DUBAI, United Arab Emirates, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The thermoplastic tapes market is estimated at USD 2.2 Bn in 2022 and is projected to reach USD 3.0 Bn by 2029, at a CAGR of 4.7% from 2022 to 2029.A new research report by Future Market Insights (FMI) on the thermoplastic tape market includes global industry analysis 2014 - 2021 and opportunity assessment 2022 - 2029. The report investigates the Thermoplastic Tape Market and provides critical insights for the forecast period of 2022 - 2029.
As per findings of the report, the global thermoplastic tape market is expected to witness a substantial growth during the forecast period. Low cost and effective performance of the thermoplastic tape in the manufacturing of automotive components are expected to drive the market growth in the upcoming years.
In addition to enhancing visual appearance of the automotive parts, the diversification in usage and consumption of thermoplastic tape in different end-use sectors including aerospace and building & construction is likely to drive the market growth in the next ten years.
Manufacturers Foresee Lucrative Opportunities in East Asia
Europe will continue to hold a prominent share in the thermoplastic tape market. However, high growth opportunities are expected in East Asia in 2021 and beyond. China is anticipated to represent high incremental opportunity and maximum growth rate in the region. With mounting environmental concerns, the government in the country are continuously imposing regulations to reduce dependency on fossil fuel, which led to increased adoption of composites in automotive and aircraft manufacturing. As a result, thermoplastic tape is likely to gain significant traction in the East Asian countries.
Industry Leader’s Perspective:
According to R&D Vice President of Arkema – leading player in the thermoplastic tape market, carmakers in Europe are focusing on the development of lighter vehicles by replacing metal components with composites, in order to achieve the carbon emissions cap for new cars which will drop from 130 grams to 95 grams per kilometre by 2020. The company’s thermoplastic is set to be a part of this solution, by offering lightweight, efficient, recyclable properties.
By thickness, thermoplastic tape of 0.21-0.40 mm is expected to hold prominent value share in the market. Although it remains the most common thickness range used in the end-use industries, manufacturers are likely to focus on offering varying range of thickness to sustain the demand for different applications.
On the basis of material, PAEK is a widely used resin family in thermoplastic tape, followed by polyamide resin. According to the manufacturers, high quality composites are formed when these materials are combined with carbon or glass fibers. However, the carbon-reinforced fiber provides more strength to thermoplastic tapes as compared to the glass-reinforced fiber.
By end-use industry, significant adoption by the automotive industry will continue to account for relatively high sales.
Scope of Report
Attribute
Details
Forecast Period
2014-2021
Historical Data Available for
2022-2029
Market Analysis
US$ Million for Value and Mn.Sq.M. for Volume
Key Regions Covered
North America, Latin America, Europe, Middle East and Africa, East Asia, South Asia, and Oceania
Key Countries Covered
The U.S., Canada, Brazil, Mexico, Germany, Italy, France, U.K., Spain, Russia, Turkey, South Africa, GCC Countries, Japan, South Korea, India, China, and Australia
Key Segments Covered
Thickness, Material, End Use and Region
Key Companies Profiled
• Evonik Industries AG • Toray Advanced Composites • Solvay S.A. • Mitsui Chemicals Inc. • Arkema S.A. • Teijin Limited • Covestro AG • Koninklijke DSM N.V. • Sabic Corporation • MaruHachi Corporation • Suprem SA • Shanghai Topolo New Materials Co. LTD • SGL Carbon SE • CompTape B.V. • Avient Corporation
Report Coverage
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Thermoplastic Tape Market: Vendor Insights
The report highlights prominent market players who have established themselves as market leaders in the global thermoplastic tape market. Some of the key players operating in the global market are Evonik Industries AG, Toray Industries Inc., Solvay S.A., Teijin Ltd., Mitsui Chemicals Inc. and Sabic Corporation, among others.
The global thermoplastic tape market is considered as consolidated with some market players holding prominent share of the market. Manufacturers in the thermoplastic tape market are investing in expansions and mergers to expand their product portfolio as well as their foothold in the market.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
