South Korea Automotive Tapes Market Outlook

south korea is steadily increasing its automotive sector and has become one of the leading automotive nations and export related markets in asia. economic prosperity of the region and increasing technological advancements in the automotive sector have increased the demand for automotive tapes in the country. this has resulted in a rising interest of players in the market in order to capitalize on the growth potential of the industry. the major application of automotive tapes in the south korean market includes covering and protecting surfaces, joining and sealing, as well as providing sound insulation, noise reduction, rust prevention and insulation. increasing trends of customization among car buyers is contributing to the rising need for automotive tapes as automakers require strong bonding between layers of parts in order to make vehicles more attractive and resilient. the increasing number of automotive manufacturers in the country is creating demand for versatile and long-lasting automotive tapes which can meet their evolving requirements. in particular, south korea’s automakers are channelizing their efforts to manufacture electric cars and suvs and have achieved success in this field. this is creating a requirement for electric vehicle specific adhesive tapes that refuses to let dust or moisture affect their performance, resulting in an increased demand for automotive tapes from this sector. in 2018, the south korean automotive taping market was dominated by major players, with 3m company, shoeller, and nichiban being the prominent players. these players are developing superior automotive tapes by incorporating latest technologies and materials, with end-users requiring these tapes to have superior adhesive and sealant properties. in addition, they also need product safety and high maintainability. the south korean automotive taping market is set to undergo enormous changes in the upcoming years due to increasing environmental regulations focusing on reducing the emissions and improving fuel efficiency. this will have a significant effect on the automotive tapes needed by the manufacturers as they will require new solutions in order to attain these targets. this driving force is expected to continue during the forecast period of 2018-2032. additionally, increasing demand from the oem segment is also anticipated to contribute towards the growth of this market.