Market Size of Foam Tape Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*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.
