Electrical Tapes Market to Rise at CAGR of 6.2% through 2027 – Report by Market Research Future (MRFR)
New York, July 08, 2021 (GLOBE NEWSWIRE) — Electrical Tapes Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electrical Tapes Market Research Report, Type, Application and Region – Forecast till 2027” the market grow at a rate of 6.2% during the forecast period 2020-2027 .
COVID-19 Impact on Electrical Tapes Market
The COVID-19 crisis has disrupted the supply chains all through the world. The pattern to consume necessities has also changed in such challenging times. Manufacturers are leaving no stone unturned to be agile in operations and avail the best out of the present scenario. The conventional applications however have been adversely impacted owing to the poor availability of manpower, lockdown restrictions, and other reasons. There has also been a halt in electricity grid modernization projects in key regions and there is a likelihood of diversion of funds from such projects to those which are vital for supporting the national economy. This may severely impact the business in 2020. The pandemic has accelerated the process of localization in key regions like North America and Europe. The stakeholders in supply chains are keen to shorten the chains soon to counter the disruptions and be future-proof. This is likely to impact the electrical tape market growth shortly.
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Key Players
Eminent players profiled in the global electrical tapes market industry include –
- 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)
- Parafix Tapes & Conversions Ltd. (U.K)
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, partnerships, new product launches, and more.
Browse In-depth Market Research Report (125 pages) on Electrical Tapes
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Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global electrical tapes market share.
Drivers
Sustainability of Electrical Tapes to Boost Market Growth
The sustainability of electrical tapes is predicted to boost market growth over the forecast period. Owing to its heat resistance and dielectric strength, these tapes are widely used for shielding and insulating electrical components in various industries. These tapes are efficient and can be overheated for retaining strong insulation for long. Besides, the demand for pressure-sensitive tapes which are environmentally safe and durable in recent years, owing to customers desire for environmentally friendly goods and environmental restrictions.
Opportunities
Modernization of Electricity Grid to offer Robust Opportunities
The modernization of electricity grid is boosting the demand for electrical insulation tape that is likely to offer robust opportunities for the market in the forecast period. The needs for energy have been rapidly increasing ever since the beginning of the 21st century. Following the changes in equipment and technology, modernizations of the existing grid and supporting the aging electrical infrastructure have turned into the need of the hour. All across the world governments are promoting the modernization of the electricity grid anticipating the burgeoning needs of the rising population in the coming years. Thus the demand for transformers is going up in double digits for supporting the demand for micro grids, smart grids, and others. Different electrical insulation tapes are needed in such transformers for addressing their optimum performance at operating temperatures.
Restraints
Volatile Raw Materials to act as Market Restraint
The fluctuations in raw material prices may impact the global electrical tapes market value over the forecast period.
Challenges
Concerns about Suitability and Durability to act as Market Challenge
The concerns associated with the suitability and durability of electrical tapes may act as market challenges over the forecast period.
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Market Segmentation
- By Type
By type, the PVC electrical tape segment will lead the market over the forecast period. Polyvinyl chloride is a thermoplastic polymer which possesses superior mechanical properties, higher resistance to chemicals in industrial applications, and more reliable insulation ability.
- By Application
By application, the electrical/electronic segment will dominate the market over the forecast period and at a high CAGR. Electrical tape is useful to maintain excellent insulation for a long period and can also be overheated.
Regional Analysis
Asia Pacific to Dominate Electrical Tapes Market
The Asia Pacific will dominate the electrical tapes market over the forecast period. The high sales of electrical tapes, substantial increase in the number of industries in the automotive, healthcare sectors, electronics, construction, and automotive, increased need for wiring harness and other electrical components, demand for electrical tapes, growing number of companies working in the manufacturing, telecommunications and electrical sectors, the demand for wiring straps and other electrical equipment, increasing need for electrical tapes in electrical and electronics application, and the rising number of end use industries are adding to the global electrical tapes market growth in the region.
Americas to Have Admirable Growth in Electrical Tapes Market
The Americas will have an admirable growth in electrical tapes market over the forecast period. Expanding food and beverage sector, the need for corrugated packaging, and growing awareness about the use of environment-friendly tapes for abiding by governmental regulations are adding to the global electrical tapes market in the region.
Segmentation of Market covered in the research:
Information by Type (PVC Electrical Tape, Cloth Electrical Tapes, Rubber Tapes, Polyimide Tapes, Polyester Film Tapes, Others), by Application (Construction, Electrical/Electronic, Aerospace, Automotive, Others) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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