CHICAGO, June 6, 2019 /PRNewswire/ -- According to the new market research report "Surface Protection Tapes Market by Type (Polyethylene, Polypropylene, Polyvinyl chloride), Surface Material (Polished metals, Glass, Plastic) End-use (Electronics & appliances, Building & construction, Automotive), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Surface Protection Tapes Market is estimated at USD 12.3 billion in 2019 and is projected to reach USD 18.0 billion by 2024, recording a CAGR of 8.0%. Increasing acceptance of surface protection tapes due to their reduced weight, ease applicability, durability, customization, and smooth removal from the surface of the substrates also contribute to the increasing demand for surface protection tapes.
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The polypropylene segment is projected to grow at the highest CAGR in the global surface protection tapes market from 2019 to 2024
The polypropylene segment is projected to grow at the highest CAGR from 2019 to 2024. Polypropylene surface protection tapes are more expensive than the polyethylene surface protection tapes due to their inbuilt elasticity. Polypropylene surface protection tapes are used for temporary protection purposes and offer a clean and smooth adhesive-free removal. The growth of this segment is attributed to enhanced clarity, higher impact strength, and improved barrier properties of polypropylene tapes.
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The polished metals segment to dominate the global surface protection tapes market by 2024
The polished metals segment is projected to dominate the surface protection tapes market, recording the highest CAGR from 2019 to 2024. The surface of these polished metals are gently sheen or have a soft glow texture. Metals are offered in different forms such as painted, unpainted, powdered, bright, glossy, or matte. The uncoated metal surfaces or pre-coated varnished surfaces are laminated with surface protection tapes. The polished metal surfaces need to be safeguarded using a surface protection tape during the process of manufacturing, assembling, transportation, and storage. The growth of this segment is attributed to the demand for these tapes in various end-user industries such as building & construction (for curtain walls, building panels, and coil coatings), and automotive (for the vehicle parts).
The Asia Pacific is projected to account for the largest share in the surface protection tapes market during the forecast period
High economic growth, intensive construction activities, and increasing standards of living are the key factors driving the market for surface protection tapes in the region. Rapid urbanization in the region has led to an increase in infrastructural development in the region, thus driving the demand for surface protection tapes. High growth in the building & construction industry of China, India, and other emerging countries such as Indonesia, Vietnam, and Malaysia, coupled with the growth in the transportation and electronics industries in Japan and South Korea are factors driving the demand for surface protection tapes in the region.
Key players operating in the Surface Protection Tapes Market include DowDuPont (US), Compagnie de Saint-Gobain S.A. (France), 3M (US), Toray Industries, Inc. (Japan), Chevron Phillips Chemical Company (US), Berry Global Inc. (US), Nitto Denko Corporation (Japan), Avery Dennison (US), Tesa SE (Germany), and Intertape Polymer Group (Canada). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, investments, new product launches, and partnerships are some of the major strategies adopted by key players operating in the surface protection tapes market.
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