NEWARK, Del, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The global automotive tape market value is anticipated to total USD 3,991.0 million in 2024 and USD 5,711.3 million in 2034. Over the forecast period, sales of automotive tapes are projected to soar at 4.1% CAGR.

The automotive tape industry is set to register steady growth through 2034. This is attributable to several factors, including:

Expanding automotive sector

Growing popularity of electric vehicles

Increasing demand for advanced automotive adhesive solutions

Development of eco-friendly automotive tapes

Automotive tapes have become essential adhesive products in the automotive industry. Hence, increasing production and sales of vehicles will likely play a crucial role in boosting the growth of the automotive tape market through 2034.

The increasing adoption of electric vehicles is anticipated to generate demand for advanced automotive tapes. Electric vehicles need specialized tapes that effectively bond and insulate the components. Thus, the shift towards electric cars is expected to fuel sales of automotive tapes.

The growing focus on reducing the weight of automobiles in electric and hybrid vehicles is also impacting the market. Lightweight automotive tapes help maintain the structural integrity and overall performance of electric vehicles.

The development of high-performance automotive tapes to meet the diverse requirements of electric vehicles will further boost the target market. Similarly, the implementation of regulatory standards is expected to create the need for optimum automotive tapes.

Regulatory standards and compliance in automobile manufacturing are essential to the automotive industry. Vehicle emissions, performance, and safety regulations require quality tapes in vehicle manufacturing.

Adhesive tapes are crucial in vehicles that ensure safety and performance standards and provide reliable bonding for critical components. Automotive tapes help contribute to structural integrity, efficiency, and vehicle safety.