CHICAGO, July 28, 2021 /PRNewswire/ -- According to the new market research report "Automotive Adhesive Tapes Market by Adhesive Type (Acrylic, Silicone, Rubber), Backing Material (Polypropylene, Poly-Vinyl Chloride, Paper), Application (Exterior, Interior, Electric Vehicle), and Region - Global Forecast to 2026", published by MarketsandMarkets, the global Automotive Adhesive Tapes Market size was USD 8.5 billion in 2020 and is projected to reach USD 12.1 billion by 2026, at a CAGR of 5.9% between 2020 and 2026, owing to an increase in demand of automotive adhesive tapes in lightweight hybrid vehicles.
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By backing material, poly-vinyl chloride (PVC) is the fastest-growing segment during the forecast period of 2021 to 2026.
Poly-vinyl chloride (PVC) is expected to grow at a faster rate during the forecast period as it is a major backing material used in the automotive adhesive tapes industry. Poly-vinyl chloride-backed automotive adhesive tapes are used for special applications in the insulation and assembly of electronic components.
By vertical, the electric vehicle segment is the fastest-growing market during the forecast period.
The electric vehicle segment is projected to grow with the highest CAGR in terms of value during 2021-2026. The growth is due to the advancements in electric vehicle's battery technology which are creating opportunities for adhesive tapes in bonding and heat management applications.
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Asia Pacific is the fastest-growing region in the automotive adhesive tapes market.
Asia Pacific is expected to be the fastest market for automotive adhesive tapes during the forecast period, with countries such as China, Japan, and India witnessing an increase in demand for automotive adhesive tapes.
The key Automotive Adhesive Tapes Market players include 3M (US), Nitto Denko Corporation (Japan), tesa SE (US), Avery Dennison Corporation (US), Lohmann GmbH & Co.KG (Germany), Henkel AG & Co. KGAA (Germany), Sika AG (Switzerland), Intertape Polymer Group (US), Lintec Corporation (Japan), Shurtape Technologies, LLC (US), Scapa (UK), and L&L Products (US). These players have adopted expansions, joint ventures, mergers, acquisitions, agreements, collaborations, product launches, and partnerships as their growth strategies.
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