Foam Tape Market

The global Foam Tape Market is valued at USD 9.55 Billion in 2022 and is projected to reach a value of USD 14.84 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.5% between 2023 and 2030.

Premium Insights

The foam tapes are essential in many applications where energy efficiency is required, such as soundproofing walls, insulating pipes, and sealing windows and doors. For instance, Schul International Co., LLC, a producer of joint sealants for commercial construction, and Willseal LLC, a corporation that markets and sells Schul products, were both bought by RPM's Tremco division. The majority of Schul's product range comprises of pre-compressed, self-expanding foam tapes for sealing joints in prefabricated concrete, modular construction, window seals, and concrete facade restoration, among other uses. By reducing the weight of cars and other items, we can improve fuel efficiency and cut emissions. Additionally, continual improvements in manufacturing technology have shortened the production process, making foam tape more affordable and available to a wider range of customers.

• The market has had remarkable development, with a focus on foam tape products that are sustainable and favourable to the environment. Consumer demand and strict environmental restrictions are driving this shift toward environmentally responsible products.
• Asia Pacific generated more than 38.8% of revenue share in 2022
• North America is expected to grow at the quickest rate from 2023 to 2030
• Double Sided Foam Tape segment accounted for the largest market growth. It contributed over 55.8% of the total revenue share in 2022.
• Acrylic segment revealed the most significant market growth, contributing more than 34.5% of the total revenue share in 2022
• Solvent-Based segment accounts for largest revenue of 45.8% in 2022
• PE backed segment will dominate the market with market share of 42.2% in 2022
• Automotive segment in terms of end use industry will account for largest market share of 28.5% in 2022

Economic Insights

The has grown significantly. Eco-friendly foam tape products have seen a 15% year-over-year increase in demand as sustainability picks up steam. But difficulties like shifting raw material costs and supply-chain disruptions have affected the market, resulting in momentary delays. However, foam tape technology improvement has resulted in a 12% decrease in production costs, making it more affordable and appealing to a larger range of sectors.

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Top Market Trends

• Rise of sustainable foam tape: Foam tape that is created from recyclable or biodegradable materials is becoming more and more in demand. The need to lessen the impact of foam tape on the environment and rising environmental consciousness are driving this trend.
• Personalization of foam tape: More and more foam tape is being tailored to satisfy the unique requirements of various applications. The necessity to enhance the performance of foam tape as well as the rising demand for customized products are the driving factors.
• Development of new applications for foam tape: Foam tape is now being employed in cutting-edge industries like aerospace, food packaging, and medical equipment.
• Advances in manufacturing technology: Foam tape may now be produced cheaper and more efficiently due to improvements in manufacturing technology. This pattern is anticipated to lower the cost of foam tape and increase its availability to more people.

Market Segmentation

The globel Foam Tape market can be categorized into Type , Resin Type , Technology , Foam Type , End use , Region . The Market can be categorized into Single Sided Foam Tape, Double Sided Foam Tape based on Type . The Market can be categorized into Rubber , Silicone , Acrylic , Others (EVA and Polyurethane) based on Resin Type . The Market can be categorized into Solvent-Based , Water-Based , Hot-Melt-Based based on Technology . The Market can be categorized into PE Backed , PU Backed, Acrylic Backed, Others (NItrile, EVA, Rubber, Polyether, PVC and Vinyl) based on Foam Type . The Market can be categorized into Automotive, Building & Contruction, Electrical & Electronics, Paper & Printing, Others (Packaging, Aerospace & Defense, Healthcare, Woodworking, Wind energy, Solar energy, and Sports) based on End use . The Market can be categorized into North America, Europe, Asia Pacific , Latin America, Middle East & Africa based on Region .

Based on Type

Double Sided Foam Tape holds the largest share

The market is expected to be dominated by the double-sided foam tape segment because double-sided foam tape is more adaptable and has a larger range of uses than single-sided foam tape. Foam tape with two sides can be used to seal, insulate, and adhere two surfaces. It is also fairly simple to apply and take off.

Based on Resin Type

Acrylic will dominate the market during Forecast Period

The market is anticipated to be dominated by the acrylic resin segment due to its remarkable adhesive capabilities, which provide strong bonding to a variety of substrates, and its impressive durability, which enables it to endure extreme weather conditions. Additionally, due to its exceptional chemical resistance properties, it is a great choice for applications where exposure to various chemicals is necessary.

Based on Technology

Solvent-Based will account for largest market share

Solvent-based are anticipated to hold the greatest market share for market due to its superior performance characteristics, including excellent adhesion, insulation, and sealing capabilities, wide market availability, and ease of application and removal, which makes it a versatile and preferred option for a variety of applications.

Based on Foam Type

PE backed will account for highest market share

In terms of foam types, Polyethylene will dominate the market due to its production efficiency as well as its exceptional performance in terms of adhesion, insulation, and sealing properties. Additionally, PE backed foam tape is widely accessible on the market, and that, combined with how simple it is to apply and remove, highlights how versatile it is for a variety of uses.

Based on End-use

Automotive dominated the market in 2022

The automotive segment will dominate the market because foam tape is increasingly used in various automotive applications, including weatherstripping seals, wire and cable insulation, and component mounting, since the need for fuel-efficient automobiles is on the rise. This is because foam tape is essential for lowering noise and vibration. Foam tape's inherent lightweight properties have helped to reduce vehicle weight in response to the necessity for lightweight cars, which is essential for improving fuel economy and cutting emissions.

Based on Region

Asia Pacific will lead the market

Asia Pacific is expected to dominate the market for because the region has a strong building industry, which is a major consumer of foam tape, and this is the first factor driving up demand. The demand for automotive and electronics products, two significant industries that depend heavily on foam tape, is growing throughout Asia Pacific, which is another factor driving its use. Additionally, the region's increased disposable income is boosting demand for a variety of products, including packaging and home improvement. Last but not least, government initiatives to encourage the use of foam tape in projects like energy efficiency and noise reduction further boost demand, solidifying Asia Pacific's position as the market leader.

Competitive Landscape

The global market is competitive, including a diverse array of the presence of several key players, with an influx of innovative startups and regional players is injecting fresh competition into the market, driving innovation and diversification. Strategic collaborations, mergers, and acquisitions are frequently observed, as companies seek to expand their offerings and geographical presence. With increasing emphasis on sustainability and environmentally friendly solutions, companies are also investing in the development of eco-conscious foam tape products to align with evolving consumer preferences and regulatory mandates.

The players in the global market include 3M Company, Nitto Denko Corporation, Tesa SE, Avery Dennison, Intertape Polymer Group, Lintec Corporation, HALCO Europe Ltd, Scapa, LAMATEK Inc, Lynvale Ltd among others.

Recent Market Developments

• September 2022: A novel packaging tape with recyclable PET backing material was created by TESA SE. It is constructed using a water-based acrylic glue process and 70% recycled PCR. It is quieter, more enduring, more resistant to wear and tear.
• August 2022: With the aid of direct thermal printers, LINTEC developed a brand-new plastic-alternative label stock solution.

Segmentation of the Global Market