Published Date : 20 Apr 2023
The global building and construction tapes industry revenue was estimated at US$ 3.9 billion in 2022 and it is anticipated to grow US$ 5.74 billion by 2032. It is expanding at a CAGR of 3.94% from 2023 to 2032.
The building and construction tapes industry growth is driven by the growing construction industry, increasing urbanization, and the increased use of technological advance products.
Construction and building tapes are used to provide strong adhesion for a variety of uses in an infrastructure. The synthetic materials that makeup building and construction tapes bind two surfaces to sustain contraction. Building and construction tapes have exceptional advantages, including quick and simple application on any surface, protection of walls and windows, and aesthetic appearance to both internal and exterior building structures. Additionally, building and construction tapes are used to paint, hold or bundle cables, insulate buildings, and remodel their structural elements. The systems and components of buildings need to be properly protected from harsh weather, external forces, pollution, cracks, excessive noises and vibrations, and a variety of other factors that endanger the structure's health.
Building and Construction Tapes Industry Report Scope:
|Market Size in 2022||USD 3.9 Billion|
|Projected Forecast Value in 2032||USD 5.74 Billion|
|Growth Rate from 2023 to 2032||CAGR of 3.94%|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The Asia Pacific is expected to capture the largest industry share during the forecast period. The regional growth is attributed to the growing construction industry, especially in the countries like India and China. The growing infrastructural projects such as roads, smart cities and others are creating an attractive opportunity for industry expansion. For instance, according to the United Nations Department of Economic and Social Affairs, two out of every three individuals are expected to live in cities or other urban areas by the year 2050. Between 2018 and 2050, the expected increase in the world's urban population will be accounted for by 35% by India, China, and Nigeria combined. According to estimates, India, China, and Nigeria will each have gained 416 million, 255 million, and 189 million urban residents. Thus, the growing number of projects in the nations positively impacted the industry expansion over the forecast period.
Growing construction industry
The industry is expected to grow during the forecast period due to an increase in construction industry activity, including higher investment and new construction project announcements. The construction sector, in addition to healthcare, was the other one that quickly recovered after COVID-19. The building and construction tapes industry experienced a significant slowdown as a result of the pandemic, but some construction-related regions continued to expand reasonably well.
The European Construction Industry Federation forecasts that new housing construction, non-residential construction, and renovation projects will see expenditure growth rates of 4.8%, 2.6%, and 5.7%, respectively, in 2021. The construction development sectors in India got FDI inflows totaling US$25.93 between April 2000 and March 2021, per data from the 2021 India Brand Equity Foundation (IBEF). Masking tapes, double-sided tapes, foam tapes, and other types of tape are used more frequently in construction, and this significant investment will increase their use even more during the forecast period.
Volatility in the price of raw materials
The pandemic has caused a price change for some of the raw materials used in the production of building and construction tapes. Petroleum is used to create raw materials like polypropylene, polyvinyl chloride, polyethylene terephthalate, and polyethylene, among others, but due to petroleum price volatility, raw material prices are also unpredictable which may have an impact on the expansion of the target industry. Oil prices experienced a historically low point in 2020 as a result of supply chain interruption and lockdown restrictions. In addition, the oil price collapse was made worse by the conflict between Saudi Arabia and Russia over oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) reports that petroleum oil production has been reduced to 7.7 million barrels per day through December 2020, the single-largest output decrease in history. According to BP statistics, the average price of gasoline in 2020 was $41.84/bbl, which was the lowest price since 2004. Even in 2021, the price of oil fluctuated due to the decline in demand, which could impede the expansion of the building and construction tapes industry over the projection period.
Increasing consumer awareness of sustainable products
Manufacturers and corporations are adopting bio-based materials for the development of building and construction tapes due to the strict regulations enforced by various governments. Better sustainability will be attained in this manner, adding innovative building and construction tapes to the product line in the upcoming years. For instance, according to a report published in June 2021 by the European Adhesive Tape Association (AFERA), adhesive tapes are an unidentified source for the tape industry's goal of becoming carbon neutral by 2050.
The European Green Deal, which the European government unveiled in December 2019 to make Europe climate neutral by 2050, has contributed to the European Adhesive Tape Association's awareness of the need to produce environmentally friendly adhesive tapes. By collaborating with Lohmann GmbH & Co.KG, a business that deals with adhesive tapes and is based in Germany, AFERA established the Sustainability Working Group (Sus-WG) to develop and promote adhesive tapes as sustainable solutions. As a consequence of this increased awareness among producers and associations, new sustainable building and construction tapes will be developed, helping the industry to expand in the years to come.
Major Key Players:
By Backing Material
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