The aerospace tapes market size is projected to grow from USD 2.0 billion in 2019 to USD 2.4 billion by 2024, at a CAGR of 4.0%, during the forecast period. There has been a widespread acceptance of aerospace tapes in various industries such as commercial aviation, military aviation, and general aviation. Initiatives undertaken by governments of China and India, increasing demand for lightweight and more fuel-efficient aircraft, rising demand for passenger aircraft in emerging regions, and replacement of old/aging aircraft & modernization of existing aircraft are expected to drive the growth of the aerospace industry, thus, consequently augmenting the growth of the aerospace tapes market.
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Commercial aviation segment to dominate the aerospace tapes market
Commercial aviation involves operating aircraft on hire to transport passengers or multiple loads of cargo. The commercial aviation segment includes commercial airline fleets, cargo planes, and regional airlines. As the standard of living is improving in developing countries, the demand for air travel will continue to grow. Wide and narrow-body aircraft deliveries are expected to drive most of the market growth. These factors are responsible for the growth of aerospace tapes in the commercial aviation segment.
Aerospace tapes market in APAC is expected to register the highest CAGR
The APAC aerospace tapes market is segmented as China, Japan, India, South Korea, Singapore, and Rest of APAC. APAC is an emerging and lucrative market for aerospace tapes, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world’s population, resulting in the growth of the manufacturing and processing sectors.
The key market players are 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), tesa SE (Germany), Scapa Group plc (UK), Intertape Polymer Group (Canada), Compagnie de Saint-Gobain S.A. (France), Berry Global, Inc. (US), Advance Tapes International (UK), Stokvis Tapes BV (Netherlands), Shurtape Technologies, LLC (US), DeWAL Industries (US), MBK Tape Solutions (US), GERGONNE – The Adhesive Solution (France), Adhesives Research, Inc. (US), American Biltrite Inc. (US), Can-Do National Tape, Inc. (US), Av-DEC, Inc. (US), JTAPE Limited (UK), Fralock Innovative Materials Manufacturing & Automation (US), UltraTape (US), and Mask-Off Company, Inc. (US). These players have adopted various strategies, such as merger & acquisition and investment & expansion between 2016 and 2019, to enhance their market shares and expand their global presence
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Avery Dennison Corporation manufactures, markets, and sells pressure-sensitive materials, self-adhesive base materials, and self-adhesive consumer & office products. The company operates through three business segments, namely, label and graphic materials, retail branding and information solutions, and industrial and healthcare materials. The company, through its pressure-sensitive product division, manufactures and sells aerospace tapes. The performance tapes product division of the company provides pressure-sensitive adhesive tapes for bonding, sound/ vibration damping, and part protection in the aerospace industry. These tapes have been designed for use during new plane construction and aircraft refurbishment.
tesa SE is one of the leading manufacturers of adhesive tapes and self-adhesive solutions for industry retailers and consumers. It operates through two business segments – direct industries and trade markets. The company sells more than 7,000 products in almost 100 countries and has eight production sites.
