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"In 2019, The Global Thermoplastic Tape Market Was Valued At Us$ 1.74 Bn And Expanding At A CAGR Of 5.3% Over The Forecast Period (2020-2028)."
The surge in demand for Thermoplastic Tape from the aerospace industry and the surge in demand from the automotive sector for lightweight vehicles manufacturing is projected to drive the global thermoplastic tape market. The growing traction from product manufacturing processes for thermoplastic tape is another major factor projected to enhance the global market over the forecast period. The thermoplastic tape is approximately 25-30% lighter than aluminum and approximately 50-60% lightweight than steel which is one of the prominent factors for the market growth during the forecast period.
The increased government regulations worldwide for carbon footprint reduction and growing electric vehicles (EV) production are some other major factors projected to enhance the global market growth in years to come. Wide application of thermoplastic tape in numerous industries such as building & construction, automotive, aerospace, oil & gas, and others is projected to further drive the market demand throughout the forecast period.
Moreover, numerous benefits of thermoplastic tape such as low-cost, effective performance, high strength-to-weight ratio, and others are anticipated to support the market demand during the forecast period. However, recycling issues and high manufacturing costs are some market challenges projected to hinder the market growth over the forecast period.
By Thickness, 0.21-0.40 Mm Expected To Continue Its Dominance In The Global Thermoplastic Tape Market
0.21-0.40 mm thermoplastic tape accounted for the largest share of XX% in the Global Thermoplastic Tape Market in 2019.
The global thermoplastic tape market was dominated by the 0.21-0.40 mm segment in 2019. The segment had its dominance owing to most commonly used in automotive and other manufacturing processes. The growing demand from the aerospace industry is another prominent factor projected to drive the segment demand over the forecast period. The surge in demand for lightweight products in the automotive as well as the aerospace industry are some other factors estimated to drive the segment growth in years to come. Hence, the 0.21-0.40 mm thickness segment is projected to continue its dominant position during the forecast period.
By End-Use, Automotive Segment Anticipated Continuing Its Dominance In The Global Thermoplastic Tape Market
The automotive segment had a major share in the global thermoplastic tape market owing to the growing demand for lightweight vehicles and surge in production for electric vehicles. The increased demand for automotive vehicles from emerging economies such as India, China, Indonesia, and others are further projected to fuel the segment growth in years to come. The increased government regulations for lightweight vehicles across the globe is one of the major factor enhancing the segment growth during the forecast period. As a result, the automotive segment is projected to continue its dominance over the upcoming years.
Growth prospects of Thermoplastic Tape are high in Asia Pacific
Asia Pacific is projected to expand at a rapid pace during the forecast period in the global thermoplastic tape market. The growing automotive industry and expansion of the aerospace industry are major factors for the market growth during the forecast period. The surge in government investments for the defense sector is another major factor projected to drive regional growth in years to come.
In 2019, Europe accounted for the majority share in the global thermoplastic tape market due to the highest share in automotive manufacturing. The presence of major market players such as Evonik Industries AG, Solvay S.A., and others is another major factor for regional dominance. The growing aerospace industry in the region is another major factor expected to drive regional growth during the forecast period.
Global Thermoplastic Tape Market is consolidated owing to some major players holding a majority share in the market. Evonik Industries AG, Mitsui Chemicals, Inc., Solvay S.A., Sabic Corporation, Toray Industries, Inc., Teijin Ltd., CompTape, Suprem SA, Maru Hachi Corporation, DSM Engineering Plastics, TOPOLO, TEIJIN Limited, SGL Carbon SE, Arkema Group, Covestro AG, and Polyone Corporation. The market players are making huge investments for geographic expansion, acquisition & mergers and collaborations to expand their product portfolio and to increase their market presence in the global market.
Thermoplastic Tape Market Segmentation:
Thermoplastic Tape Market By Thickness:
- <0.20 mm
- 0.21 mm- 0.40 mm
- >0.40 mm
Thermoplastic Tape Market By Material Type:
- Fiber Type
- Others (Aramid, Basalt, etc.)
- Resin Type
- Others (PPS, etc.)
Thermoplastic Tape Market By End-use:
- Building & Construction
- Industrial Goods
- Oil & Gas
Thermoplastic Tape Market By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa