The hot melt adhesive tapes market is projected to register a CAGR of 7.0%, in terms of value, between 2019 and 2024.
The hot melt adhesive tapes market is projected to grow from USD 15.5 billion in 2019 to USD 21.7 billion by 2024, at a CAGR of 7.0% between 2019 and 2024. APAC is the largest consumer of hot melt adhesive tapes. The global hot melt adhesive tapes market is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the APAC region.
Consumer & DIY is the largest and fastest-growing application segment of the hot melt adhesive tapes market.
There has been a surge in demand for hot melt adhesive tapes in DIY applications, in APAC. Increasing public awareness for DIY is fueling the use of these tapes in different activities, such as gardening, crafting, and small construction & furniture projects. A majority of these tapes are used for different office and household applications. Double-sided DIY tapes are used to stick together different components made from different materials, such as wood, glass, rubber, plastic, paper, cardboard, and metal.
APAC is the largest hot melt adhesive tapes market.
APAC accounts for the largest share, in terms of volume and value, of the global hot melt adhesive tapes market. It encompasses a diverse range of economies with different levels of economic development and multiple industries. The development is mainly attributed to the high economic growth rate followed by heavy investments across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. The key market players are expanding their hot melt adhesive tapes production in APAC, especially in China and India.
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Extensive primary interviews were conducted, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.
Breakdown of Primary Interviews:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C Level – 30%, D Level – 30%, and Others – 40%
- By Region: North America – 40%, APAC – 20%, Europe – 20%, South America- 10%, and the Middle East & Africa – 10%
The key companies profiled in this report are the 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Avery Dennison Corporation (US), and Intertape Polymer Group Inc. (Canada).
The hot melt adhesive tapes market has been segmented on the basis of adhesive resin (rubber, silicone, others), backing material (polypropylene, polyester, others), product type (commodity tape, specialty tape), application (packaging, consumer & DIY, masking, healthcare & hygiene, others), and region (APAC, North America, Europe, the Middle East & Africa, and South America). The end-use industry and type segments are further analyzed for each country in the respective regions.
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From an insight perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.