The global building and construction tapes market size was gauged at USD 4.17 billion in 2022. The market is anticipated to expand from USD 4.32 billion in 2023 to USD 5.82 billion by 2030, displaying a CAGR of 4.4% during the forecast period. These tapes have the ability to withstand extremely high temperatures for an extended period of time and make repair and maintenance easier, which increase their adoption in the construction sector. The launch of new products and technological developments in the domain will facilitate market augmentation. This information is provided by Fortune Business Insights, in its report titled, “Building and Construction Tapes Market, 2023-2030.”
List of Key Players Mentioned in the Report:
3M (U.S.)
Intertape Polymer Group (Canada)
DuPont (U.S.)
Saint-Gobain (France)
Berry Global Inc. (U.S.)
PPM INDUSTRIES S.P.A. (Italy)
The Dow Chemical Company (U.S.)
Ahlstrom Corporation (Finland)
Nitto Denko Corp. (Japan)
Canadian Technical Tape Ltd. (Canada)
Segments:
Double Sided Tapes Segment to Lead Owing to its Benefits and Increasing Usage
Based on product type, the market is split into double sided tapes, masking, duct, duct tapes, and others. Among these, the double-sided tapes segment captured the largest market share in 2022. The rising usage of double-sided tapes for bonding doors, mounting glass elements, and panels is a key factor aiding segment expansion. Moreover, double-sided tape is more effective and has better aesthetics than other alternatives such as adhesives, which will further propel segment expansion.
Flooring Segment to Hold Dominant Share Due to Use of Building and Construction Tapes for Safety Essentials
According to application, the market is divided into flooring, walls & ceiling, windows, doors, roofing, and others. Among these, the flooring segment held the largest building and construction tapes market share in 2022. Building & construction tapes are highly utilized in flooring application to mark hazards, generate aisles, offer appropriate directions, and divide the existing spaces. They hold a wide range of application in industrial and manufacturing facilities for floor marking.
Bonding Segment to Dominate Due to its Favorable Features
As per function, the market is arrayed into bonding, protection, insulation, glazing, sound & waterproofing, and others. Among these, the bonding segment held the significant share in 2022 as it helps in replacing rivulets, welds and other fasteners with ease. It is easy to apply, durable, and fast which helps in reducing the cost of labor and time taken.
Residential Segment Captures Largest Share Stoked by Increasing Usage of Building and Construction Tapes
By end use, the market is fragmented into residential, commercial, and industrial. Among these, the residential segment accounted for a major market share in 2022. The increasing usage of building and construction tapes for bonding, barrier protection, and glazing panels and trims. Moreover, the rapid adoption of innovative products by consumers owing to growing disposable incomes will attribute to segment growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report includes:
Detailed overview of drivers, restraints, opportunities, and threats influencing market trends
COVID-19 impact analysis
List of key players in the global market
Revenue, growth rate, and valuation of each segment, region, and country
Drivers and Restraints:
Rapid Urbanization and Rising Construction Projects in Developing Economies to Aid Market Expansion
The expanding construction industry is a key factor driving the building and construction tapes market growth. The growing standard of living, increasing urbanization, and improving economic condition in developing economies such as Brazil, India, and China will further contribute to market proliferation. The rising urban population in emerging economies leads to an increase in the number of housing and construction projects, which will boost product demand and elevate market expansion.
On the other hand, fluctuating prices of petroleum and crude oil will affect the prices of raw materials, such as polyvinyl chloride, polyethene terephthalate, polypropylene, and polyethene, and hinder market growth.
Regional Insights:
Europe to Hold Major Share Due to Rising Government Initiatives to Build New Houses
Europe captured majority of the market share in 2022, owing to increasing government initiatives to provide housing facilities to the rising population. The presence of leading manufacturers in the region will also contribute to market augmentation in the coming years.
North America is projected to record the highest growth rate across all regions over the forecast timeframe due to the growing construction industry and development of new products.
The Asia Pacific market is anticipated to showcase positive growth trends due to the surging demand for double-sided tapes for building applications.
Information source: https://www.fortunebusinessinsights.com/building-construction-tapes-market-102767
Competitive Landscape:
Product Launches by Leading Companies to Elevate Market Progression
Industry leaders often make tactical moves to enhance profit margins and strengthen their foothold in the global market. Some of these moves include: product launches, partnerships, collaborations, and investments in research and development. For instance, in May 2021, Intertape Polymer Group Inc. unveiled a new flame retardant polyethylene (PE) tape called PEFR. It is a heavy-duty tape suitable for use in laboratories, institutional buildings, healthcare facilities, and shipyards & construction sites.
Key Industry Development:
November 2022: Avery Dennison Performance Tapes launched nine pressure-sensitive tape variants with different adhesive technologies applicable for bonding materials to residential and commercial interior surfaces. They are easy to use, durable, flexible, and safe.