Industrial Tapes Market to rise at CAGR of 6.78% through 2028 – Report by Market Research Future (MRFR)
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) — Industrial Tape Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industrial Tape Market Research Report, Product Type, Tape Backing Material, Application, End-User and Region – Forecast till 2028” the market grow at a rate of 6.78% during the forecast period 2021-2028.
List of the companies profiled in the Industrial Tape Market research report are:
- The Dow Chemical Company (US)
- Saint Gobain SA (France)
- 3M Company (US)
- Henkel AG & Company
- KGaA (Germany)
- Eastman Chemical Company (US)
- Avery Dennison Corporation (US)
- Ashland Inc. (US)
- Sika AG (Switzerland)
- Pro Tapes & Specialties Inc. (US)
- Von Roll Holding AG (Switzerland)
- Scapa Group plc (UK)
- Shurtape Technologies LLC (US)
- Sicad Group (Italy)
- Advance Tapes International Ltd. (UK)
- others
Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/2805
The industrial tape market is highly competitive and fragmented due to many big and small players forming a competitive landscape, adopting strategic expansion of businesses in emerging markets. To maintain market positions and create new markets, industry players rely on strategic approaches and innovation. Also, they make substantial investments and keep themselves updated with new technological developments and the latest consumer trends.
For instance, on Sep.08, 2021, Bemis Associates Inc. announced a Joint Venture with Lee Bou International. Bemis Associates offers innovative bonding and design products to the world’s leading manufacturer of thermoplastic films, tapes, and adhesives for bonding and leading technical, performance, luxury, and lifestyle brands. Logotex, a subsidiary of Lee Bou International, would become a new business unit within Bemis Associates.
Market Research Future’s Review on Industrial Tape Market
The industrial tape market is growing rapidly, mainly due to the spurring rise in automotive and construction industries worldwide. Besides, the rising demand and consumption of industrial tapes across the end-user industries attribute to the market growth. Vast developments in adhesion technologies and increasing demand for effective masking & packaging solutions boost the industrial tape market size.
Browse In-depth Market Research Report (188 pages) on Industrial Tapes
https://www.marketresearchfuture.com/reports/industrial-tape-market-2805
Manufacturers are increasing the production of industrial tape that is lightweight and has lesser carbon footprints. The focus on innovations in terms of sustainability also offers major growth opportunities to the market players. With augmenting demand for sustainable and environment-friendly taping solutions that can meet environmental regulations, the market is expected to witness a huge revenue rise.
Manufacturers strive to develop innovative products with extreme tensile technology. Increasing investments and research & development activities are projected to allow the market to garner substantial traction.
COVID-19 Impact:
The Covid-19 pandemic significantly disrupted the industrial tape market, causing huge revenue losses to end-use industries. The market landscape largely depends on the electrical, construction, logistic, and automotive industry. These industries were heavily affected due to changing consumer buying patterns.
Also, manufacturers faced issues related to disrupted supply chains, getting workers during the lockdown, and shortages of key raw materials necessary for production. Moreover, lockdowns restricted cross-border trade between countries, which lowered the market demand.
However, the shift from in-store to online/virtual purchases supported the market growth. Also, the pandemic boosted the healthcare industry and investments in medical devices and personal care packaging. It is expected that the industrial tape demand could pick up following the uplift of the lockdown in many countries.
Share your Queries https://www.marketresearchfuture.com/enquiry/2805
Segments
The report is segmented into product types, tape backing materials, applications, end-users, and regions. The product type segment is sub-segmented into duct tapes, filament tapes, aluminum tapes, adhesive transfer tapes, and others. Among these, the duct tape segment accounts for the largest market share due to the high durability, water-resistant nature, and high adhesive strength of these tapes.
The tape backing material segment is sub-segmented into paper, polypropylene, polyvinyl chloride, and others. Among these, the polypropylene segment accounts for the largest market share. It’s cost-efficiency and high flexural strength with a low friction coefficient rate make polypropylene an ideal backing material for industrial tapes.
The application segment is sub-segmented into electricals & electronics, packaging, masking, and others. Of these, the packaging segment accounts for the largest market share due to the increasing demand for strapping and carton strapping for large-scale packaging applications. The end-user segment is sub-segmented into electricals, construction, logistics, automotive, and others.
Of these, the automotive segment accounts for the largest market share due to the large application and advancement in the eco-friendly production of industrial tapes. Also, industrial tapes help make the vehicle more reliable and safer to drive, reducing the overall body weight. The region segment is sub-segmented into Europe, Asia Pacific, Americas, Middle East & Africa, and rest-of-the-world.
Regional Analysis
Asia Pacific accounts for the largest industrial tape market share globally. Rapid urbanization and industrialization across the region drive the industrial tape market growth. Emerging economies, such as China, Japan, India, South Korea, and other south Asian countries account for larger market shares in the region, witnessing exponential economic growth.
This has majorly created a vast scope for the market development in these countries, leading to the increased spending power of the consumers. Besides, the huge electronics and automobile industry boosts the region’s industrial tape market value. The rapidly growing e-commerce sector, increased investments in the organized retail sector, and increasing consumption of packaging tape in shipment & courier companies in the region increase the industrial tape market size.
Segmentation of Market covered in the research:
Industrial Tape Market: by Product Type (Duct Tapes, Filament Tapes, Aluminum Tapes, Adhesive Transfer Tapes), Tape Backing Material (Paper, Polypropylene, Polyvinyl Chloride), Application (Electrical and Electronic, Packaging, Masking,), End-User, and Region – Global Forecast to 2028
To Buy: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=2805
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Contact: Market Research Future Phone: +1 628 258 0071(US) +44 2035 002 764(UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
