Strong Growth Projected for Automotive Adhesive Tapes
Several key trends will help drive the 6.1% CAGR expected for automotive adhesive tape revenues through 2028.
Automotive adhesive tapes are lighter than mechanical fasteners such as screws and fasteners and simplify the automobile manufacturing process. The global automotive adhesive tapes market was valued at $8.7 billion in 2020 and is expected to account for $13.8 billion by 2028, according to a report by Reports and Data. This represents a CAGR of 6.1% during the forecast period. Major factors contributing to market revenue growth are a thriving automotive sector, the increasing production of automobiles, including electric vehicles (EVs), and growing demand for high-quality adhesive tapes as a lightweight adhesive solution.
Additional key factors accounting for revenue growth in the market include advances in adhesion technologies, increasing investments in research and development activities, more advanced and reliable adhesive solutions, and a growing use of eco-friendly and sustainable automotive adhesives. For example, tape manufacturers have introduced enhanced adhesive and sealing solutions for automobiles like automated application capabilities and lightweight adhesive tapes to seal panel joints and edges, helping to prevent damage caused by corrosion and high physical stress.