Market Research Future published a research report on “Industrial Tape Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India -- (SBWIRE) -- 01/15/2018 -- Global Industrial Tape Market Information by Product Type (Duct Tapes, Filament Tapes, Aluminum Tapes, Adhesive Transfer Tapes & Other), by Tape Backing Material (Paper, Polypropylene, Polyvinyl Chloride & Others), by Application (Electrical And Electronic, Packaging, Masking, and Others), by End-User (Electrical, Construction, Logistic, Automotive and others) and by Region - Forecast to 2023
The Dow Chemical Company (U.S.), Saint Gobain SA (France), 3M Company (U.S.), Henkel AG & Company, KGaA (Germany), Eastman Chemical Company (U.S.), Avery Dennison Corporation (U.S.), Ashland Inc. (U.S.), Sika AG (Switzerland), Pro Tapes & Specialties, Inc. (U.S.), and Von Roll Holding AG (Switzerland) are some of the prominent players at the forefront of competition in the global industrial tape market and are profiled in MRFR Analysis.
Global Industrial Tape Market - Overview
Industrial tapes are used in various industrial operations mainly for the purpose of binding. These tapes are also used for conducting, masking and packaging purposes. Growing demand from packaging and construction industry is the primary driving factor of the industrial tape market. Growth of the automobile industry is also fueling the demand of industrial tapes. Industrial tapes are largely used in vehicle assembly operations such as trim panel attachment, airbag cover attachment. However, fluctuations in raw material prices may hamper the growth of industrial tape market.
Global Industrial Tape Market is projected to reach USD 61.73 billion by 2023, at a CAGR of 6.1% from 2017 to 2023.
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Industrial tapes have significant market share in the adhesives market. Industrial tapes are used extensively to bond and seal many substrates such as elastomers, foams, glass, and metals among others. Such tapes enhances its strength, productivity, and durability. Industrial tapes can stand extreme conditions such as high temperature, cold, temperature cycling, light, and moisture.
Furthermore, it is witnessed that industrial tapes have found increasing adoption in vehicle assembly, electronic components assembly, heating ventilation air conditioning (HVAC) operations, insulation, packaging, and others. These are used for assembly and fabrication of products and components.
There are certain factors driving the growth of the market. Such tapes have found their way in the manufacturing of appliances. This along with the growth of the automobile industry is driving the industrial tapes market. Automobile manufacturing requires such tapes for attaching purpose during various operations. In addition to this, the industrial tapes have witnessed expansion in its application markets such as construction and aerospace. Governmental regulations are also seen getting stringer to protect the environment.
Global Industrial Tape Market - Competitive Analysis
Characterized by the presence of several well-established along with medium and small players, the global market of Industrial Tape appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. In order to maintain the position and share in the market, major players have adopted certain strategies.
Mactac Industrial Tapes has launched CleanTape, a new solvent-free, low-VOC line of industrial tapes. According to the sources the company claims that with CleanBond and CleanFilm, customers know they will get the exceptional quality and versatility they have come to expect from Mactac
Teraoka launched double layered series in its industrial tapes product line. These come in rubber and acrylic based variants. It boats features such as water resistance, color coated, thermal barrier coating, among others.
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Global Industrial Tape Market - Segments
Global Industrial Tape Market is segmented in to 5 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Product Type: Comprises – Duct Tapes, Filament Tapes, Aluminum Tapes, Adhesive Transfer Tapes & Other
Segmentation By Backing Material: Comprises - Paper, Polypropylene, Polyvinyl Chloride & Others
Segmentation By End-user: Comprises : Electrical, Construction, Logistic, Automotive and others
Segmentation By Application: Comprises : Electrical And Electronic, Packaging, Masking, and Others
Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Global Industrial Tape Market - Regional Analysis
The Asia-Pacific region dominated the global industrial tape market in 2016. It is also expected to be the fastest growing region for the Industrial Tape. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region.
China is one of the leading markets in the Asia-Pacific region. Growth in automotive, construction and aerospace sector is expected to fuel the demand of such tapes. Moreover, the country has witnessed increased investment in the technology which has resulted in various products across the tape line. Furthermore the increased consumption across its construction sector has induced the market growth.
North America has also witnessed steady growth in the market in last many years. The market is expected to show similar growth in coming time. This along with concentration of many companies in the industrial tape industry has led to the growth of the market. The application of such tapes have been seen growing in the private construction market. The private construction sector is seen expanding over the commercial construction in the U.S. This drives the growth in the North America.
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