The global building and construction tapes market size is expected to reach USD 5.9 billion by 2025, according to a new report by Grand View Research, Inc. The demand for thin filmic tapes with a plastic backing material is primarily accounted for by use in transparent applications. The use of such a backing material results in a high dissipation of stress due to the superior viscoelastic behavior, which, in turn, is likely to lead to an increase in the industry growth.
The industry is distinguished by the presence of major manufacturers such as 3M, tesa, and Nitto Denko among others. The players account for a significant share and are involved in the production of superior products. In addition, high levels of price differentiation incorporated by such manufacturers’ increases the competitive rivalry among the players in the industry.
The industry is expected to be affected by rising price volatility of crude oil, which leads to an uncertainty in the prices of crude oil derived plastics and resins. In addition, the overcapacity of plastic production in China is expected to affect growth. High production levels of raw materials, such as acrylics and high-density plastics, are expected to drive market over the forecast period.
Further key findings from the report suggest:
- Masking tapes are expected to witness lucrative gains and register a CAGR of 6.0% from 2017 to 2025 owing to superior barrier properties coupled with high product adoption by consumers in residential, commercial, and industrial buildings
- Foil-based products are used extensively for insulation and HVAC applications in the industry on account of superior performance over a wide temperature range. The segment is expected to be valued at USD 534.4 million by 2025.
- The growing use of the product in the mounting of windows and window panels on account of superior bond strength is expected to drive the industry with the segment likely to denote a CAGR of 5.6% from 2017 to 2025
- Barrier protection was expected to reach a market value of USD 1.72 billion by 2025 on account of increased use of the product for paint protection for various constructions across the globe
- North America accounted for revenue of USD 985.3 million in 2016 driven by the use of advanced material-based products for heat insulation applications in the region, with the product finding high penetration in the residential constructions