Intertape Polymer Group, Inc. (Canada) and 3M (US) are the Key Players in the Double Sided Tape Market
The double sided tape market is estimated at USD 9.41 Billion in 2018 and is projected to reach USD 13.15 Billion by 2023, at a CAGR of 6.93% between 2018 and 2023. Double side tapes have backing materials such as foam, film, paper/tissue, cloth, cotton, fiberglass, metal, and cellulose which are coated on both sides with an adhesive. Double side tapes adhere to a variety of substrates with light pressure (finger pressure) or with no phase change (liquid to solid). The main resins used in double sided tapes include acrylic, rubber silicone, and others (EVA and polyurethane), with acrylic resin holding the major market share. The main technologies used by manufacturers of double sided tapes are solvent, water, and hot-melt based globally, with the solvent-based technology holding the major market share.
The strategy of mergers & acquisitions was the key growth strategy adopted by leading players in the double sided tape market between 2015 and 2018. Companies operating in the double sided tape market are focused on enhancing their product portfolios and expanding their global presence. These companies are also focused on entering new markets by launching technologically-advanced as well as eco-friendly and UV hot-melt double sided tapes for various end-use industries. Leading manufacturers of double side tapes include 3M Company (US), Nitto Denko Corporation (Japan), Tesa (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), Shurtape Technologies, LLC (US), and Scapa Group Plc (UK).
Avery Denision (US), Intertape Polymer Group, Inc. (Canada), 3M (US), and Tesa (Germany) are the key players in the double sided tape market. These companies accounted for a share 66.67% of all developmental activities that took place in the double sided tape market between 2015 and 2018. Avery Denision (US) has adopted inorganic growth strategies to enhance its geographic reach in the double sided tape market. For instance, in February 2017, the company completed the acquisition of Yongle Tape Company Ltd. (China), a manufacturer of specialty tapes and related products for a variety of industrial markets. This strategy was adopted to cater the growing demand from the APAC region.
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Intertape Polymer has adopted inorganic growth strategies to enhance its geographic reach in the adhesives tapes market. For instance, in 2015, the company acquired Tara Tape (US) for USD 11.0 million. This acquisition enabled Intertape Polymer to enhance its growth in the packaging tapes segment.
3M is another key player that has established a strong foothold in the double sided 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 to manufacture acrylic foam tapes (scotch tape) for use in applications such as healthcare, packaging, and electrical & electronics.
Related Reports:
Double Sided Tape Market by Resin Type (Acrylic, Rubber, Silicone), Technology (Solvent, Water, and Hot Melt), Backing Material (Foam, Film, Paper), End-Use (Automotive, Building & Construction, Paper & Print), and Region - Global Forecast to 2023
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