Electrical Tapes Market Overview
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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Tapes 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
global Electrical Tapes Market 2023 is expected to grow
exponentially, ensuring substantial market valuation and a healthy CAGR over
the review period.
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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