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Foam Tape Market: Global Industry Size, Share, Geographical Segmentation and Forecast Opportunity Analysis

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Foam Tape Market: Global Industry Size, Share, Geographical Segmentation and Forecast Opportunity Analysis

November 16
21:04 2022
Foam Tape Market: Global Industry Size, Share, Geographical Segmentation and Forecast Opportunity Analysis
Browse 105 market data Tables and 54 Figures spread through 151 Pages and in-depth TOC on “Foam Tape Market”
Foam Tape Market by Resin (Acrylic, Rubber, Silicone), Technology (Solvent, Water, Hot-Melt), Type (PE, PU, Acrylic), End-Use Industry (Automotive, Building & Construction, Electrical & Electronics, Paper & Printing), and Region

The global foam tape market is estimated at USD 7.44 billion in 2018 and is projected to reach USD 10.35 billion by 2023, at a CAGR of 6.83% between 2018 and 2023. The different types of foam used in foam tapes are PE, PU, acrylic, and others (nitrile, EVA, and rubber, polyester, polyether, PVC and vinyl), which are coated on one side or both sides with an adhesive. The main resin types used in foam tape include acrylic, rubber silicone, and others (EVA and polyurethane), with acrylic resin accounting for the major market share. The main technologies used by the manufacturers of foam tape are solvent-based, water-based, and hot-melt-based, with the solvent-based technology accounting for the major market share. 

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On the basis of resin type, the silicone segment of the foam tape market is projected to register the highest CAGR, in terms of volume during the forecast period. The performance of silicone resin-based foam tape is excellent on low surface energy substrates. It comprises silicone polymers and is widely used in specific industrial applications such as solar and wind energy, aerospace, and applications involving extreme environments. Silicone resin-based foam tape can maintain adhesion over a high temperature range and possess the ability to adhere to difficult surfaces.

The foam tape market in the APAC region is estimated to grow at the fastest rate during the forecast period, in terms of both value and volume. The shift of manufacturing units from North America and Europe to APAC is driving the foam tape market in the region. China is the largest consumer of foam tape in this region. The APAC foam tape market is witnessing high growth, owing to the increasing use of foam tape in various industries such as electrical & electronics, building & construction, paper & printing, and automotive.

Merger & acquisition was the key growth strategy adopted by the leading players in the foam tape market between 2015 and 2018. The companies operating in the foam tape market are focused on enhancing their product portfolios and expanding their global presence. They are also focused on entering new markets by launching technologically-advanced as well as eco-friendly and UV hot-melt foam tape for various end-use industries. The leading manufacturers of foam tape include 3M Company (US), Nitto Denko Corporation (Japan), Tesa (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), HALCO (US), 3F (Germany) and Scapa Group Plc (UK). 

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Avery Denision (US), Nitto Denko Corporation (Japan), 3M (US), and Tesa (Germany) are the key players in the foam tape market. These companies accounted for a share 93.33% of all the developmental activities that took place in the foam tape market between 2015 and 2018. Avery Denision (US) has adopted inorganic growth strategies to enhance its geographic reach in the foam tape market. For instance, in February 2017, the company completed the acquisition of Yongle Tape Company Ltd. (China), a manufacturer of specialty tape and related products for a variety of industries. This strategy was adopted to cater to the growing demand from the APAC region. 

In 2016, Nitto Denko Corporation merged its three subsidiaries, namely, Nitoms Inc., Nitto Medical Corporation, and Nitto Lifted Corporation. The purpose of the merger is to reinforce, manufacture, and sell solvent-less foam tapes to various industries such as healthcare and automotive.

3M is another key player that has established a strong position in the foam tape market. The company concentrates on expanding its customer base through acquisitions. For instance, in October 2016, 3M invested USD 135 million in its Tuas Plant (Singapore). The company aims at manufacturing acrylic foam tape (scotch tape) for use in the healthcare, packaging, electrical & electronics, and other industries.

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