Automotive Automotive Adhesive Tape Market | Page 2

The global automotive adhesive tape market is segmented into application such
as interior and exterior. Among these segments, interior automotive adhesive
tape segment is expected to occupy top position in overall automotive adhesive
tape market during the forecast period. Wide scale utilization of automotive
adhesive tape for wire harnessing, noise and vibration harnessing is the major
driving factor of the interior automotive adhesive tape segment. Moreover,
replacement of fasteners by automotive adhesive tapes is anticipated to fuel the
growth of the global automotive adhesive tape market.
Global automotive adhesive tape market is expected to flourish at a significant
CAGR of 7.02% during the forecast period. Moreover, the global automotive
adhesive tape market is expected to garner USD 37.68 Million by the end of
2024. Growing demand for automobiles across the globe is expected to
strengthen the growth of automotive adhesive tape market in the upcoming
years. Further, increasing usage of automotive adhesive tape over fasteners is
anticipated to drive the growth of the market of automotive adhesive tape
market.
Asia Pacific dominated the overall automotive adhesive tape market and is
expected to continue its dominance over the forecast period. This can be
attributed to significant growth of vehicle production in the region. Countries
such as China, India, Japan and South Korea are witnessing the augmented
demand for automotive adhesive tapes. North America captured 23% market
share in global automotive adhesive tape market in 2016. Moreover, favorable
government policies are boosting the demand for automotive adhesive tapes.
Further, presence of major manufacturers in the region is expected to strengthen
the growth of automotive adhesive tape market in North America.
Rising Production of Automotive Vehicles
Increasing demand and production of automotive vehicles across the globe is
anticipated to spur the growth of the automotive adhesive tape market.
Moreover, increasing utilization of automotive tapes to fit mirrors, badges and
other parts are believed to trigger the growth of automotive adhesive tape market
during the forecast period.
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