Foam Tape Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 6.00 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Foam Tape Market Analysis
The foam tape market is projected to register a CAGR of more than 6% during the forecast period (2021-2026).
The growth of the market is hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions have triggered massive disruptions to global supply chain networks. Due to lockdown in various countries, most of the industries or factories were temporarily shut down and have impacted the growth of the aerospace, automotive, and construction segments. For instance, automobile production in 2020 witnessed a decline of 15.8% compared to 2019 due to the pandemic situation and shutdown of manufacturing facilities.
- Over the medium term, the increasing demand from the construction industry is projected to drive the market during the forecast period.
- The growing demand for foam tape from lightweight electrical vehicles is likely to act as an opportunity for the market studied in the coming years.
- The Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as India and China.
Foam Tape Market Trends
This section covers the major market trends shaping the Foam Tape Market according to our research experts:
Automotive Sector Dominated the Market
- Foam tapes are utilized for sound hosing, insulating, gasketing, padding/cushioning, and fixing and are intended to upgrade the appearance and improve the general performance of the designed product.
- Additionally, foam tape can withstand -40°F to 300°F, and it can resist moisture, ultraviolet rays from the sun, and solvents, providing high bonding strength to compensate for different thermal expansions.
- In the automotive industry, foam tapes are used in bonding plastic emblems onto metal substrates, sealing windows, doors, sunroofs, trunks/hatches, etc.
- The automotive industry witnessed a downfall in recent times. According to the OICA, around 77.62 million vehicles were produced globally in 2020 compared to 92.18 million vehicles that were produced in 2019, witnessing a decreasing growth rate of about 15.8%.
- The decline is majorly attributed to the reduced production in the major automotive hubs such as United States, China, Japan, and Germany. In 2020, these countries witnessed a decline of 19%, 2%, 17%, and 24%, respectively, compared to 2019.
- Hence, owing to the above-mentioned factors, the market is expected to witness a decline in growth during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for foam tape during the forecast period. The rising demand for foam tape from the construction industry with the growing population in developing countries like India and China.
- In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion, and it is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%.
- Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%.
- Residential and commercial construction in India has been increasing owing to the developing service sector in the country. According to the Ministry of Housing and Urban Affairs of India, the Indian government announced an investment of about USD 27.54 billion construction of 100 cities under the smart cities plan. This plan includes 5,151 different smart city projects, out of which 1,638 projects have been completed as of April 2021.
- According to the OICA, Asia-Pacific dominated global automobile production in recent years. China is the largest producer of automobiles globally, with a production volume of 25.75 million vehicles in 2019 and reached 25.23 million vehicles in 2020, registering a decline rate of about 2%.
- Owing to the above-mentioned factors, the market for foam tape in the Asia-Pacific region is projected to grow significantly post recovery from COIVD-19 during the study period.
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Foam Tape Industry Overview
The foam tape market is fragmented, with top players accounting for a major share of the market. Major companies in the market include 3M, HALCO Europe Ltd, NITTO DENKO CORPORATION, Scapa, and LINTEC Corporation, among others.
Foam Tape Market Leaders
NITTO DENKO CORPORATION
HALCO Europe Ltd
*Disclaimer: Major Players sorted in no particular order
Foam Tape Market News
- In June 2019, RPM’s Tremco business acquired Schul International Co., LLC, a manufacturer of joint sealants for commercial construction, and Willseal LLC, a company that markets and sells Schul products. Schul's product line consists primarily of pre-compressed, self-expanding foam tapes used for sealing joints in applications including window seals, prefabricated concrete, modular construction, and concrete facade restoration.
Foam Tape Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand from the Construction Industry
4.1.2 Other Drivers
4.2.1 Declining Automotive Industry
4.2.2 Impact of COVID-19 on the Market
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Foam Type
5.1.5 Other Foam Types
5.2.1 Single Sided Foam Tape
5.2.2 Double Sided Foam Tape
5.3 Resin Type
5.3.5 Other Resin Types
5.5 End-user Industry
5.5.3 Electrical and Electronics
5.5.6 Other End-user Industries
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.6.2 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.6.4 South America
18.104.22.168 Rest of South America
5.6.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 NITTO DENKO CORPORATION
6.4.3 HALCO Europe Ltd
6.4.4 tesa Tapes (India) Private Limited
6.4.6 LINTEC Corporation
6.4.7 AVERY DENNISON CORPORATION
6.4.8 Intertape Polymer Group
6.4.9 3F GmbH Klebe- & Kaschiertechnik
6.4.10 LAMATEK Inc.
6.4.11 Wuxi Canaan Adhesive Technology Co. Ltd
6.4.12 Lynvale Ltd
6.4.13 Lohmann GmbH & Co. KG
6.4.14 RPM International Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand of Foam Tape from Lightweight Electrical Vehicle
7.2 Other Opportunities
Foam Tape Market Research FAQs
What is the current Foam Tape Market size?
The Foam Tape Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in Foam Tape Market?
3M, NITTO DENKO CORPORATION, LINTEC Corporation, HALCO Europe Ltd and Scapa are the major companies operating in the Foam Tape Market.
Which is the fastest growing region in Foam Tape Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Foam Tape Market?
In 2023, the Asia Pacific accounts for the largest market share in the Foam Tape Market.
Foam Tape Industry Report
Statistics for the 2023 Foam Tape market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Foam Tape analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.