Theglobal 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 MarketSize, Share & COVID-19 Impact Analysis, By Material (PVC, Glass cloth, PET,and Others), Application (Electrical & Electronics, Aerospace, Industrialand others), and Regional Forecast, 2020-2027.” The report furtherstates that the market size was USD12.8 billion in 2019 and is projected to reach USD 15.2 billion by2027, exhibiting a CAGR of 4.04% during the forecast period.
The outbreak of the COVID-19pandemic is creating huge losses for several companies across the globe. Mostof the industries are at a complete halt and some others are following socialdistancing measures to carry on with their operations. Numerous healthcareorganizations are striving to invent a vaccine to cure coronavirus. Our reportsoffer elaborate information about the effects of the pandemic on every marketto help you gain business confidence.
IncreasingDemand for Consumer Electronics to Drive Growth
Electrical insulation tapes areextensively used in the manufacturing of white goods and consumer electronics.Apart from that, in the emerging nations, the demand for consumer electronicsis increasing at a rapid pace owing to the rising disposable incomes of people.Coupled with this, the growing usage of e-commerce platforms worldwide isfurther boosting the demand for such electronics. These factors are expected topropel the electrical insulation tape market growth in the coming years.
However, the outbreak of theCOVID-19 pandemic is presently disrupting the supply chains of a wide range ofindustries and electrical insulation tape is not an exception. The overallmarket growth may be hampered in 2020 owing to the unavailability of manpowerand strict lockdown restrictions imposed by the regulatory bodies. Anothermajor cause of this is the halt of electricity grid modernization projects innumerous countries as the governments are applying those funds for otheressential projects.
AerospaceSegment to Exhibit Significant Growth Backed by Rising Fleet in Asia Pacific
Based on application, the marketis fragmented into industrial, aerospace, electrical & electronics, andothers. Out of these, the aerospace segment generated 16.24% in terms ofelectrical insulation tape market share in 2019. This growth is attributable tothe high demand for these insulation tapes in this industry owing to the risingfleet, especially in Asia Pacific.
IncreasingUsage of Electric Vehicles to Favor Growth in North America & Europe
In 2019, Asia Pacific procuredUSD 7.10 billion in terms of revenue. China is considered to be the majorcontributor to this growth as the country possesses over 60% of the regionalshare. Rapid urbanization and industrialization would help in propelling themarket growth in this country. In India, the ongoing expansion of electricitygrids would surge the demand for electrical insulation tapes, thereby augmentingthe market growth. In North America and Western Europe, the increasingpenetration of electrical technologies and the rising number of electricvehicles (EVs) are set to impact the market growth positively.
KeyPlayers Focus on Collaboration Strategy to Strengthen Position
The market is highly fragmented.The renowned companies are mainly engaging in enhancing their existing productportfolios and partnering up with other local enterprises to strengthen theirposition.
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