Surface Protection Tapes Market worth $18.0 billion by 2024 | Key Players include DowDuPont, Compagnie de Saint-Gobain S.A., 3M, Toray Industries, Inc., Chevron Phillips Chemical Company, Berry Global Inc., Nitto Denko Corporation, Avery Dennison, Tesa SE

According to recent market research "Surface Protection Tapes Market by Type (Polyethylene, Polypropylene, Polyvinyl chloride), Surface Material (Polished metals, Glass, Plastic) End-use (Electronics & appliances, Building & construction, Automotive), and Region - Global Forecast to 2024" The surface protection tapes market is estimated at USD 12.3 billion in 2019 and is projected to reach USD 18.0 billion by 2024, recording a CAGR of 8.0%.

Increasing acceptance of surface protection tapes due to their reduced weight, ease applicability, durability, customization, and smooth removal from the surface of the substrates also contribute to the increasing demand for surface protection tapes.

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MarketsandMarkets projects that the surface protection tapes market is projected to grow from USD 12.3 billion in 2019 to USD 18.0 billion by 2024, recording a CAGR of 8% during the forecast period. The growth of the end-user industries such as automotive & transportation, electrical & electronics, and building & construction is a major factor driving the growth of the surface protection tapes market.

Surface protection tape is a protective mask applied on the surface of different substrates to prevent and protect their surfaces from dirt, moisture, abrasion, marks, scratches, or any other damages that may incur during the mechanical processes, warehousing, and transportation activities. These tapes are removable and self-adhesive webs containing a carrier material with built-in or built-on self-adhesive properties. These tapes adhere and cover the surface and protect it with a strong supplemental layer. However, this property of the surface protective tapes has a time barrier, due to the bond is easily removable, allowing the protective tape to separate from the protected surface.

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The surface protection tapes market is estimated at USD 12.3 billion in 2019 and is projected to reach USD 18.0 billion by 2024, recording a CAGR of 8%. The demand for surface protection tapes is driven by the growing use of these tapes due to their durability, ease of application, and ease of removal properties.

The surface protection tapes market is led by major players such as DowDuPont (US), Compagnie de Saint-Gobain S.A. (France), 3M (US), Toray Industries, Inc. (Japan), and Chevron Phillips Chemical Company (US). These players have adopted various growth strategies to increase their market share, enhance their product portfolio, and expand their market share. Expansions, investments, mergers, acquisitions, new product launches, and partnerships are some of the major strategies adopted by leading players operating in the surface protection tapes market. The years 2017 and 2018 witnessed a large number of mergers and acquisitions by the players in the market.

Mergers & acquisitions accounted for the largest share of all strategic developments in the surface protection tapes market during 2017–2018. Companies such as DowDuPont (US), Berry Global Inc. (US), Compagnie de Saint-Gobain S.A. (France), Tesa SE (Germany), and Intertape Polymer Group (Canada) adopted this strategy, to expand their geographical reach, seize new projects, strengthen their product & service portfolios, and cater to the untapped markets in the surface protection tapes market.

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DowDuPont (US) is an active player in offering protection films to various end-use industries. For instance, it provides polyvinyl fluoride (PVF) films for industrial applications. In addition, the company owns a number of patents in the US as well as other countries across regions. It has a strong foothold across the globe with a presence across Africa, the Asia Pacific, Europe, the Middle East, South America, and North America. Diverse product portfolio and its global reach help the company to have a balanced as well as diversified risk profile. In September 2017, DuPont (US) and Dow Chemicals (US) agreed to merge, to form DowDuPont, with a motive to improve their market growth. DowDuPont would perform as a holding company after this merger. Through this merger, the company aims to attain sustainable growth through the expansion of its product portfolio and strengthen its R&D capabilities.

Compagnie de Saint-Gobain S.A. (France) is one of the key industrial groups at a global level. It designs, manufactures, and supplies materials as well as solutions for transportation, building, infrastructure, and industrial applications. The company operates through its four business segments, namely, building distribution, construction products, innovative materials, and others. Saint-Gobain’s tape solutions provide a range of solutions for the bonding, protection, as well as insulation applications to different sectors. In July 2017, Saint-Gobain signed a purchase agreement to acquire 100% equity capital of TekBond (Brazil). TekBond supplies a broad range of adhesives, sealants, sprays, and masking tapes and is the second-largest adhesive manufacturer in Brazil that operates in the construction and automotive markets. This acquisition was made by Saint-Gobain to expand its surface protection tapes business in Brazil.

Key market players have adopted various strategies for merger & acquisition in developed and emerging countries. The Asia Pacific region dominated the surface protection tapes market in 2018. This is attributed to the rise in demand for surface protection tapes due to their durability, ease of applicability, and smooth & easy removal.

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