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Pretty sure scotch tape (or any other consumer product) is a tiny fraction of their business. Their main gig is selling industrial solvents, additives, adhesives & abrasives to mining & manufacturing concerns.

Building up production facilities for others & the engineering involved in all that is a lucrative line as well.

Patent licensing too.

I believe most of 3M's products are industrial abrasives, films, laminates, and adhesives. I suspect they make more money selling layers of film that are part of electronic displays than they do selling scotch tape.

The vast majority of 3m products are used by businesses. If your business is doing less stuff then they need less 3m products.

Competitors exist. And I don't remember the last time I've bought scotch tape.