Waterproof Tapes Global Market Report 2024

The waterproof tapes market size has grown strongly in recent years. It will grow from $14.03 billion in 2023 to $15 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historic period can be attributed to the expansion within the construction industry, increased repair and maintenance activities, heightened consumer awareness, concerns related to weather durability, the manufacturing industry's demands, and growth within the marine and boating sectors.

The waterproof tapes market size is expected to see strong growth in the next few years. It will grow to $19.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The projected growth in the upcoming period can be linked to escalating urbanization, the implementation of green building practices, heightened occurrences of extreme weather events, adherence to health and safety regulations, initiatives focused on water management, and the increasing adoption of environmentally friendly solutions. Major trends anticipated during this period encompass tailored and specialized tape offerings, innovation in application techniques, emphasis on aesthetics and design, integration of smart building technologies, and advancements in tape technology.

The expanding healthcare industry is poised to drive the growth of the waterproof tapes market in the foreseeable future. The healthcare sector encompasses a diverse range of companies engaged in providing medical services, manufacturing medical devices or medications, offering medical insurance, and delivering healthcare to patients. Within this industry, waterproof tapes find extensive applications, including in surgical containers, monitoring electrodes, wound coverings, securing cover shields during operations, and protecting various injuries such as abrasions, cuts, minor burns, blisters, and incisions. Notably, in January 2023, McKinsey & Company published an article projecting a 4% growth in healthcare profit pools, from $654 billion in 2021 to an estimated $790 billion in 2026, with an additional 6% growth anticipated from 2021 to 2025. This robust expansion in the healthcare industry is a key driver for the growth of the waterproof tapes market.

The burgeoning construction industry is expected to contribute significantly to the growth of the waterproof tapes market. The construction sector is vast and multifaceted, covering activities ranging from home building and commercial construction to infrastructure development. Waterproof tapes play a crucial role in this industry by serving as versatile tools to protect surfaces from water damage and prevent the growth of mold and mildew. In September 2021, Oxford Economics reported that global construction output is anticipated to witness a substantial 42% increase, equivalent to $4.5 trillion, reaching USD 15.2 trillion by 2030. This robust growth in the construction industry serves as a driving force for the waterproof tapes market.

A prominent trend is the emphasis on product innovation, with major companies actively engaged in developing cutting-edge waterproof tapes to maintain their market positions. A notable example is Flex Seal Products, a US-based manufacturer of adhesive bonding products, which introduced Flex Tape in March 2021. Flex Tape is an exceptionally durable waterproof tape designed for rapid repair, bonding, and sealing across a wide range of applications. Its strong adhesive properties enable effective attachment to nearly any surface, regardless of whether it is wet or dry. The adhesive strength of Flex Tape further increases with use and stress, making it a versatile solution for various needs.

Major players in the waterproof tapes market are directing their efforts towards the development of premium products such as premium duct tape to gain a competitive advantage. Flex Seal, in July 2023, launched Flex Super Wide Duct Tape, a high-quality, heavy-duty adhesive tape crafted for demanding applications. Noteworthy features include a thick, tightly woven cloth backing and a robust, aggressive adhesive. This premium duct tape is exceptionally wide, up to 300% wider than standard duct tape, with a tough reinforced backing that remains strong while being tearable by hand. Its thick, powerful adhesive ensures maximum bonding strength and adheres effectively to virtually all surface types. Moreover, Flex Super Wide Duct Tape boasts water, weather, and UV resistance, making it suitable for both indoor and outdoor applications.

A strategic move in the market involves corporate acquisitions, such as Boyd Corporation's acquisition of MBK Tape Solutions in December 2021. Boyd Corporation, a US-based provider of innovative sealing, thermal management, and protection solutions, acquired MBK Tape Solutions to enhance its capabilities in medical material science, specifically in advanced wound care, transdermal patches, and biosensor applications. MBK Tape Solutions, a US-based company, specializes in the production and development of complex multi-layered adhesive materials tailored for applications involving bonding, mounting, monitoring, and protection in stick-to-skin scenarios. This acquisition reinforces Boyd Corporation's position in the evolving waterproof tapes market.

Major companies operating in the waterproof tapes market report are Avery Dennison Corporation, ABE UK Ltd., Aggarwal Brothers Pvt. Ltd., Asian Paints Ltd., Henkel AG & Co. KGaA, Johnson & Johnson Services Inc., Minnesota Mining and Manufacturing Company, Nitto Denko Corporation, Scapa Group plc, Tesa SE, Saint-Gobain S.A., Berry Global Inc., Intertape Polymer Group Inc., Lintec Corporation, Nichiban Co. Ltd., Shanghai Yongguan Adhesive Products Corp. Ltd., Wuhan Huaxia Nanfeng Adhesive Tapes Co. Ltd., Sika AG, W. W. Grainger Inc., Bostik SA, DOW Corning Corporation, Franklin International Inc., Hexion Inc., Illinois Tool Works Inc., Mapei Corporation, Momentive Performance Materials Inc., Pidilite Industries Limited, RPM International Inc., Medline Industries Lp, Shurtape Technologies LLC, The Gorilla Glue Company.

North America was the largest region in the waterproof tapes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the waterproof tapes market report during the forecast period. The regions covered in the waterproof tapes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the waterproof tapes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These tapes utilize various resin types such as acrylic, butyl, silicone, among others. Acrylic, a synthetic fabric derived from plastics, includes materials such as polyester and nylon. Additionally, these tapes employ different substrate types such as plastic, metal, rubber, and others, catering to industries such as electrical and electronics, automotive, construction, healthcare, packaging, and more.

The waterproof tapes market research report is one of a series of new reports that provides waterproof tapes market statistics, including waterproof tapes industry global market size, regional shares, competitors with waterproof tapes market share, detailed waterproof tapes market segments, market trends, and opportunities, and any further data you may need to thrive in the waterproof tapes industry. This waterproof tapes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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