The International Organization of Motor Vehicle Manufacturers (OICA) states that the global automotive industry manufactured 21,787,126 commercial vehicles and 55,834,456 passenger cars in 2020. Further, the International Energy Agency (IEA) estimates that 78,000 electric buses, 7,000 electric buses, and 1,000 electric buses were registered in China, Europe, and the U.S., respectively, in 2020. It also reveals that the stock of battery electric vehicle (BEV) cars in China, Europe, and the U.S. in 2020 stood at 3.5 million units, 1.8 million units, and 1.1 million units, respectively.
The expanding automobile and electric vehicle (EV) sectors will help the water-based adhesive specialty tapes market grow at a CAGR of 6.5% during 2020–2030. According to P&S Intelligence, the market revenue will surge from $5,093.2 million in 2020 to $9,514.9 million by 2030. Automakers around the world are increasingly using water-based adhesive specialty tapes, such as foam tapes, double-sided tapes, and protection tapes, due to the advancements in vehicle technology and the introduction of new automobiles, such as aluminum cars and smart cars.
The resin type segment of the water-based adhesive specialty tapes market is categorized into acrylic polymer ethylene (APE) emulsion, vinyl acetate ethylene (VAE) emulsion, polyvinyl acetate (PVA) emulsion, polyurethane dispersion (PUD), styrene butadiene (SB) latex, and others. Under this segment, the PVA emulsion category generated the highest revenue in 2020, owing to the low cost, excellent biodegradation resistance, and high initial tack properties of this resin. Moreover, PVA resins also produce hard and clear films that can withstand petroleum fuels, water, oil, and grease.
Globally, the Asia-Pacific (APAC) region accounted for the largest share in the water-based adhesive specialty tapes market in 2020, and it is also projected to retain its dominance in the forecast years (2021–2030) as well. This can be ascribed to the booming electrical and electronics, healthcare, and automotive sectors, mounting disposable income of people, and flourishing economy in regional countries. For instance, the Organisation for Economic Co-operation and Development (OECD) states that the average household net adjusted disposable income per capita of Australia is $32,759 a year.
Thus, the flourishing automotive and healthcare industries will result in the largescale adoption of water-based adhesives specialty tapes in the coming years.