Market Overview
In its research report, Market Research Future (MRFR), reflects that over the review period , the global market 2020 is expected to grow exponentially, ensuring substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
It is expected that increased awareness among manufacturers about the convenience of tapes, the impact of robust growth in the construction industry, and color codes established to ensure safety and minimize construction waste will have a positive impact on the electrical tapes market. However, fluctuating prices of raw materials hampers business growth.
There are many factors that are responsible for growing the market for electric tapes. Firstly, the manufacturers are increasingly aware of the convenience of tapes. In addition, demand for pressure-sensitive tapes that are durable and environmentally safe has increased in recent years, due to environmental legislation and customer preference for environmentally friendly goods. Second, the global construction industry is experiencing solid growth. Because of their design, electrical bandages are gradually replacing conventional adhesives, such as ease of use and secure operation. Considering the influence of the construction sector in boosting the market's growth, increasing demand for electrical tapes has been observed in the Asia Pacific region.
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Segmental Analysis
Due to the increase in commercial flooring products for hospitality, retail, sports, workplaces, healthcare and many others, the walk-off matts segment is expected to show maximum growth rate.
The segment is further classified according to material into nylon, rubber, polypropylene, vinyl and others. Nylon segment represented the largest market share in 2017, which will continue to dominate by 2023. Nylon matts give superior moisture absorption characteristics which reduce the risk of breaking down on a wet floor.
The application segment includes building, electrical / electronic, aerospace , automotive, and others. The construction and construction industry is also expected to make a significant contribution to all applications due to increased construction activities worldwide.
Regional Assessment
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
During the forecast period Asia Pacific has consistently dominated the market as sales of electrical tapes are the highest in this country. The number of industries operating in the automotive, manufacturing, electronics and healthcare sectors is considerably growing. This increase will result in an increased requirement for cable harness and other electrical components, which would in turn lead to an increase in the need for electrical insulation. Thus, the demand for electrical tapes in the Asia Pacific region is more compared to other regions. The global electrical tapes market in Asia Pacific is estimated to witness a CAGR of 5.67% during the forecast period and holds the largest market share.
Americas includes the United States, Canada, and the Rest of the Americas. Likewise, the. Together, the region holds the second largest market share in the global electric tapes market and is estimated to witness a 5.37 percent CAGR over the forecast period. Americas is expected to show a moderate demand for cassettes. In the U.S., due to the need for corrugated packaging the expansion of the food and beverage sector indirectly benefits the pressure sensitive tapes market. The key factor contributing to the growth of the electrical tapes market is increasing awareness of the use of environmentally friendly tapes to comply with governmental regulations.
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Key Players:
· Avery Dennison Corporation (U.S.)
· Intertape Polymer Group Inc. (Canada)
· HellermannTyton (U.K)
· The 3M Company (U.S.)
· Nitto Denko Corporation (Japan)
· Teraoka Seisakusho Co. Ltd. (Japan)
· Plymouth Rubber Europa S.A. (Spain)
· ProTapes & Specialties Inc. (U.S.)
· Electro Tape Specialties Inc. (U.S.)
· H-old S.P.A (Italy)
· PPM Industries UK LTD (U.K)
· Euro Tapes Pvt. Ltd (India)
· Godson Tapes Private Limited (India)
· Parafix Tapes & Conversions Ltd. (U.K)
