Automotive Adhesive Tapes Market 2024 Trend, Marketing Channels and Investment Feasibility

Automotive Adhesive Tapes Industry Overview

The global automotive adhesive tapes market, valued at USD 3.62 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. One of the key factors driving this growth is the increasing replacement of traditional nut and bolt fasteners with adhesive tapes. This shift is primarily motivated by the need to reduce vehicle weight and improve vehicle aesthetics, both of which are crucial in the modern automotive industry. As more automakers adopt adhesive tapes to streamline design and improve vehicle performance, the demand for these tapes is expected to rise significantly.

Another important growth driver is the increasing demand from the aftermarket sector. Vehicle modifications and performance enhancements are on the rise, with consumers seeking personalized vehicles or improved functionalities. This trend is expected to fuel the growth of the automotive adhesive tapes market as these products play a critical role in both vehicle customization and repair processes.

In terms of regional markets, Asian economies, including Japan, South Korea, China, and India, are anticipated to dominate global electric vehicle (EV) production in the near future. This is due to the region's strong manufacturing base, availability of resources, competitive labor costs, and the presence of leading automakers. As the demand for electric vehicles continues to surge in these countries, there will be a corresponding rise in the need for automotive adhesive tapes. Technological advancements and innovations by automobile manufacturers in Europe and North America will further contribute to the growth of this market, as these regions continue to focus on improving vehicle efficiency and compliance with environmental standards.

The automotive adhesive tapes market is also expected to benefit from the economic recovery in emerging markets, which is anticipated to drive the demand for passenger automobiles. This surge in demand for personal vehicles, particularly in the wake of the COVID-19 pandemic and the reduced availability of public transportation, has boosted the use of automotive adhesives. Despite the challenges posed by the pandemic’s third and subsequent waves, which have temporarily dampened market outlooks, the long-term trend remains positive.

The growing global shift toward electric vehicles is also expected to have a favorable impact on the automotive adhesive tapes market. As electric vehicle manufacturers aim to meet stringent environmental standards and emission norms, they are increasingly adopting lightweight and sustainable solutions. Adhesive tapes, which help reduce vehicle weight and enhance design flexibility, are becoming essential in the production of battery-powered vehicles, including electric cars and mini trucks.

Finally, there has been a positive outlook in the automotive sector across both developed markets such as the U.S. and emerging markets like India. Technological advancements and a focus on performance enhancement in vehicles have driven the adoption of specialized components, including adhesive tapes. This trend is expected to continue, further propelling the growth of the automotive adhesive tapes market as both performance and design considerations continue to evolve in the automotive industry.

Gather more insights about the market drivers, restrains and growth of the Automotive Adhesive Tapes Market

Regional Insights:

Europe dominated the automotive adhesive tapes market, accounting for approximately 28% of the global revenue share in 2023. The market in Europe is projected to grow at a CAGR of over 5.0% during the forecast period. This growth is primarily driven by the high per-vehicle adhesive tape usage in European automotive brands and the increasing production of electric vehicles (EVs) and hybrid electric vehicles (HEVs), which tend to have a higher penetration of adhesive tapes compared to conventional vehicles.

The European market is home to a large number of prominent automotive players, with more than 300 manufacturing facilities producing cars and trucks across the region. These players are heavily investing in research and development (R&D) for the advancement of EV and HEV technologies. The shift towards the production of lightweight components aimed at reducing fuel consumption in vehicles is also expected to drive the increased use of adhesive tapes and other related materials in the automotive sector.

North America, particularly the U.S. and Mexico, is expected to see a notable CAGR of 4.2% from 2023 to 2030. This growth is attributed to the strong manufacturing base in the U.S. and the rapid growth of the automotive industry in Mexico. The expansion of the automotive sector in these countries is anticipated to significantly increase the demand for automotive adhesive tapes.

The rising popularity of electric vehicles (EVs) and their advanced features and technologies in North America is expected to further fuel the growth of the automotive adhesive tapes market. In particular, Tesla, Inc.'s investments in the U.S. to increase production of electric vehicles and related components are anticipated to further accelerate the demand for automotive adhesive tapes, as modern vehicle designs incorporate more lightweight and advanced materials.

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Key Automotive Adhesive Tapes Company Insights

The key players in the industry are investing in understanding the emerging subsegment application in automotive. In addition, they are also trying to understand the key specifiers and selection criteria for tapes for these new applications to gauge the expected market potential in the future and employ their growth strategies accordingly.

In July 2023, Berry Global launched a next-gen version of its flagship Formifor insulation compression films by combining over 30% of recycled materials. The use of recycled content in the film is projected to contribute toward sustainability efforts in automotive manufacturing.
In April 2023, Berry Global Group, Inc. commenced the expansion of one of its significant manufacturing facilities for stretch films in Lewisburg, Tennessee. The facility is planned to be completed by early 2024 and it will support the proliferating demand for the company’s sustainable, highest-performing stretch films, which also include adhesive tapes for diverse industries.
In February 2023, L&L Products, Inc., announced its plans to expand its production footmark in the Village of Romeo, Michigan for accommodating the automobile industry’s finished goods. The project is anticipated to confirm the continued business growth of the company in Michigan.

Key Automotive Adhesive Tapes Companies:

The following are the leading companies in the automotive adhesive tapes market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these automotive adhesive tapes companies are analyzed to map the supply network.