthcare segment is the largest segment during the forecast period. Population growth and penetration of products in the healthcare sector in emerging countries, along with growth in disposable income, are driving the market for healthcare specialty adhesive tapes. The aging global population is also a key driver of this segment. Improved healthcare systems and the growth of Western diseases are also expected to drive the market. There is lower hygiene tape production in Asia as against that in North America and Europe; however, this is expected to change as demographic trends favor growth in the Asia Pacific region.

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Asia Pacific is the largest growing structural adhesive tapes market.

The Asia Pacific is the largest structural adhesive tapes market, in terms of both, value and volume, and is projected to be the fastest-growing market during the forecast period. Economic development is credited to Asia Pacific, which is followed by major investment in areas such as healthcare, building & construction, and automotive. Asia Pacific is the most promising market and will remain such in the foreseeable future. Furthermore, multinational corporations are relocating production facilities to Asia Pacific to take advantage of reduced labour costs and meet local market demand.

Key Market Players

3M Company (US), Avery Dennison Corporation (US), Nitto Denko Corporation (Japan), tesa SE (Germany), and Lintec Corporation (Japan) are the key players in the global structural adhesive tapes market.

Avery Dennison Corporation manufactures, markets, and sells pressure-sensitive materials, self-adhesive base materials, and self-adhesive consumer & office products. The company operates through two business segments, namely, Materials Group and Solutions Group. The company manufactures and sells adhesive tapes and other bonding solutions for industrial, medical, and retail applications through the Materials Group segment. The company operates in approximately 50 countries across the globe, with 180 manufacturing and distribution facilities.

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Scope of the Report

This research report categorizes the structural adhesive tapes market based on Type, Technology, End-use Industry, and Region.

By Resin Type:

• Acrylic
• Rubber
• Silicone
• Others

By Backing Material:

• PVC
• Paper
• Woven/Non-woven
• PET
• Foam
• PP
• Others

By Product Type:

• Single-sided bonding
• Double-sided bonding

By Technology:

• Solvent-based
• Water-based
• Hot-melt
• Reactive

By End-use Industry:

• Automotive
• Healthcare
• Electrical & Electronics
• Renewable Energy
• E-Mobility
• Building & Construction
• Others

By Region:

• Asia Pacific
• Europe
• North America
• South America
• Middle East & Africa

Recent Developments

• In February 2021, Avery Dennison Corporation announced its agreement to buy JDC Solutions, Inc., a Tennessee-based pressure-sensitive Structural adhesive tapes maker headquartered in the US, for around USD 24 million.
• In December 2020, Avery Dennison Corporation paid USD 88 million to acquire ACPO, Ltd. (“ACPO”), an Ohio-based maker of self-wound (linerless) pressure-sensitive overlaminate devices headquartered in the US.

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