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Global Industrial Tape Market Analysis 2018 Forecasts to 2023
Market Research Future added New Report Named "Global Industrial Tape Market Research Report- Forecast 2023" to its Database.
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.
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 is Expected to Grow at a CAGR of ~6.5% during the forecast period, 2017-2023.
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.
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)
Information Source : https://www.marketresearchfuture.com/reports/industrial-tape-market-2805
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