The Foam Tape Market is estimated at USD 7.44 billion in 2018 and is projected to reach USD 10.35 billion by 2023, at a CAGR of 6.83% from 2018 to 2023. The increasing use of foam tape in various industries such as electrical & electronics, building & construction, automotive, and paper & printing is driving the foam tape market.
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The silicone segment is projected to grow at the fastest rate than the other resin types because of its better adhesion properties. Silicone resin-based foam tape maintains adhesion over a larger temperature range and possesses the ability to adhere to difficult surfaces. These factors are expected to drive the market for silicone resin-based foam tape during the forecast period.
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The Foam Tape Market in the APAC region is expected to register the highest CAGR during the forecast period due to the rising demand for foam tape in the emerging economies such as India, China, South Korea, Vietnam, Taiwan, and Singapore. China is leading the market for foam tape in the region. The growth of various industries such as automotive, electrical & electronics, and paper & printing, is projected to drive the demand for foam tape in China.
3M Company (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Lintec Corporation (Japan), Intertape Polymer Group, Inc. (Canada), Avery Dennison Corporation (US), HALCO (US), 3F (Germany), and Scapa Group Plc (UK) are some of the key players operating in the Foam Tape Market.
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