Vantage Market Research
Dec 03, 2021
The global foam tape market is anticipated to reach 13.12 Billion by 2028 from 8.43 Billion in 2020, growing at a CAGR of 7.01% from 2021 to 2028, owing to the rising consumption of foam tapes by the building & construction and automotive industries. The surging trend of using electronic devices in lightweight vehicles is increasing, which is fuelling the demand for foam tape. The use of foam tape in automobiles for bonding dissimilar materials, script mounting along automotive badges will drive growth for the foam tape market. These tapes are also widely used for insulation, glazing, HVAC applications in the building and construction industry.
Key Findings:
- The automotive segment held a share of over 15.35% in 2020. The growth is due to the surging requirements of foam tapes in the body & bumper side moldings, roof molding, plate panels, rocker panel/claddings, outer belt moldings, rear spoilers, emblem & nameplates, side mirrors, and fenders/wheel flares. This is anticipated to fuel market growth for the foam tape market in the projected period.
- Polyethylene (PE) backed foam tape held a share of over 21.17% in 2020. The market for Polyethylene (PE) backed foam tape is anticipated to grow owing to its increasing usage in gap-filling among two surfaces that are being bonded. The PE-backed foam tape also offers certain benefits such as vibration and sound reduction and also acts as shock absorption. The growth of the PR-based foam tape is also expected to increase due to its wide usage in the building & construction and automotive industries, which is rapidly growing across regions. All this will support the growth of the foam market globally.
- North American region held a share exceeding 20.13% in 2020. This is due to the well-established automotive industry in the region along with the rising demand for foam tapes from the industries. Additionally, the development of innovative, advanced eco-friendly products is expected to propel the demand for the foam tape market. The players in the region are also investing in R&D to enhance their offering to cater to more customers. This is expected to fuel the market growth for the region.
Major players operating in the global foam tape market include Intertape Polymer Group Inc., 3M Company, TESA SE, Scapa Group PLC, Intertape Polymer Group Inc., 3F, Nitto Denko Corporation, Halco, Lintec Corporation, Lohmann GmbH & Co., and Avery Dennison Corporation, among other. Additionally, the rising demand for foam tape across various numerous end-use industries such as paper & printing and electrical & electronics is anticipated to fuel the foam tape market. The surging environmental concerns and an increasing number of regulatory policies are forcing manufacturers to produce eco-friendly products.
Asia Pacific region held a share of around 18.12% in 2020. The growth of the foam tape market in the region is due to emerging economies in the countries such as India, China, Indonesia, Taiwan, Malaysia, and Vietnam. The demand for the market is also influenced by the increasing demand for foam tapes in the construction industry. Additionally, rise in the passenger travel and the emergence of electric vehicles is also expected to support growth for the foam tape market in the long run.