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 Insulation Tape Market. However, fluctuating prices of raw materials hampers business growth.
In its research report, Market Research
Future (MRFR), reflects that over the review period , the global market 2023 is
expected to grow exponentially, ensuring substantial market valuation and a
healthy CAGR over the review period.
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.
Electrical Insulation Tape Market 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.
Electrical Insulation Tape Market 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
Insulation Tape 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 Insulation Tape Market is increasing awareness of the use of
environmentally friendly tapes to comply with governmental regulations.
Electrical Insulation Tape Market 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.)
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