Albany, NY -- (SBWire) -- 04/15/2019 --The global utility grade duct tapes market is prognosticated to witness a steady growth in the coming years, according to Transparency Market Research (TMR). According to the report, the vendors in construction and packaging are expected to find diverse applications in utility grade duct tapes, promoting their uptake and production.
The leading players in the global utility grade duct tapes market are Pro Tapes and Specialties Inc., Tesa SE Group, Bolex (Shenzhen) Adhesive Products Co. Ltd., Intertape Polymer Group Inc., and 3M Company. Vendors operating in the global utility grade duct tapes market are expected to compete in terms of product differentiation, pricing and their product portfolio. Due to low investment costs, a number of vendors are entering the market easily, and are focusing on inorganic growth strategies.
According to the report, the global utility grade duct tapes market was estimated to be at US$395.1 mn in 2017. With a steady 5.1% CAGR, the market is predicted to reach a value of US$505.6 mn between 2017 and 2022, the duration of forecast.
global-utility-grade-duct-tapes-market.jpgBased on application, the segment dedicated to repair is prognosticated to account for nearly 33% of the market revenue over the forecast period. The high adhesive powers, easy applicability and availability of advanced alternatives are the desirable features of the product playing a key role in promoting this application segment to the lead.
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Considering geographical segmentation, Europe is expected to emerge as the dominant contributor in the global utility grade duct tapes market, with a 3.7% CAGR. The supremacy of this region may be attributed to the rising demand and popularity of do-it-yourself (DIY) applications in the region over the forecast period.
Emerging Industrial Applications to Boost Product Demand
On account of their high tacking capabilities, utility grade duct tapes are largely utilized for sealing and marking purposes in a number of industries such as automotive, building and construction, electrical & electronics and some other industrial purposes. Utility grade duct tapes, manufacturers are also being used to seal heavy duty boxes, for packaging and wrapping different products.
Apart from some highly specific and industrial applications, duct tapes are also used in everyday household activities such as repairing the broken parts of furniture or any tool. Some other common uses of the product include padding and protective sheeting, and securing flooring and carpets, etc.
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Utility grade tapes prove to be highly efficient in packaging of goods on account of their low tack adhesion on cardboard and difficult contours. The booming building and construction across the globe is expected to heavily impact the growth in use of utility grade duct tapes over the years to come. Duct tapes have become a preferred option for many household and industrial operations instead of mastic fluids due to the ease in application.
Emergence of DIY Projects to Prove to Be Key Market Trend Influencing Growth
Do-it-yourself or DIY is a trend that has been transcending into public awareness at a rapid rate. The DIY craze has given birth to a number of networks, sites, stores and sectors that exclusively contribute to DIY. The trending of DIY on social media such as Pinterest, DIYNetwork, and Instagram is largely fuelling the popularity of the activity in different arenas such as crafting, gardening, and small construction and furniture projects, creating an inherent need for materials such as utility grade duct tapes. Thus, the rise of DIY is a pivotal trend impacting the growth of the global utility grade duct tapes market positively.
Utility Grade Duct Tapes Market to Touch US $505.6 Mn by the End of 2022, Projects TMR