Building and Construction Tapes Industry Growth Is Attributed Due to the Growing Construction Industry

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. 

Industry Overview:

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:

Report Coverage Details
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
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East & Africa


Report Highlights:

  • By product, the double-sided tapes are expected to grow at the highest CAGR. Over the forecast period, it is expected that increasing utilization of double-sided tapes in the mounting of glass components and the bonding of door panels will increase demand for the product. The capacity of the product to replace alternatives, such as adhesives, as well as the increasing significance of aesthetics in the building and construction sector are also anticipated to support development.
  • By backing material, the polyethylene segment is expected to dominate the industry during the forecast period. The raw materials are an excellent option for building and construction applications because of their strong adhesion, abrasion resistance, reliable bonding, and clean peel. Under difficult circumstances, polyethylene also helps with accurate floor marking and identification in buildings, pillars, the ground, etc. Manufacturers are leaning towards creating improved building and construction tape made of polypropylene because of its high quality. For instance, the Canadian company Intertape Polymer Group, which manufactures construction tapes, recently introduced a new flame-resistant polyethylene tape that is excellent for building construction in May 2021. This cutting-edge polyethylene tape is perfect for securing and protecting surfaces. Thus, this is expected to drive industry growth during the forecast period.

Regional Insights:

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.

Industry Dynamics:

Drivers:

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.

Restraint:

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.

Opportunities:

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.

Recent Developments: 

  • In November 2022, for the building and construction industry, Avery Dennison Performance Tapes introduced a new portfolio of interior surface bonding options. The Avery Dennison Interior Surfaces portfolio includes nine pressure-sensitive tape constructions with different adhesive technologies that can be used to bond materials to interior surfaces in both commercial and residential settings. Pressure-sensitive adhesive tapes are a well-established technology that is frequently used in both residential and commercial contexts.
  • In March 2022, by introducing the MasterTapeTM Pack Green tape backing line, which consists of bio-based tape backings with higher sustainability attributes, Ahlstrom-Munksjö is continuing to grow in the packaging tape industry. With varying levels of releases that are compatible with different adhesive systems, MasterTapeTM Pack Green is offered in a variety of variants and basis weights, including saturated and release-coated tape backings as well as saturated and coated tape backings. By client needs, the offering can also be completely customized.

Major Key Players:

  • The Dow Chemical Company
  • Saint-Gobain Performance Plastic Corporation
  • Canadian Technical Tape Limited
  • Berry Global Inc
  • Nitto Denko Corporation
  • Intertape Polymer Group Inc.
  • Ahlstrom Corporation

Market Segmentation:

By Product

  • Double-sided Tapes
  • Masking Tapes 
  • Duct Tapes

By Backing Material

  • Polyvinyl Chloride (PVC)
  • Polyethylene Terephthalate
  • Polypropylene
  • Foil
  • Polyethylene
  • Foam
  • Paper
  • Others

By Application

  • Flooring
  • Walls & Ceilings
  • Windows
  • Doors
  • Roofing
  • Plumbing
  • HVAC

By Function

  • Bonding
  • Protection
  • Sound Proofing
  • Insulation
  • Cable Management 
  • Glazing

By End-Use

  • Residential
  • Commercial

Buy this Research Report@ https://www.precedenceresearch.com/checkout/2674

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com| +1 9197 992 333