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New Product Launches and Investments & Expansions Were the Key Strategies Adopted By the Industry Players to Achieve Growth in the Adhesive Tapes Market
The adhesive tapes market is dominated by global players along with the presence of few regional players in the key growth markets. Asia-Pacific is the largest market in the global adhesive tapes market.
The major companies operating in the global adhesive tapes market are 3M (U.S.), Nitto Denko (Japan), Tesa SE (Germany), Avery Dennison Corporation (U.S.), Henkel AG & Company, KGaA (Germany), Intertape Polymer Group (Canada), Lintec Corporation (Japan), and Scapa Group Plc (U.K.).
New product launches and investments & expansions were the key strategies adopted by the industry players to achieve growth in the adhesive tapes market. These strategies accounted for about 80% and 7% share, respectively, of all growth strategies adopted by the market players. Rising demand for adhesive tapes and high growth in the healthcare, electrical & electronic, and building & construction industries in developing countries have encouraged companies to adopt these strategies.
Companies have also adopted strategies of acquisition and R&D to expand their market share and distribution network. These two strategies accounted for a share of about 7% and 6%, respectively, of all growth strategies adopted by the players in the adhesive tapes market between 2011 and 2016.
In 2016, 3M (U.S.) launched Industrial and Automotive Multi-Surface Blue Masking Tape UV14 that will be used for painting, wrapping, bundling, sealing, labeling, or protecting surfaces indoor or outdoor. This will enhance the company’s foothold in the adhesive tapes market for applications in building & construction and automotive in North America . In 2016, the company announced to invest USD 135 million in their Tuas Plant (Singapore).Through this expansion the company will manufacture acrylic foam tapes (Scotch Tape) for applications such as healthcare, packaging, and electrical & electronic.
In 2016, Nitto Denko Corporation (Japan) announced that they will merge their three subsidiaries, namely Nitoms Inc., Nitto Medical Corporation, and Nitto Liftec Corporation. This merger will help to reinforce, manufacture, and in the sale of solvent-less adhesive tapes for various application such as healthcare, automotive, and others. In 2015, Nitto Denko Corporation (Japan) expanded its PVC tape production capacity by 20% in Taiwan under its subsidiary Nitto Denko Taiwan Corp. This would help the company to meet the growing demand for PVC tapes and increase its revenue.
Adhesive Tapes Market by Type (Commodity and Specialty), Application (Packaging, Masking, Consumer, Healthcare, Automotive, White Goods), Technology (Solvent, Hot-melt, and Dispersion-based), Backing Material (PP, Paper, and PVC) - Global Forecasts to 2021
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