Foam Tape Global Market Report 2024: Market Size Projections Until 2033 and Emerging Trends

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How has the foam tape market grown so far?
In recent years, the foam tape market has experienced significant growth. From $9.26 billion in 2023, the market is expected to grow to $10.02 billion in 2024. This growth streak, reflecting a compound annual growth rate CAGR of 8.2%, can be largely attributed to the automotive industry, which has been a major consumer of foam tapes. Other factors promoting growth include the thriving construction industry, the adoption of foam tapes for various applications in the electronics industry, and the use of lightweight foam tapes in the automotive and aerospace industries, which is essential for fuel efficiency. Foam tapes, which utilize pressure-sensitive adhesives and acrylic adhesives, have also seen substantial demand.

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What is the forecast market size and growth rate for the foam tape market?
In the coming years, the foam tape market is set to witness even more robust growth. By 2028, it is predicted to reach $13.77 billion, growing at a compound annual growth rate of 8.3%. The projected growth during this period is fuelled by the demand for low-emission, eco-friendly foam tapes, the surge in electric vehicles, the adoption of smart home devices and Internet of Things IoT technology, and the continuous expansion of e-commerce. The increasing emphasis on energy conservation also contributes significantly to this growth. Major trends in the forecast period include the development of bio-based foam tapes with lower VOC emissions, a shift towards more advanced foam tapes, increasing automation in industries such as automotive and electronics, focus on providing customized solutions by manufacturers, expanding infrastructure, and automotive production.

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What is driving the foam tape market?
Meanwhile, the booming construction industry is expected to be a major catalyst propelling the growth of the foam tape market. Construction activities, which encompass a wide range of tasks and operations involved in developing infrastructure for sewage, stormwater, and nonpoint-source projects, have been on the rise thanks to rapid urbanization, infrastructure development, and technological advancements. Foam tape is highly beneficial in construction activities, particularly in sealing gaps and joints in construction projects, around windows, doors, and other openings.

What are major players in the foam tape market doing to stay competitive?
Among the key players in the market, several are focusing on developing acrylic foam tapes, known for their excellent adhesion to a variety of surfaces like metals, plastics, and glass, delivering superior bonding strength and durability, and their resistance to extreme temperatures, moisture, and UV exposure. For instance, CCL Design, a Canada-based packaging and labeling company, launched the 5400 LSE acrylic foam tape series back in November 2023.

How is the foam tape market segmented?

1 By Type: Single Sided Foam Tape, Double Sided Foam Tape
2 By Foam Type: Polyethylene, Polyurethane, Neoprene, Acrylic, Other Foam Types
3 By Resin Type: Rubber, Silicone, Acrylic, Ethylene-Vinyl Acetate EVA, Other Resin Types
4 By Technology: Solvent-Based, Water-Based, Hot-Melt-Based
5 By End-User Industry: Automotive, Construction, Electrical and Electronics, Aerospace, Packaging, Other End-User Industries
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