Global Specialty Tapes Market: Overview
The global speciality tapes market encompasses several other industries including chemicals, packaging, and electronics. The use of specialty tapes is not limited to a particular industry, and a number of market vendors have lately emerged in this market. The high-end application of specialty tapes makes them a niche segment, and these tapes may not be available across local hardware stores. The high level of customization offered by vendors operating in the global specialty tapes market is a salient feature of the competitive landscape. It is expected that the demand for speciality tapes would escalate in the years to follow.
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The manufacturing of specialty tapes follows a rigorous process of analysis and testing. This factor warrants the need for understanding the demand and supply dynamics of the global market. It is important to have a customized supply chain to ensure that the desired products reach the right end user. Furthermore, speciality tapes have also attracted increased demand due to the stipulation of strict standards for manufacturing, repair, and overhaul across industries such as electronics and automobiles.
The use of high performance adhesives and other similar materials for manufacturing of specialty tapes gives a mark of credence to the end products. This aforementioned specification also places specialty tapes in the higher-cost slab of the tapes market. However, this high price of these products is compensated by the utility served by speciality tapes in multiple end-use industries.
A review on the global specialty tapes market gives valued insights about market growth. The global specialty tapes market can be segmented on the basis of the following parameters: resin, backing material, application, and region. On the basis of backing material, PVC is extensively used for supporting specialty tapes.
Global Specialty Tapes Market: Notable Developments
The growing industrial applications of specialty tapes has unshackled a plethora of developments in the global market.
- 3M is in the process of acquiring Acelity Inc, a renowned company manufacturing specialised wound care solutions and technologies. The former has a total value of US$ 1.5 billion at the end of 2018, and this is a key consideration for 3M. Such acquisitions are expected to enable a handful of giant players to consolidate their positions in the global speciality tapes market.
- Functional Coatings Inc. was acquired by tesa SE in 2018, and the move has significantly improved the competency of tesa. Functional Coatings Inc. was known for its supremacy in manufacturing VOC-free adhesive tapes.
Some of the leading vendors in the global specialty tapes market are:
- Nitto Denko Corporation (Japan)
- tesa SE (Germany)
- Lintec Corporation (Japan)
- Avery Dennison Corporation (US)
- Scapa Group Plc. (US)
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Global Specialty Tapes Market: Growth Drivers
- Use of Specialty Tapes in Multiple Industries
The application portfolio of the specialty tapes market spans into commercially relevant industries such as electronics, automotive, and packaging. The expansive size of these companies has played an integral role in driving demand within the global specialty tapes market. Furthermore, the use of specialty tapes for assembling semiconductor devices has emerged as a key application.
- Constructions Industry to Imbibe Innovation
A far-fetched idea until a couple of decades back, specialty tapes are now extensively used in the constructions industry. This factor, coupled with the lucrative nature of the constructions industry, has played a vital role in driving market demand. Other key applications of specialty tapes are in the printing and healthcare industries.
The global specialty tapes market is segmented on the basis of:
- White Goods
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