ID: MRFR/PNT/2088-HCR | February 2021 | Region: Global | 140 pages
Industrial Tape Market is Expected to Grow at a CAGR of ~6.5% during the forecast period, 2017-2023.
Global industrial tape market has been segmented based on product type, tape backing material, application, end-user, and region. Based on the product type, the market is segmented into duct tapes, filament tapes, aluminum tapes, adhesive transfer tapes, and other. The duct tapes are anticipated to dominate the industrial tape market till 2023. The high durability, water resistant nature, and high adhesive strength of the duct tape are driving the growth of this segment.
Based on the tape backing material, the market is segmented into paper, polypropylene, polyvinyl chloride, and others. Polypropylene dominated the market in 2016 and is anticipated to be the fastest-growing tape backing material segment for industrial tape. The demand for the polypropylene as in industrial tape is expected to continue as it is relatively inexpensive material and possesses high flexural strength coupled with a low coefficient of friction, which makes it as an ideal backing material for industrial tapes.
Based on the application, the market is segmented into electrical and electronic, packaging, masking, and others. Packaging dominated the product segment in 2016 and is expected to witness a phenomenal growth over the forecast period. The dominant position of the segment is due to the increasing demand for applications such as strapping and carton strapping for large-scale packaging.
Based on the end-user, the market is segmented into electrical, construction, logistic, automotive, and others. Automotive segment dominated the largest market share in 2016 and is expected to grow at the highest CAGR over the forecast period. The dominant position in this segment is due to the large application of the industrial tape and advancement in the eco-friendly production of the tapes. Also, industrial tapes in the automotive sector help to reduce the overall body weight of the vehicle and make the vehicle more reliable and safer to drive.
Some of the key players in the global industrial tape market are 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.), Von Roll Holding AG (Switzerland), Scapa Group plc (U.K), Shurtape Technologies, LLC (U.S.), Sicad Group (Italy), and Advance Tapes International Ltd. (U.K).
The global Industrial Tape market is highly split among numerous international, regional, and local vendors. The competition among the manufacturers has recently intensified due to availability and introduction of innovative products in the market. Also, the competition among the manufacturers has increased in terms of portfolio and pricing. The global industrial tape market is expected to witness the high number of the expansion activities over the forecast period and is likely to closely follow by the launch of new products or new product development.
Global Industrial Tape Market
The global industrial tape market is majorly segmented into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific dominated the global market in 2016 and is anticipated to grow at the highest CAGR over the forecast period, 2017-2023. The demand for the industrial tape in this region is majorly driven by the growing urbanization and industrialization. The Asia Pacific has a huge electronics and automobile industry, which is further boosting the industrial tape market. The emerging economies in the Asia Pacific region, such as, China, India, Japan, South Korea and other South Asian countries, are currently witnessing exponential economic growth, which has raised the disposable income in these countries leading to increased spending power of the consumers. This has majorly created a vast scope for expansion of the industrial tape market in the Asia Pacific region. North America held the second largest share of the global market and was closely followed by Europe. These regions are continuously witnessing an exponential growth coupled with growing urbanization, industrialization, and rise in the manufacturing bases.
Industrial tapes are widely used in various industrial applications for binding. These tapes are also utilized for packaging, conducting, and masking purposes. Increasing demand from the packaging and construction industry is primarily driving the industrial tape market. The growing demand for industrial tape from the automobile industry is also augmenting the growth of the market further because industrial tapes are principally used in the vehicle assembly operations such as airbag cover attachment, trim panel attachment, and few other operations.
Industrial tapes deliver a high level of adhesive strength as compared to ordinary tapes, which are utilized in everyday life operations. Heavy materials and spare parts can’t be attached to a standard tape as this equipment requires a high amount of adhesive bonding. Industrial tapes are widely utilized for adhering to various components such as lighting fixtures, foams, and cushions in the furniture sector. Industrial tapes are widely used in the construing industry for floor bonding, glass bonding, and concrete bonding. Moreover, industrial tapes have a wide application in the electronic components assembly, vehicle assembly, heating ventilation air conditioning (HVAC) operations, insulations, and packaging.
|Market Size||2027: Significant Value|
|CAGR||6.5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Tape Backing Material, Application, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.), Von Roll Holding AG (Switzerland), Scapa Group plc (U.K), Shurtape Technologies, LLC (U.S.), Sicad Group (Italy), and Advance Tapes International Ltd. (U.K)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The industrial tape market can thrive at 6.5% CAGR by 2023.
The industrial tape market can value at achieve sizable revenue by 2027.
Shurtape Technologies, LLC (U.S.), Advance Tapes International Ltd. (U.K), and Sicad Group (Italy) are some reputed names in the industrial tape market.
The easy availability of vanadium can prompt the global industrial tape market expansion.
North America industrial tape market growth can spur as defense applications increase.