The double-sided tape market is estimated at $9.41 billion in 2018, and is projected to reach $13.15 billion by 2023, at a compound annual growth rate (CAGR) of 6.93% from 2018 to 2023, according to a recent report from Research and Markets. The increasing use of double-sided tapes in various applications, such as electrical and electronics, building and construction, automotive, and paper and printing is reportedly driving the growth of the market.
Based on technology, the hot-melt segment is expected to grow at the highest CAGR during the forecast period. Based on backing material, the paper/tissue segment is expected to grow at the highest CAGR. Based on application, the paper and printing segment is expected to grow at the highest CAGR in terms of volume. The demand for double-sided tapes in the paper and printing industry is reportedly coming from retail and digital printing industries.
The double-sided tape market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rising demand for double-sided tapes from automotive, building and construction, paper and printings, and electrical and electronics from countries such as India, China, South Korea, Vietnam, Taiwan, and Indonesia is projected to drive the growth of the double-sided tape market in the region. China is expected to lead the demand for this segment in the Asia-Pacific region.
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