The Global Foam Tape Market accounted for USD 8.60 Billion in 2020 owing to a CAGR of 7.01% from 2021 to 2028.
The Foam Tapes are majorly used for gap filling, packaging, thermal insulation, permanent/temporary fastening, and acoustic dampening. They are developed from open-cell/closed-cell foam and are coated with different types of pressure-sensitive adhesives. They come in a variety of thicknesses. Each foam tape is used for ideal purposes and has unique features.
Foam Tapes are majorly used in the construction and automotive industries. In the automotive sector, the trend of usage of electronic devices in vehicles and the use of lightweight vehicles is increasing. This is owing to drive the Foam Tape Market in the near future. Additionally, in automobiles, Foam Tapes are widely used for automotive trim attachment, bonding dissimilar materials, and automotive badge and script mounting. This is also facilitating the growth of the Foam Tape Market. Furthermore, in the construction sector, industrial Foam Tape is a key factor that is propelling the demand for Foam Tape Market. Moreover, in the building & construction industry, Foam Tape is used for abatement, glazing, HVAC, and insulation applications. This is also facilitating the growth of the Foam Tape Market in the construction industry.
The Asia Pacific is accounted to hold the largest share of the Foam Tape Market during the forecast period. Due to the increased population in developing countries like China and India, there is a high demand for Foam Tapes in the construction industry. In addition to this, commercial and residential construction in India is rapidly growing. According to the Ministry of Housing and Urban Affairs of India, the Government of India announced the investment of USD 27.54 billion construction of 100 cities. All these constructions come under the smart cities plan. It also supports various smart cities project during the coming years. All these factors are expected to accelerate the rapid growth of the Foam Tape Market in the region.
Some of the major key players of foam tape market are Lynvale Ltd, RPM International Inc., HALCO Europe Ltd, 3M, NITTO DENKO CORPORATION, Tesa Tapes (India) Private Limited, LAMATEK Inc., AVERY DENNISON CORPORATION, Intertape Polymer Group, 3F GmbH Klebe & Kaschiertechnik, Scapa, LINTEC Corporation, Wuxi Canaan Adhesive Technology Co. Ltd and Lohmann GmbH & Co. KG, among others.
- July 2021: RPM purchases Texas manufacturing plant to meet customer demand and enhance operational efficiencies.
- June 2019: NITTO DENKO CORPORATION announced a new drug application for a transdermal patch formulation of atypical antipsychotic LONASEN™ Tape