The global electricalinsulation tape market is set to grow astonishingly soon owing to theincreasing demand for energy. Besides, the modernizations of the conventionalelectrical infrastructure and existing grids would affect the marketpositively. This information is given by Fortune Business Insights™ in arecently published report, titled, “Electrical Insulation Tape Market Size,Share & COVID-19 Impact Analysis, By Material (PVC, Glass cloth, PET, andOthers), Application (Electrical & Electronics, Aerospace, Industrial andothers), and Regional Forecast, 2020-2027.” The report further states that themarket size was USD 12.8 billion in 2019 and is projected to reach USD 15.2billion by 2027, exhibiting a CAGR of 4.04% during the forecast period.
The outbreak of the COVID-19 pandemic is creating hugelosses for several companies across the globe. Most of the industries are at acomplete halt and some others are following social distancing measures to carryon with their operations. Numerous healthcare organizations are striving toinvent a vaccine to cure coronavirus. Our reports offer elaborate informationabout the effects of the pandemic on every market to help you gain businessconfidence.
Drivers &Restraints:
Increasing Demand forConsumer Electronics to Drive Growth
Electrical insulation tapes are extensively used in themanufacturing of white goods and consumer electronics. Apart from that, in theemerging nations, the demand for consumer electronics is increasing at a rapidpace owing to the rising disposable incomes of people. Coupled with this, thegrowing usage of e-commerce platforms worldwide is further boosting the demandfor such electronics. These factors are expected to propel the electricalinsulation tape market growth in the coming years.
However, the outbreak of the COVID-19 pandemic is presentlydisrupting the supply chains of a wide range of industries and electricalinsulation tape is not an exception. The overall market growth may be hamperedin 2020 owing to the unavailability of manpower and strict lockdownrestrictions imposed by the regulatory bodies. Another major cause of this isthe halt of electricity grid modernization projects in numerous countries asthe governments are applying those funds for other essential projects.
Segmentation:
Aerospace Segment toExhibit Significant Growth Backed by Rising Fleet in Asia Pacific
Based on application, the market is fragmented intoindustrial, aerospace, electrical & electronics, and others. Out of these,the aerospace segment generated 16.24% in terms of electrical insulation tapemarket share in 2019. This growth is attributable to the high demand for theseinsulation tapes in this industry owing to the rising fleet, especially in AsiaPacific.
Regional Analysis:
Increasing Usage ofElectric Vehicles to Favor Growth in North America & Europe
In 2019, Asia Pacific procured USD 7.10 billion in terms ofrevenue. China is considered to be the major contributor to this growth as thecountry possesses over 60% of the regional share. Rapid urbanization andindustrialization would help in propelling the market growth in this country.In India, the ongoing expansion of electricity grids would surge the demand forelectrical insulation tapes, thereby augmenting the market growth. In NorthAmerica and Western Europe, the increasing penetration of electricaltechnologies and the rising number of electric vehicles (EVs) are set to impactthe market growth positively.
Source: https://www.fortunebusinessinsights.com/electrical-insulation-tape-market-103476
