Rise in investments in research and development activities, entry of new players, product innovation, technological breakthroughs, effective resource allocation, and growing competition among business rivals to expand its regional and customer base drive the growth of the global carry handle adhesive tapes market.
PORTLAND, Ore., June 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Carry Handle Adhesive Tapes Market by Type (Acrylic, Rubber, Silicone, Ethylene Vinyl Acetate, Others), by Technology (Water-Based, Solvent-Based, Hot Melt, Radiation-Based, UV Cured, Electronic Beam Cured), by End-User Industry (Packaging, Electronics, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global carry handle adhesives tapes industry was estimated at $233.49 million in 2021, and is anticipated to hit $414.33 million by 2031, registering a CAGR of 6.0% from 2022 to 2031.
Prime determinants of growth-
Rise in investments in research and development activities, entry of new players, product innovation, technological breakthroughs, effective resource allocation, and growing competition among business rivals to expand its regional and customer base drive the growth of the global carry handle adhesive tapes market. At the same time, Customers' spending capacity is expected to expand as their disposable income rises, adding to the market's profits for carry handle adhesive tapes, thus creating an array of opportunities in the industry.
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Covid-19 scenario-
- Also, transport limitations were implemented, which resulted in reduced industrial production and disrupted supply chain, which impacted the global carry handle adhesive tapes negatively.
- On the other hand, there was a steep incline in the trend of online shopping, which gave way to rise in demand for carry handle adhesive tapes for packaging of food & beverages, cosmetics, industrial, and personal care products, thus providing a mixed impact on the market.
The rubber segment to dominate by 2031-
Based on type, the rubber segment accounted for more than one-fourth of the global carry handle adhesives tapes market share in 2021, and is anticipated to rule the roost by 2031. This is due to the fact that rubber-based adhesives have high initial adhesion buildup, good shear strength, moderate temperature resistance, and others. The acrylic segment, however, would cite the fastest CAGR of 6.7% throughout the forecast period. This is attributed to the fact that acrylic adhesives hold up well to moisture and are capable to sustain drastic temperature changes as well as seasonal elements, such as ultraviolet light and freezing conditions.
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The hot melt segment to maintain the dominant share-
On the basis of technology, the hot melt segment generated the highest share in 2021, holding more than two-fifths of the global carry handle adhesive types market, due to their ease of application and flexibility with different types of materials. The UV cured segment, however, is expected to cite the fastest CAGR of 7.1% from 2022 to 2031. This is because UV cured technology allows adhesive tapes to be developed flexibly in shape.
Asia-Pacific garnered the major share in 2021-
On the basis of region, Asia-Pacific contributed to the major market share in terms of revenue 2021, holding more than two-fifths of the global carry handle adhesive pest market. The same region is also projected to cite the fastest CAGR of 6.3% from 2022 to 2031. High growth of applications such as packaging, electronics, construction, and others has helped the region achieve a leading position in the market.
Key players in the industry-
- Airmaster Adhesive Tapes
- Boston Tapes Commercial Srl
- Logo tape GmbH & Co. KG
- 3M
- NRG Tapes
- Supertape
- Alimac Srl
- Tesa SE
- VENERA D.O.O
- Davik Industries
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