According to VMR analyst, the Asia Pacific region is estimated to dominate the double-sided tape market during the forecast period. The Asia Pacific region, mainly China, South Korea, and Taiwan, dominates the worldwide electronics manufacturing sector. According to International Data Corporation (IDC), Asia Pacific (excluding Japan) accounted for 79.6% of worldwide electronics output in 2021. In China alone, the Ministry of Industry and Information Technology reported that the entire production of the electronic information manufacturing industry reached 12.6 trillion yuan (about USD 1.95 Trillion) in 2020, a 5.3% growth year on year. This huge electronics manufacturing base generates a high demand for double-sided tapes used in a variety of electronic components and gadgets.

Furthermore, the Asia Pacific region is rapidly urbanizing and developing infrastructure, resulting in increased demand for construction materials such as double-sided tapes used in building and restoration projects. The Asian Development Bank (ADB) predicts that Asia will need to invest USD 1.7 Trillion per year in infrastructure until 2030 to maintain its growth momentum. According to China’s National Bureau of Statistics, investment in real estate construction reached 14.76 trillion yuan (about USD 2.29 Trillion) in 2021, a 4.4% rise over the previous year. This current construction boom is driving up demand for double-sided tapes, which are utilized in a variety of construction applications, including panel mounting and flooring installation.

How Does the Rapid Growth in the eCommerce & Packaging Industry Drive the Growth in North America?

North America is estimated to exhibit substantial growth within the market during the forecast period. The e-commerce sector in North America has been rapidly expanding, generating demand for packaging materials such as double-sided tapes. According to the US Census Bureau, e-commerce sales in the United States exceeded $870.8 billion in 2021, up 14.2% from 2020 and 50.5% from 2019. The United States Department of Commerce reports that e-commerce accounted for 13.2% of total retail sales in 2021, up from 7.3% in 2015. The significant growth in e-commerce is driving up demand for double-sided tapes used in packing and shipping applications.

Furthermore, North America, particularly the United States, has a thriving aerospace and defense industry that extensively uses double-sided tapes in a variety of applications. According to the Aerospace Industries Association, the US aerospace and defense industry achieved USD 874 Billion in sales income in 2020, despite the pandemic’s impact. The Federal Aviation Administration (FAA) expects the overall commercial aircraft fleet to increase by 7.5%, from 7,690 in 2019 to 8,270 in 2040. This expansion in the aerospace industry increases demand for specialized double-sided tapes used in aircraft construction and maintenance.

Competitive Landscape

The double-sided tape market has a low level of concentration, with multiple companies vying for market share. Key industry players use strategies such as product launches, acquisitions, agreements, and alliances to maintain their positions and grow their global footprint.

Some of the prominent players operating in the double-sided tape market include:

• 3M
• Nitto Denko Corporation
• Tesa SE
• Lintec Corporation
• Avery Dennison Corporation
• Lohmann GmbH & Co. Kg

• In May 2023, Lohmann announced its new biobased range, DuploCOLL ECO, which makes use of TwinMelt, a solvent-free technology. This idea intends to make adhesive tapes with lower energy usage and emissions, responding to the growing demand for ecologically friendly products. The launch demonstrates Lohmann’s dedication to sustainability while increasing the efficiency of double-sided tapes in a variety of applications.
• In April 2024, Nitto Denko Corporation announced that it would purchase a share of TruLife Optics (TLO). This strategic effort seeks to expand Nitto’s product offerings into emerging industries such as augmented reality, thereby improving its sales capabilities in the digital interaction space. The acquisition is consistent with Nitto’s “Nitto for All” strategy, which focuses on novel applications and market diversity.

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