May 05, 2022 11:28 ET | Source: Facts & Factors Facts & Factors
LONDON, UK, May 05, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Industrial Tapes Market – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Industrial Tapes Market size & share was worth roughly USD 10,172.70 million in 2021 and it is anticipated to surpass around USD 13,788.9 million Mark, by 2028, with a compound annual growth rate (CAGR) of approximately 5.2% during the forecast period 2022 to 2028.”
What are Industrial Tapes? How big is the Industrial Tapes Industry?
Industrial tapes are highly popular in industrial applications as they provide perfect durable adhesion in the adverse conditions of an industrial landscape. These industrial tapes are immune to reaction with chemicals, have high-temperature resistance, high adhesion quality, etc, and have now become a staple in the industries of packaging and consumer electronics especially.
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Global Industrial Tapes Market: Dynamics
Rising industrialization on a global scale is a major factor driving the industrial tapes market growth over the forecast period. The increasing use of industrial tapes in multiple industrial applications is anticipated to primarily drive the industrial tapes market potential through 2028.
The establishment of new industries in emerging economies owing to rapid industrialization will also favor the industrial tapes market growth in the long run. However stringent mandates against the use of harmful and toxic chemicals in the manufacturing of these tapes are expected to be a major restraining factor in the global industrial tapes market landscape in the long run.
Industrial tapes companies are focusing on building a product portfolio that is compliant with sustainability norms of industries and hence trying to maximize their business outlook to further bolster their business models and revenue generation potential.
Browse the full “Industrial Tapes Market By Product Type (Filament Tapes, Aluminium Tapes, Duct Tapes, Adhesive Transfer Tapes, Others (Single-sided and Double-sided)), By Material (Polypropylene, Paper, Polyvinyl Chloride, Other Tape Backing Materials (Foam, Fiberglass, Fabrics, Glass Cloth, Reinforced Epoxy, Polyester, PEN, Polyimide, PTFE, and Medical Grade Cloth)), By End- user (Manufacturing Industry, Automotive Industry, Construction Industry, Logistics Industry, Electrical Industry, Others (Aerospace and Electronics)), By Application (Packaging Application, Masking/Protective Application, Electrical and Electronic Application, Specialized Application, Others (Decorative Tapes, Splicing Tapes, and Damping Tapes), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/industrial-tapes-market
Industrial Tapes Market: COVID-19 Impact Analysis
The pandemic of 2020 resulted in the shutdown of the industrial sector and hence had an adverse impact on the global industrial tapes market growth. The closed industrial activity caused industrial tapes companies to lose their sales and hence incurred huge losses in revenue and downtime of manufacturing facilities also led to the closure of multiple company divisions due to no operational finance.
The industrial tapes market is expected to see good growth in the post-pandemic era as industrial activity resumes and we see a hike in demand from resumed industrial procedures. The industrial tape companies are expected to boost manufacturing capacity to meet the high demand and recover the losses that were incurred in the pandemic of 2020.
Industrial Tapes Market: Segmentation Analysis
The global industrial tapes market is segregated based on product type, material, application, end-user, and region.
Based on material, the global market is distinguished into Polypropylene, Paper, Polyvinyl chloride, Other tape backing materials (foam, fiberglass, fabrics, glass cloth, reinforced epoxy, polyester, PEN, polyimide, PTFE, and medical grade cloth).
The paper tapes segment is anticipated to be the most dominant one in the global industrial tapes market landscape. This segment will be driven by the characteristics of this tape to provide better heat insulation and temperature resistance than other materials.
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Some of the main competitors dominating the global industrial tapes market include -
Key Insights from Primary Research:
Key questions answered in this report:
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Asia Pacific region owing to the high industrial activity will be the most lucrative market for industrial tapes over the forecast period. The industrial tapes market is projected to see high demand due to rapid industrialization in this region through 2028.
Emerging economies of India and China are expected to lead the industrial tapes market potential owing to increasing investments in the industrial sector by the government to boost product and manufacturing capabilities.
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The global industrial tapes market is segmented as follows:
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