Industrial Tape Market
Global industrial tape market expected to reach USD 77 Billion by 2026 and is expected to grow over CAGR of 6% from 2020 to 2026.
NEW YORK, UNITED STATES, February 17, 2020 /EINPresswire.com/ — Facts and Factors has authored “Industrial Tape Market By Type (Filament Tapes, Aluminum Tapes, and Others), By Backing Material (Polypropylene, Fabrics, Paper, Medical Grade Cloth, Polyimide, Fiberglass, Polyvinyl Chloride, Glass Cloth, PTFE, Polyester, And Others), By Sales Channel (Retail, Distributor, and Online), By Application (Masking/ Protective Application, Specialized Application, Electrical And Electronic Application, Packaging Application, And Others), By End-User (Construction, Electrical & Electronics, Manufacturing, Automotive, Aerospace, and Others), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”.
According to the research report, the global industrial tape market in 2019 is over USD 51 Billion and is expected to reach around USD 77 Billion by 2026. The anticipated CAGR for the global industrial tape market is above 6% from 2020 to 2026.
Polymers, petroleum-based byproducts, natural & silicone rubber, and several chemical solvents are the key ingredients used in manufacturing industrial tapes. These tapes are primarily used for binding purposes owing to their durability; strong adhesive strength; and resistance to moisture, toxic chemicals, & temperature variation compared to normal tapes. Industrial tapes have a wide array of applications in the automotive, construction, and aerospace sectors. Some of the major consumers of industrial tapes are General Motors Company, Bechtel, General Electric, and Royal BAM Group.
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Key Market Drivers:
Rapid industrialization flourishing the global industrial tape market
Industrial tapes are widely used in the number of industrial sectors. Therefore, rapidly surging industrialization, which includes the establishment of industrial, automotive, construction, and manufacturing sectors in different regions across the globe, synchronously fuels the demand for industrial tapes, thereby pushing the global market.
Growing demand for the double-sided tapes propels the industrial tape market
Double-sided tapes, owing to high adhesive strength, are used to efficiently bind two bodies with textured surfaces. These tapes have a wide range of applications in industrial and manufacturing operations. Therefore, these tapes are considered as the most versatile product of the market.
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Key Market Restraints:
Fluctuations in the raw material prices impact the industrial tape market
The cost of raw materials is increasing at a steady rate owing to the volatility in the oil and rubber market. As oil and rubber-based products are the key ingredients used in the manufacturing industrial tapes. Therefore, shortage and price hike of oil and rubber market is going to hamper the industrial tape market.
Filament type segment likely to sustain the leading position in the global market
The global market is bifurcated into filament tape, aluminum tape, and others, based on the type segment. Among the three, the “filament tape” category dominates the global industrial tape market by holding almost two-third revenue share. Moreover, the category would sustain the leading position for the upcoming several years, as the category’s anticipated CAGR is highest throughout the forecasted period.
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By Region, Asia Pacific holds the major revenue and volume share in the global market
Asia Pacific region has generated over USD 24 Billion in revenue and over 25 Billion Square Feet in volume in 2019 and attained the dominating position in the global industrial tape market. The regional market is projected to boom during the forecast period owing to the fast-growing economies such as China.
Key market players
Some of the key players driving the global industrial tape market are Saint-Gobain SA, Avery Dennison Corporation, Lintec, Von Roll Holding AG, 3M, H.B Fuller, Henkel AG & Company KGaA, Nitto Denka, Ashland Inc., Eastman Chemical Company, Tesa, The Dow Chemical Company, and Sika AG, among others.
In March 2019, Eastman, one of the global leading specialty materials-manufacturing firms, revealed its plan to launch an advanced innovative technology to recycle polymer waste, which is not possible using the current methods and technologies. These non-recyclable wastes are at present either liberated into water bodies or gathered in landfills.
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The global industrial tape market is segmented as:
Global Industrial Tape Market: Type Segmentation Analysis
Global Industrial Tape Market: Backing MaterialSegmentation Analysis
Medical Grade Cloth
Global Industrial Tape Market: Sales ChannelSegmentation Analysis
Global Industrial Tape Market: ApplicationSegmentation Analysis
Masking/ protective application
Electrical and electronic application
Global Industrial Tape Market: End-UserSegmentation Analysis
Electrical & Electronics
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Source: EIN Presswire