Electrical Insulation Tape Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
ElectricalInsulation Tape Market will exhibit a CAGR of 4.04% during theforecast period, and is projected to reach USD 15.2 billion by2027, and the Market value as per 2019 was USD 12.8 billion.
FortuneBusiness Insights™ in a new report, titled, “ElectricalInsulation Tape Market Size, Share & COVID-19 Impact Analysis, ByMaterial (PVC, Glass cloth, PET, and Others), Application (Electrical &Electronics, Aerospace, Industrial and others), and Regional Forecast,2020-2027.”
Electrical Insulation Tape Market Drivers and Restraint:
Modernization of Electricity Grid is Fostering Demand forElectrical Insulation Tape
Theenergy needs have been rapidly increasing since the beginning of the 21st century.With the changes in technology and equipment, modernizations of the existinggrid and supporting the aging electrical infrastructure have become the need ofthe hour. Governments around the world are promoting the modernization of theelectricity grid anticipating the growing needs of the increasing population inthe coming years. As a result, the demand for transformers is increasing indouble digits to support the demand for smart grids, micro grids, andothers. Various electrical insulation tapes are required in these transformersto address their optimum performance at operating temperatures.
Increasing Penetration of Consumer Electronics to Bode Well forGrowth of Market
Asia-Pacificis the hub for manufacturing consumer electronics in the world owing to thestrong presence of semiconductor and other necessary industries inthe region. The low wages of workers also healthily support the manufacturingactivities in the region. Thus, the abundant amounts of these tapes areconsumed in manufacturing consumer electronics, as well as white goods.Moreover, with the increasing disposable income in the emerging countries, thedemand for consumer electronics is also surging. E-commerce has further fueledthe sales of consumer electronics which indeed is supporting the growth of themarket.
RESTRAINING FACTORS:
Alternative Technologies Likely to Confine Market Growth
Therehas been an increasing adoption of insulating adhesive solutions, especially inthe manufacturing of gadgets and miniaturized electronic goods. These adhesivesare applied on components such as resistors, diodes, transistors, and otherheat-sensitive components. These adhesives are thixotropic in nature and areepoxy-based systems that make them durable and suitable for miniaturizedelectronics. With the increasing miniaturization, the demand for such adhesivesis expected to go up, thus hampering the demand for these tapes in electronics.Moreover, in certain cases where the chances of fires are high, the use oflow-quality insulation tapes can easily catch fires, thereby damaging theproperty. Thus, for high temperature applications, alternate technologies arepreferred over these tapes.
List of Key Players Covered in the Electrical Insulation TapeMarket Report:
- tesa (Germany)
- Saint-Gobain (France)
- Nitto-Denko (Japan)
- Avery Dennison Corporation (US)
- Intertape Polymer Group Inc. (Canada)
- The 3M Company (US)
- HellermannTyton (US)
- Teraoka Seisakusho Co., Ltd. (Japan)
- Shurtape Technologies, LLC (US)
- Pidilite industries ltd (India)
To gain more insights into the market with a detailed tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/electrical-insulation-tape-market-103476
Some of the key industry developments in the ElectricalInsulation Tape Market Include:
- May 2020: Saint-Gobain, a global leader in electrical insulation tape business, released its success story with Formula student racing team Elbflorace. The two had collaborated for an effective electrical insulation tape solution for electric racing cars. Polyimide tapes were chosen as an effective solution for electric vehicles. This shows the company’s capability to cater to research solutions as per customer demand and its expertise in tapes solution for electric vehicles.
