Building And Construction Tapes Market - Forecast(2024 - 2030)
Building and Construction Tapes Market Overview
The building and construction
tapes market size is forecast to reach US$5.3 billion in 2027 after growing at a
CAGR of 4.3% during 2022-2027. Double sided tape is anticipated to contribute
immensely to the building and construction tapes market in the forecast period.
The demand for double sided tape is increasing due to its high use in the mounting of glass elements and bonding of door panels. Masking tapes are also poised to contribute
effectively to the market’s growth owing to their high usage in painting in
construction activities. Polyethylene is expected to drive the market’s growth
owing to its superior floor marking quality and durability. Other raw materials
such as polyvinyl chloride,
polypropylene, polyethylene terephthalate,
paper, aluminum foil
will witness decent demand in the forthcoming years. The residential sector is
poised to drive the building and construction tapes market in the forecast period owing to
increased activity in the housing segment. The region in the
Asia-Pacific is projected to drive the market’s growth owing to expansion in
the construction activity in the region. However, fluctuation in raw material
prices might hamper the market’s growth in the forecast period.
COVID-19 Impact
The target market was hit by the covid-19 pandemic with disruption in the supply chain, factory shutdown, and cross border regulations. Apart from few sectors and applications in healthcare, all other industries were severely hit during the pandemic. Due to COVID-19, the prices of crude oil experienced a historical drop which directly impacted the prices of raw materials used in the building and construction tapes, ultimately fluctuating the price of the final products. However, the speedy recovery of the construction industry put the building and construction tapes back on track. According to Scapa Industrial, which is a leader in the manufacturing of industrial tapes and adhesives, mentioned in their March 2020 COVID-19 Supply Continuity report that the supply was satisfactory with the required demand during the pandemic. Going forward, the building and construction tapes market will witness massive requirements to fill the demand gap created due to the pandemic.
Report Coverage
The report: “Building and Construction Tapes Market Forecast (2022 -2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Building and Construction Tapes Industry.
Key Takeaways:
- Polyethylene is expected to contribute to the market’s growth during the forecast period. Polyethylene is a key raw material in the building and construction tapes market owing to its excellent properties like abrasion resistance, high strength, excellent adhesion, etc.
- The residential building segment is anticipated to drive the market’s growth in the coming years owing to higher investment and new housing projects. As per the 2021 statistical report by the European Construction Industry Federation, the housebuilding segment in 2021 is expected to witness an investment growth rate of 5.5%.
- The Asia-Pacific region is poised to contribute extensively to the building and construction tapes market in the forecast period due to massive expansion in construction activities in the region. For instance, in the 2021 budget, the government in Malaysia announced the full stamp duty exemption on both the loan agreement and instrument of transfer for first time home buyers in the country between 2021 to 2025. This stamp duty waiver will encourage numerous Malaysians who are looking to purchase a house in the country.
Figure: Asia Pacific Building and Construction Tapes Market Revenue, 2021-2027 (US$ Billion)
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Building and Construction Tapes Market - By Product Type
Double-sided tape dominated the building and
construction tapes market in 2021 and is growing at a CAGR of 4.5% in the forecast period.
Double
sided tape is gaining traction in building construction due to its excellent
bonding qualities which help in window and door bonding. This type of tape is
considered a better option over screws and rivets as the surface tension is
spread uniformly throughout the surface. Owing to such superior qualities,
construction professionals are using more double-sided tape in the building and
construction sectors. For instance, according to Echotape, a US based company that
provides adhesive tape solutions, stated in its April 2020
official blog that the company is thrilled to witness growing usage of double-sided tape by construction professionals in the construction
industry, especially for seaming the building envelope to acquire improved HERS (Home Energy Rating System) score. Furthermore, as
per May 2021 official blog by Echotape, Train2Build, a company that provides
training and consulting for house building is an old customer of Echotape which
announced that double-sided tape is their go to tape for windows and doors.
This increasing demand for double sided tape in the construction sector will
drive the growth of the building and construction tapes market globally in the
forecast period.
Building and Construction Tapes Market - By Raw Material
Polyethylene dominated the raw material segment in the building and
construction tapes market in 2021. The raw materials possess
excellent properties such as robust adhesion, abrasion
resistance, reliable bonding, and offer clean peel which makes it a desirable
choice in building and construction applications. Polyethylene also assists
in precise floor marking and identification in the building, pillar, ground,
etc. under harsh conditions Owing to these
high qualities of polyethylene, manufacturers are inclined towards
developing enhanced building and construction tape made up of polyethylene. For instance, Canada
based Intertape Polymer Group, which deals with construction tapes,
launched a new flame retardant polyethylene tape in May 2021 which is ideal for
building construction. This highly advanced polyethylene tape is ideal for
surface protection and sealing requirements. This type of advancement in the
field of building and construction tapes segment with the implementation of polyethylene will boost the growth of the target market in
the forecast period. Other raw materials like polyvinyl chloride, polypropylene, polyethylene terephthalate,
foam,
aluminum foil will
contribute significantly to the market’s growth in the forecast period.
Building and Construction Tapes Market - By Application
The residential building segment dominated the building and
construction tapes application segment
in 2021 and is growing at a CAGR of 4.7% in the forecast period. This segment is
poised to contribute to the market’s growth in the forecast period owing to
increasing residential projects and its sales globally. More housing projects
are coming up which will require higher usage of building and
construction tapes for bonding operations. For instance, according to the US
Census Bureau July 2021 value of construction data, the total dollar value of private residential construction
work done in July 2021 was $772,963 as
compared to $608,617 in 2020 in the US which is a growth in the construction spending.
The residential segment in the US is expected to maintain a positive trend in
the coming years as well. Similarly, the residential house building in the
European region is witnessing increased activity in 2021. As per the June 2021
data by Euroconstruct, which is a construction sector forecasting network in
Europe, stated that the residential construction segment will maintain a stable
growth rate throughout 2021. This growth in residential housebuilding across
the globe will demand higher usage of building and
construction tapes which will ultimately contribute to the market’s growth in
the forecast period.
Building and Construction Tapes Market - By Geography
The Asia-Pacific region dominated the building and construction tapes market with a market share of 32% in 2021, owing to rapid expansion in the construction activity, increased investment in infrastructure, and rampant urbanization in emerging economies such as China and India. Masking tapes and double-sided tapes are expected to witness increased usage in the region’s construction industry. The construction industry is booming aggressively in the region despite the COVID-19 impact. According to the Q4 2020 Global Construction Monitor report by the Royal Institution of Chartered Surveyors (RICS), the construction market gained positive momentum in Asia-Pacific (+8) especially in China (+16). The market in China will witness a steady growth rate in 2021. Similarly, as per the 2021 data by India Brand Equity Foundation (IBEF), India is projected to become the third largest construction industry by 2022. This massive development in the construction sector will demand higher utilization of different tapes, thereby driving the building and construction tapes market in the forecast period. The European region is expected to contribute significantly to the market’s growth in the coming years. For instance, as per Eurostat’s August 2021 report, the building construction sector in the Euro Area and European Union jumped by 3.1% and 3.8% respectively in June 2021. This upward trend in the European construction sector will help the building and construction tapes market to grow exponentially in the forecast period.
Building and Construction Tapes Market Drivers
Growing awareness for eco-friendly products will drive the market’s growth
The strict regulations imposed by different governments are allowing the manufacturers and corporates to adopt bio-based materials for the development of building and construction tapes. This way, better sustainability will be achieved, making innovation in building and construction tapes product list in the coming years. For instance, according to June 2021 report by European Adhesive Tape Association (AFERA), adhesive tapes are a hidden source of the tape industry for climate neutrality by 2050. This awareness by European Adhesive Tape Association about making eco-friendly adhesive tapes is the result of the European Green Deal announced by the European government in December 2019 to make Europe’s climate neutral by 2050. To innovate and promote adhesive tapes as sustainable solutions, AFERA has set up Sustainability Working Group (Sus-WG) by joining hands with Lohmann GmbH & Co.KG, a Germany based company that deals with adhesive tapes. Such awareness among manufacturers and associations will result in the innovation of new sustainable building and construction tapes which will contribute to the market’s growth in the coming years.
Expanding construction sector will drive the market’s growth
The rise in construction sector activity such as increased investment and new construction project announcements is projected to drive the market’s growth in the forecast period. Apart from the healthcare, the construction industry was the other sector that bounced back efficiently post COVID-19. There were certain regions related to the construction sector which posted decent growth even during the pandemic which was a massive relaxation for the building and construction tapes market. According to the European Construction Industry Federation 2021 statistical data, new housebuilding, non-residential, and renovation projects are projected to witness an investment growth rate of 4.8%, 2.6%, and 5.7% respectively. Similarly, according to 2021 India Brand Equity Foundation (IBEF) data, the construction development sectors in India received an FDI inflow amounting to US$25.93 between April 2000 and March 2021. Masking tapes, double sided tapes, foam tapes, etc, are witnessing higher usage in the construction sector and this high investment will further amplify their usage, which will augment the market’s growth in the forecast period.
Building and Construction Tapes Market Challenges
Raw material price fluctuation might hinder the market growth
Some of the raw materials involved in the manufacturing of building and construction tapes are facing a price fluctuation, courtesy of the pandemic. Raw materials like polypropylene, polyvinyl chloride, polyethylene terephthalate, polyethylene, etc, are produced from petroleum but due to volatility in petroleum price, the prices of raw materials are also fluctuating, which might affect the target market growth. In 2020, the prices of petroleum witnessed a historical drop due to lockdown restriction and supply chain disruption. On top of that, the oil price war between Saudi Arabia and Russia further deteriorated the petroleum oil price. As per the Organization of the Petroleum Exporting Countries (OPEC), production of crude oil was dropped to 7.7 million barrels per day till Dec 2020, making it the single largest reduction in output in history. As per BP statistics, the oil price averaged $41.84/bbl, in 2020 which was the lowest price since 2004. This reduction in crude oil demand resulted in volatility in petroleum price even in 2021, and this might hinder the growth of the building and construction tapes market in the forecast period.
Building and Construction Tapes Market Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Building and Construction Tapes Market. Major players in the Building and Construction Tapes Market are:
- Tesa
- 3M
- Saint-Gobain
- Henkel AG & Co
- Scapa Industrial
- Lohmann GmbH & Co.KG
- Shurtape Technologies
- Avery Dennison Corporation
- Others
Acquisitions/Product Launches
- In April 2021, Shurtape Technologies launched a new shurtape brand CP 27P, which is a multi-surface floor marking tape. This is an easy to remove floor marking tape developed. Such development in adhesive tapes contributes to the building and construction tapes market.
Relevant Reports
LIST OF TABLES
1.Global Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 ($M)2.Global Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 ($M)
3.Global Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
4.Global Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 ($M)
5.Global Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
6.Global Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
7.Global Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 (Volume/Units)
8.Global Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 (Volume/Units)
9.Global Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 (Volume/Units)
10.Global Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 (Volume/Units)
11.Global Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 (Volume/Units)
12.Global Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 (Volume/Units)
13.North America Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
14.North America Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 ($M)
15.North America Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
16.North America Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 ($M)
17.North America Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
18.North America Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
19.South America Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
20.South America Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 ($M)
21.South America Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
22.South America Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 ($M)
23.South America Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
24.South America Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
25.Europe Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
26.Europe Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 ($M)
27.Europe Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
28.Europe Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 ($M)
29.Europe Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
30.Europe Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
31.APAC Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
32.APAC Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 ($M)
33.APAC Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
34.APAC Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 ($M)
35.APAC Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
36.APAC Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
37.MENA Building Construction Tape Market:Product Estimate Trend Analysis Market 2023-2030 ($M)
38.MENA Building Construction Tape Market:Backing Material Estimate Trend Analysis Market 2023-2030 ($M)
39.MENA Building Construction Tape Market:Application Estimate Trend Analysis Market 2023-2030 ($M)
40.MENA Building Construction Tape Market:Function Estimate Trend Analysis Market 2023-2030 ($M)
41.MENA Building Construction Tape Market:End-Use Estimate Trend Analysis Market 2023-2030 ($M)
42.MENA Building Construction Tape Market:Distribution Channel Estimate Trend Analysis Market 2023-2030 ($M)
LIST OF FIGURES
1.US Building And Construction Tapes Market Revenue, 2023-2030 ($M)2.Canada Building And Construction Tapes Market Revenue, 2023-2030 ($M)
3.Mexico Building And Construction Tapes Market Revenue, 2023-2030 ($M)
4.Brazil Building And Construction Tapes Market Revenue, 2023-2030 ($M)
5.Argentina Building And Construction Tapes Market Revenue, 2023-2030 ($M)
6.Peru Building And Construction Tapes Market Revenue, 2023-2030 ($M)
7.Colombia Building And Construction Tapes Market Revenue, 2023-2030 ($M)
8.Chile Building And Construction Tapes Market Revenue, 2023-2030 ($M)
9.Rest of South America Building And Construction Tapes Market Revenue, 2023-2030 ($M)
10.UK Building And Construction Tapes Market Revenue, 2023-2030 ($M)
11.Germany Building And Construction Tapes Market Revenue, 2023-2030 ($M)
12.France Building And Construction Tapes Market Revenue, 2023-2030 ($M)
13.Italy Building And Construction Tapes Market Revenue, 2023-2030 ($M)
14.Spain Building And Construction Tapes Market Revenue, 2023-2030 ($M)
15.Rest of Europe Building And Construction Tapes Market Revenue, 2023-2030 ($M)
16.China Building And Construction Tapes Market Revenue, 2023-2030 ($M)
17.India Building And Construction Tapes Market Revenue, 2023-2030 ($M)
18.Japan Building And Construction Tapes Market Revenue, 2023-2030 ($M)
19.South Korea Building And Construction Tapes Market Revenue, 2023-2030 ($M)
20.South Africa Building And Construction Tapes Market Revenue, 2023-2030 ($M)
21.North America Building And Construction Tapes By Application
22.South America Building And Construction Tapes By Application
23.Europe Building And Construction Tapes By Application
24.APAC Building And Construction Tapes By Application
25.MENA Building And Construction Tapes By Application
26.L L Product Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Tesa Se 216, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.The 3M Company 218, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Ppg Industries, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.American Biltrite Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Avery Dennison Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Saint Gobain S A, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Berry Group, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Lintec Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Jonson Tape Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Scapa, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Shurtape Technologies, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Henkel Ag Co., Kgaa, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Nitto Denko Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Lohmann Gmbh Co. Kg, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.Maxell Sliontec Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.Dowdupont Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
43.Bow Tape Co Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)