Pressure Sensitive Tapes Market size is valued at USD 66.2 billion in 2021 and is expected to grow at a CAGR of 6.4% during the forecast period 2022 to 2028. The global market provides a detailed overview of the Pressure Sensitive Tapes market size, and that can be segmented by product, by technology, and by Backing material. By product, the Pressure Sensitive Tapes market growth has been segmented into Packaging tapes, Consumer tapes, and Specialty tapes. The Specialty tapes segment is likely to be the largest and fastest-growing segment in terms of product. The rise of this segment is mainly due to the growing demand for specialty items in the automobile industry. It can be credited to the increasing emphasis on vehicle light-weighting by major car producers across the world. Based on Technology, the Pressure Sensitive Tapes market is segmented into Hot melt, Radiation cured, Solvent based, and Water-based. Among these, the Hot melt segment is expected to have the fastest-growing market during the forecast period 2022-2028. The growth of hot melt technology is chiefly driven by its high consumption capacities. Specialty products are usually produced using hot melt technology on account of greater product performance attained through technology and confirm a longer product life for both outdoor and indoor applications. Based on the Backing material, the Pressure Sensitive Tapes market is segmented into Foam, Metal, Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinylchloride (PVC), Woven/Nonwoven, and Others. The Woven/Nonwoven segment is expected to have a significant share in 2021. The rise of this segment is mainly because of the growing demand from the hygiene and medical industry. Additionally, the growing use of double-sided cloth tapes in the construction and building industry for supporting indoor carpets, mats, and rugs will predict well for the segment. Based on the adhesive, the Pressure Sensitive Tapes market is segmented into Acrylic, Rubber, and Silicone Elastomers. The Acrylic segment is expected to have a significant share in 2021. The rise of this segment is mainly because of its greater characteristic of attaching well to polar surfaces such as polycarbonates, glass, polyesters, and metal.
In June 2021, Avery Dennison Performance Tapes expanded its business by adding 32,000 square feet to its Painesville, Ohio-based production plant.
In July 2020, Arkema acquired an adhesive powder producer known as Fixatti. Fixatti is mostly involved in the manufacture of high-performance thermo-bonding sticky powders.