The global specialty tapes market size was USD 45.9 billion in 2020 and is projected to reach USD 67.2 billion by 2026, at a CAGR of 6.4% between 2020 and 2026. The driving factor for the specialty tapes market is the growing use of specialty tapes in diverse end-use industries.
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The major companies in this market are 3M Company (US), Nitto Denko Corporation (Japan), tesa SE (Germany), Lintec Corporation (Japan), Avery Dennison Corporation (US), Scapa Group Plc (UK), Intertape Polymer Group, Inc. (US), Berry Global Inc. (US), Saint-Gobain Performance Plastics Corporation (France), and Lohmann GMBH & Co. Kg, Nichiban Co. Ltd (Germany). The wide product portfolio enables them to serve most of the regions worldwide. These players primarily focus on strategies like merger & acquisition, and new product launch through their strong financial capabilities and well-established brand equity.
3M company has ranked first in the specialty tapes market because of its strong product portfolio. The company manufactures customized solutions based on the needs of various industries. 3M has leveraged its strong financial background and distribution network to expand its business in China and the US.3M makes continuous investments in R&D to reduce risks of technical and economical failure. The focus on Environmental Social Governance (ESG) helps it stay relevant with the changing industry standards and laws. In October 2019, to acquire Acelity Inc. (US) in the second half of 2019. Acelity is a recognized leading provider of advanced wound care technologies and solutions and had revenues of USD 1.5 billion in 2018. This acquisition is an excellent complement to 3Ms Health Care business and bolsters the companys Medical Solutions business and supports its growth strategy to offer comprehensive, advanced, and surgical wound care solutions.
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Tesa SE has been ranked second in the market because of its strong product portfolio, which has wide acceptance in electronics, packaging, and construction industries. The company has a strong financial background with a superior distribution network in North America, Europe, APAC, the Middle East & Africa, and South America. The company, through the strategy of new product launch, can cater to the demands of a wide range of industries, especially from APAC. This will boost the growth of the company and, also, its specialty tapes business, globally. More investments expansions would help the company to increase their market share worldwide owing to huge development and increasing demand from APAC. In January 2019, tesa SE introduced six new aluminum foil tapes, which are available with and without a liner. The products include tesa 50525, tesa 50565, and tesa 50575. These tapes are used in appliances, including refrigerators to seal liners of the freezer for better heat transfer.
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