Automotive Adhesive Tapes Market Growth & Trends
The global automotive Adhesive Tapes Market size is expected to reach USD 5.47 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2023 to 2030. Growing usage of advanced functional materials to improve aesthetics, reduce weight and enhance the performance of the vehicles is expected to drive the market.
There has been a positive outlook in the automotive sector across the developed markets such as the U.S. to developing markets such as India. Technological developments and performance enhancements in vehicles have led to the installation of specialized components, which is expected to have a positive impact on the automotive tapes market.
The market is witnessing switching trends with growing popularity and demand for electric vehicles. Prominent vehicle manufacturers are aiming to comply with environmental standards and emission norms by reducing vehicle pollutants at a significant level. Thus, battery-operated vehicles including cars, mini trucks, and others are gaining popularity across the globe, which in turn is expected to drive the penetration of Automotive Adhesive Tapes.
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Automotive Adhesive Tapes Market Report
Automotive Adhesive Tapes Market Report Highlights
- The interior attachment application segment accounted for revenue valued at USD 988.3 million in 2022 owing to rising demand for tapes in interior applications to improve the aesthetics of vehicles
- The emulsion-based adhesive tapes segment is expected to witness the fastest growth at a revenue CAGR of 8.2% over the forecast period as the industry is witnessing rising concerns of VOC emissions and thus expect stringent regulations pertaining to the same in the future
- The powertrain application segment is expected to witness a notable revenue CAGR of 11.3% over the forecast period on account of the rising penetration of adhesive tapes in electric and hybrid vehicle powertrains
- Europe dominated the market in terms of revenue and was valued at USD 959.6 million in 2022, owing to the high per vehicle content of tapes in the European automotive brands
- Manufacturers operating in the market are looking forward to understand the emerging sub-segment application of tapes in vehicles to gauge the market potential in the future
