Ability to Provide Efficient Solutions for Repairing and Splicing Applications Expected to Drive Revenue Growth of the Global Duct Tapes Market
Valley Cottage, NY -- (SBWIRE) -- 11/09/2018 -- Future Market Insights (FMI) delivers key insights on the global duct tapes market in its published report titled "Duct Tapes Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017–2027)." In terms of revenue, the global duct tapes market is estimated to expand at a CAGR of 5.3% over the forecast period, attributed to numerous factors, about which FMI offers thorough insights and forecasts in this report. A key trend defining the market of duct tapes is the increase in usage of duct tapes in the automotive industry due to their high tack adhesion quality. In addition, applications in DIY activities is also supporting the growth of the global duct tapes market.
Market Forecast by Backing Material Type
On the basis of backing material type, the global duct tapes market is segmented into plastic (polyethylene, polyvinyl chloride, and polyester), foil and cloth backed duct tapes. Cloth backed duct tapes are expected to grow rapidly at a CAGR of 5.2% over the forecast period attributed to an extensive use in industrial applications.
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Market Forecast by Product Type
Based on product type, the market has been segmented into removable duct tapes, professional grade duct tapes, utility duct tapes and specialised high strength duct tapes. The professional grade duct tapes segment is estimated to account for over 40% value share of the global duct tapes market during the forecast period.
Market Forecast by Adhesive Type
Based on the adhesives used, the global duct tapes market can be classified as natural rubber based adhesive and synthetic rubber based adhesives. Use of natural rubber based adhesives is commonly preferred by duct tapes manufacturers due to their low cost. The natural rubber based adhesives segment is expected to gain 190 BPS over the forecast period.
Market Forecast by Application Type
Based on application, the duct tapes market can be classified as sealing, repairing, holding, waterproofing, color-coding, strapping, splicing and others. Duct tapes are largely used for sealing applications and this segment is anticipated to account for over 30% value share of the global duct tapes market during the forecast period.
Market Forecast by End Use Industry
Based on end use industries, the duct tapes market can be classified as HVAC industry, building & construction, shipping & logistics, automotive, electrical & electronic industry and DIY activities. Building and construction and HVAC industries are major users of duct tapes. The HVAC industry segment is expected to dominate the global duct tapes market, estimated to hold a value share of about 36% during the forecast period.
Market Forecast by Thickness (Mils)
Based on the by thickness (Mils), the duct tapes market can be classified as <10, 10 to 15 and >15. <10, 10 to 15 segments are major contributors of duct tapes, collectively accounting for just under 90% of the value share in the global duct tapes market during the forecast period.
Market Forecast by Region
This report assesses growth driving factors and trends of each segment across different regions and offers potential takeaways that could prove substantially useful for packaging manufacturers looking to enter the market. The North America region is estimated to hold the second largest share in the global duct tapes market, accounting for a significant revenue share of the market by 2017 end. However, APEJ is expected to emerge as a global leader in the duct tapes market by the end of forecast period. Collectively, the North America and Western Europe markets are expected to account for over 50% revenue share of the global duct tapes market by 2017 end. Among the emerging markets, APEJ is estimated to exhibit a significant CAGR of 7.2% in terms of value over the forecast period, followed by MEA and Eastern Europe, due to the high economic growth across the regions.
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Some of the key players operating in the global duct tapes market profiled in this report are 3M Company, Intertape Polymer Group Inc., Shurtape Technologies LLC., tesa SE Group Berry Global, PPM Industries, Scapa Group plc, Bolex (Shenzhen) Adhesive Products Co. Ltd., Vibac Group S.p.a., Pro Tapes & Specialties, Inc., Supertape B.V., Advance Tapes International Ltd., Nadco Tapes & Labels, Inc., Shanghai Yongguan Adhesive Productions Corp., Ltd., Tapes and Technical Solutions, LLC., CS Hyde Company, International Plastics Inc., Ajit Industries Pvt. Ltd., Globe Industries Corporation and MBK Tape Solutions.
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