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(MoneyNewsWire.Net, July 23, 2019 ) According to the latest report by IMARC Group titled, Industrial Tapes Market Report and Forecast 2019-2024, the market reached a value of US$ 54.1 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 73.3 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.
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Industrial tapes are made up of backing materials, coated with pressure-sensitive adhesives. Depending on the application, different backing materials can be used for manufacturing these tapes, such as polymer, paper, or aluminum foil. As compared to standard tapes, industrial tapes offer improved adhesive strength, heat resistance, water repellency, high tensile strength and UV stability. On account of these properties, industrial tapes are widely used for construction, automotive, electrical, packaging and medical purposes.
At present, growing construction activities and industrialization in developing countries have led to escalating demand for industrial tapes. Besides, there has been a significant shift towards environment-friendly and biodegradable products owing to the implementation of stringent regulations related to carbon emissions. As a result, manufacturers in the market are opting for natural rubber, acrylic materials for the production of industrial tapes. Moreover, increasing usage of industrial tapes in automotive applications, such as cable mounting, hole and joint covering, masking, mirror assembling, permanent paint protection and wire harnessing are also impelling the market growth.
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Key Market Segmentation:
Breakup by Product Type:
Filament Tapes
Aluminum Tapes
Duct Tapes
Adhesive Transfer Tapes
Others
Breakup by Tape Backing Material:
Polypropylene
Paper
Polyvinyl Chloride
Others
Breakup by Application:
Packaging Application
Masking and Protective Application
Electrical and Electronic Application
Specialized Application
Others
Breakup by End-User:
Manufacturing Industry
Automotive Industry
Construction Industry
Logistics Industry
Electrical Industry
Others
Breakup by Mode of Application:
Pressure Sensitive Application
Solvent Based Application
Hot Melt-Based Application
Acrylic Based Application
Breakup by Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Competitive Landscape:
The report has also examined the competitive landscape of global industrial tapes market. Some of the major players in the market are Avery Dennison Corporation, H.B Fuller Company, Henkel AG & Company KGaA, Ashland Inc., Sika AG, Saint Gobain SA, Eastman Chemical Company, The DOW Chemical Company, VON Roll Holding AG, The 3M Company, etc.
Key highlights of the report:
Market Performance
Market Outlook
Porters Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Competitive Structure
Profiles of Key Players
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
IMARC Services Pvt. Ltd.
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sales@imarcgroup.com
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