Electrical Tapes Market to be driven by the disruption caused by COVID 19
Electrical Tapes Market Overview
The global Electrical
Tapes market 2023 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.
Competitive Dynamics
The key market
players operating in the global market as identified by MRFR are 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), and Parafix Tapes & Conversions Ltd. (U.K).
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