The global waterproof tapes market size was $4.42 billion in 2018 and the opportunities in the market are projected to grow at a CAGR of 6.1% during the forecast period 2019 to 2025. The market is estimated to witness traction in the near future owing to the growing demands for waterproof tapes such as waterproof duct tape, water resistant tape, waterproof medical tape, waterproof sealing tape, clear waterproof tape, and waterproof double sided tape in the automotive, healthcare, electrical & electronics, construction, and packaging industry verticals. These tapes exhibit water and air resistance along with excellent abrasive resistance, moisture-proof, and adhesion, therefore they are considered an optimal solution for taping applications.
Application Analysis in the Waterproof Tapes Market
The construction sector was observed as the most lucrative end-user vertical in the global waterproof tapes market. The boosted construction activities all over the world are breeding a substantial demand for distinct raw materials. One of the trending raw materials in the construction industry is waterproof tapes. These tapes are thin films that can be applied to concrete, steel, walls, and other surfaces to increase the robustness, durability, water resistance, and conductivity of the surface. The application of waterproof tapes in the construction industry is expected to grow at a CAGR of 6.5% during the forecast period. Additionally, the rapidly increasing population is generating demands for residential and commercial infrastructures which is further inclining the demands in the global waterproof tapes market.
APAC Portraying the Highest Demands
The Asia-Pacific region was observed as the most productive region in the waterproof tape market and the region was held accountable for 37% of the total waterproof tape marketplace. This heavy market share is reflected due to the tremendously growing automotive and construction sector. Additionally, the emerging market for the electric vehicles has also boosted the demands for waterproof tapes in the APAC region. Also, the growing trend of 3D printing in the construction sector is also burgeoning the demands for waterproof tapes. One other factor positively influencing the market size is the increasing application of these tapes in the healthcare sector.
Waterproof Tapes Market Trends
- Conducting Tapes: These tapes are known for conducting electrons that ultimately embraces the flow of electricity. The popularity of these tapes is growing rapidly among the education, construction, and energy sectors owing to the features they offer such as versatility, conductivity, and durability along with robust adhesion.
- Eco-friendly Tapes:Plastic is the main raw material used in the production of tapes, and the growing awareness towards the harmful properties of plastic could hinder the development of plastic growth. To tackle this situation, some of the niche and key companies are investing in the research and development activities for tape production. They are looking forward to possibilities to develop environment-friendly tapes. With such proactive processes in the tape industry, the traction in the waterproof tapes market is subjected to continue growing.
Waterproof Tapes Market Competitive Landscape
The companies influencing the waterproof tapes market are Avery Dennison Corporation, 3M Company, Henkel AG & Company, Nitto Denko Corporation, Scapa Group plc, Beiersdorf AG, I3 BioMedical, Medline Industries Inc., and Tesa.