The global Adhesive Foam Tape market size was estimated at USD 10.1 billion in 2023 and is projected to reach USD 15.5 billion in 2030 at a CAGR of 6.5% during the forecast period 2023-2030.
Foam tapes, which are widely regarded as a type of adhesive tape that features self-adhesive properties and pressure-sensitive characteristics, are coated with an adhesive on either one or both sides. These tapes are typically constructed using various foam types, including but not limited to polyurethane, polyethylene, acrylic, and others such as nitrile, EVA, polyester, polyether, rubber, PVC, and vinyl. In essence, foam tapes serve as a fundamental component within a plethora of industrial sectors, including the automotive industry, building and construction, as well as electronics and electrical industries. Their versatile nature allows them to be used for a multitude of purposes, including bonding, mounting, holding, splicing, and many more.
The escalation of market growth in the adhesive foam tape industry is primarily attributed to the increase in application scope within the aerospace and defense as well as construction sectors. Additionally, the rise in the availability of various advantageous properties, such as high strength, light weight, improved texture, and weather resistance, further contributes to this growth. Furthermore, the heightened awareness amongst construction and automobile manufacturers regarding the different properties and benefits offered by these products is also a significant driving factor among others in the adhesive foam tape market.
The current expansion of the market has been adversely affected by the unprecedented COVID-19 pandemic, which has resulted in the imposition of stringent lockdowns, social distancing measures, and trade sanctions causing significant disruptions in global supply chain networks. As a result of the aforementioned restrictions, a significant number of industries and factories in various countries have been compelled to temporarily halt their operations, which has had an adverse impact on the growth of critical segments such as aerospace, automotive, and construction.
The mounting apprehensions regarding the environment and the increasing number of regulations have stimulated the manufacturers of foam tape to concentrate their efforts on the advancement of environmentally sustainable commodities. However, the escalating costs of the fundamental raw materials have hindered the expansion of the foam tape market. This impediment is primarily due to the surging costs of foam types, such as acrylic and PE, which are prevalent globally and are having a substantial impact on the foam tape market. It is noteworthy that the majority of the raw materials utilized in the production of foam tape are derivatives of petroleum, which are highly susceptible to fluctuations in commodity prices.
Asia-Pacific to Dominate the Market
