Pune, India, August 26,2019- The Foam Tape Market size was USD 6.98 billion in 2017 and is projected to reach USD 10.35 billion by 2023, at a CAGR of 6.83% during the forecast period. In this study, 2017 has been considered as the base year, and the forecast period is between 2018 and 2023. The report aims at estimating the size and growth potential of the foam tape market across different segments, such as resin type, technology, foam type, end-use industry, and region. The factors such as drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the foam tape market have also been studied in this report. The report analyzes opportunities in the foam tape market for stakeholders and presents a competitive landscape of the market.

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The silicone segment is projected to grow at the fastest rate than the other resin types because of its better adhesion properties. Silicone resin-based foam tape maintains adhesion over a larger temperature range and possesses the ability to adhere to difficult surfaces. These factors are expected to drive the market for silicone resin-based foam tape during the forecast period.

The hot-melt technology segment is projected to witness the highest growth during the forecast period. Hot-melt-based foam tape is widely used in the healthcare, aerospace & defense, and wind and solar energy industries. It has an extreme rate of bond formation, which can translate into high production rates. In the US, the hot-melt-based technology is widely used in tape production by the key players such as 3M Company (US) and Intertape Polymer Group Inc. (Canada).

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The acrylic segment is projected to register the highest CAGR from 2018 to 2023 as acrylic-backed foam tapes are high-performance tapes, which are used in a variety of industries such as aerospace, solar energy, and wind energy. These tapes are ideal for bonding many substrates such as metals, higher surface energy plastics, glass, composite materials, unpainted metals, and where the demand for thicker conformable products is required.

The Foam Tape Market in the APAC region is expected to register the highest CAGR during the forecast period due to the rising demand for foam tape in the emerging economies such as India, China, South Korea, Vietnam, Taiwan, and Singapore. China is leading the market for foam tape in the region. The growth of various industries such as automotive, electrical & electronics, and paper & printing, is projected to drive the demand for foam tape in China.

3M Company (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), HALCO (US), 3F (Germany), and Scapa Group Plc (UK) are some of the key players operating in the Foam Tape Market.

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