The increasing regulations by the regulatory authorities such as the US Environmental Protection Agency, EPA (US), International Maritime Organization, IMO (UK), and European Commission (Europe) regarding emissions of volatile organic compounds is affecting the market growth. However, the players operating in the global Specialty Tapes Market are emphasizing on developing tapes that emit less VOCs.
The Global Specialty Tapes Market Share is expected to register a CAGR of 6% and cross USD 62 Billion by 2027. The demand for specialty tapes is primarily driven by the widespread use in electronic appliances owing to the superior benefits offered which include improved electrical insulation and resistance to heat chemicals. Growing automotive industry in the developing markets with increased spending on automobiles coupled with rising per capita disposable income is expected to propel the market growth.
By Resin Type: By resin type, specialty tapes can primarily be categorized into acrylic, rubber, and silicone.
- Acrylic- It was the largest and fastest-growing segment in the global Specialty Tapes Market in 2020 due to its general applicability and strong bonding capability as well as its ability to withstand high temperatures. They do not lose their functionality even after prolonged exposure to UV lights as well as to chemical agents, further enhancing their usability. Acrylic foam tapes are being widely used in numerous applications including automobiles to mount automobile parts, logo, and accessories; white goods, and construction among others.
- Rubber It offers excellent insulation and sealing with the ability to withstand high temperatures. It is relatively cheap and highly used in the electrical electronics and automotive industries.
- Silicone- It is resistant to tearing and have controlled elongation making it ideal to seal hard to reach places. The quick sealing also makes it very useful for filed repairs.
By Backing material: Backing material adds many qualities to the specialty tapes and is responsible for the increased specialization within the specialty tapes market. Based on backing material, the specialty tapes market has been segmented into polyvinyl chloride (PVC), woven/non-woven, paper, polyester (PET), foam, polypropylene, metal, glass cloth, polyethylene, and others.
- Polyvinyl Chloride (PVC)- PVC backed tapes was the largest and fastest-growing segment in the specialty tapes market in 2018 and is expected to register a significant growth during the review period on account of widespread use in electrical electronics, automotive, and aircraft industries. PVC possesses superior flame retardant, chemical resistance, and electrical insulation properties.
- Woven/Non-woven tapes- Woven/Non-woven was the fastest-growing segment in the global specialty tapes markets. Woven tapes are difficult to tear while non-woven tapes can be easily torn, even by hand. Non-woven backed tapes are used in the automotive industry. It also finds use in the healthcare industry due to their comfort and ease of tearing. Non-woven cloth tapes possess good noise and vibration absorption properties.
- Foam tapes- Foam tapes are excellent at dampening vibrations and noise with the added ability to adapt to rough substrates and compensate for the different expansion factors making them suitable for use in numerous applications particularly electrical electronics and printing.
- Paper- Paper backed specialty tapes provide suppleness and can be easily stretched. Paper tapes can be made using material such as kraft, crape, and recyclable paper. Paperbacked tapes offer superior benefits which include eco-friendliness, wide color range, good holding power, and good heat insulation.
- Metal - Metal backed tapes offer unparalleled electric conductivity and the ability to withstand high temperatures. They are widely used in electronic appliances and electric equipment to act as heat barriers.
- Glass- Glass backed tapes are employed in high stress and temperature environments due to their abrasion resistance, high tensile strength, and high-temperature resistance properties.
- Polypropylene and Polyethylene- Polypropylene and Polyethylene backed specialty tapes offer excellent tear and abrasion resistance and provide bonding at low temperatures.
- Polyester- Polyester backed tapes are durable and have extreme chemical resistance while being flexible, which makes them suitable for use in numerous applications which includes electronic appliances and printing laminating industries.
- Others- The segment includes proprietary film, ionomer, industrial protective film backed specialty tapes.
By Application: Based on application, the global specialty tapes market can be segmented into electrical electronics, healthcare, automotive, consumer goods, paper printing, building construction, retail graphics, aerospace defense, marine, and others.
- Electric and electronics- Electrical electronics segment accounted for the largest share of the global specialty tapes market in 2018 and is expected to grow at a significant CAGR during the review period. The market growth can be attributed to the superior properties of the specialty tapes. Expanding electrical and electronics industry with increased spending on portable consumer electronics and white goods coupled with rising per capita disposable income and changing living standard.
- Healthcare- Healthcare was the fastest-growing segment in 2018 owing to rapid growth of the healthcare industry in the developing market coupled with growing aging population and rising hygiene awareness.
- Automotive- Automotive segment accounted for around 14% share of the specialty tapes market. Growing automotive production in the developing economies is expected to boost the market growth in the coming years.
- Consumer Good- Rapid growth of the fast-moving consumer goods industry as a result of easy access and changing lifestyle is likely to propel the market growth.
- Paper Printing- Growth of the retail sector is driving the demand for packaging materials and thus, printed papers. Thus, expanding packaging industry is likely to support the market growth at a healthy rate.
- Building Construction- Expanding building construction industry with increased spending on residential construction activities across the globe is bolstering the market growth.