The globalelectrical insulation tape market is set to grow astonishingly soon owingto the increasing demand for energy. Besides, the modernizations of theconventional electrical infrastructure and existing grids would affect themarket positively. 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.
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.
Aerospace Segment to Exhibit Significant Growth Backed byRising 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. InIndia, 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.
Competitive Landscape:
Key Players Focus on Collaboration Strategy to StrengthenPosition
The market is highly fragmented. The renowned companies aremainly engaging in enhancing their existing product portfolios and partneringup with other local enterprises to strengthen their position.
Fortune Business Insights™ lists out the names of all theprominent electrical insulation tapes providers operating in the global market.They are as follows:
Browse Detailed Market Insights of This Research Report withTOC:
https://www.fortunebusinessinsights.com/electrical-insulation-tape-market-103476
