Electrical Tapes Market 2020: Global Projection, Solutions, Services Forecast to

Posted by Market Research Future on March 20th, 2020

Market Synopsis:

Electrical tapes appear like any other kind of tape. But they have specific benefits to offer, which make it unique. Electrical tapes are generally made from plastic, vinyl, or cloth, electric tape is useful for a variety of different projects and applications. It is type of pressure-sensitive tape which is used to conduct electricity, especially electrical wires. Electrical tapes are versatile, and suited for a multitude of tasks. When installed properly, they last long term, and effective insulation. Growing awareness among various end-user manufacturers, regarding the convenience of using tapes is expected to impact the growth of the global electrical tapes market over the forecast period.

Maximum use of electrical tapes is found in construction industry, and is used with established color codes to ensure safety and minimized construction wastage. These factors are also contributing to a positive elevation in the global electrical tapes market. Volatile prices are expected to hamper the market growth over the forthcoming years. The price and availability of raw materials are expected to be the primary factors impacting the cost structure for electrical tape manufacturers. Most of the raw materials used in the production of electrical tapes are petroleum-based derivatives that are witnessing major fluctuations in commodity prices. The adhesives industry is also affected by the high manufacturing costs, which has resulted in a rise in energy costs. All these factors have a lasting impact on the global electrical tapes market. The experts at Market Research Future (MRFR) have concluded that the global electrical tapes market is bound to mount at a lucrative CAGR of 5.52% over the forecast period of 2017-2023.

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Market Segmentation

The global electrical tapes market is segmented by type, application, and region. Such segmentation has been conducted to gain a deeper understanding of the market functioning and enabling better and faster decision making for the audience to this report. Based on application, the global electrical tapes market is segmented into aerospace, electrical/electronic, and automotive.

By type, the global electrical tapes market is segmented into PVC electrical tapes, cloth electrical tapes, rubber tapes, polyimide tapes, polyester film tapes. The PVC electrical tapes segment held the foremost share of the global electrical tapes market. Polyvinyl chloride is a thermoplastic polymer which has excellent mechanical properties, better insulation ability, and higher resistance to chemicals that are used in industrial applications. These factors are expected to elevate the adoption of PVC electrical tapes, as compared to other types of electrical tapes. This segment also accounted for the largest share at the beginning of the forecast period, and is estimated to exhibit a robust 6.02% CAGR in the coming years.

Market Segmentation

The global electrical tapes market is segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World. Among these regions, the APAC regions is expected to continue its dominance over the global electrical tapes market during the forecast period. This stance of Asia Pacific in the global market can be accredited to the sale of electrical tapes being the highest in this region. A substantial hike has been noted in various end-user industries that are functioning in this region. These industries include construction, automotive, electronics, as well as healthcare. This proliferation in operations of these verticals is expected to directly impact the electrical tapes market in a positive manner. Asia Pacific is estimated to expand at 5.67% CAGR during the forecast period. On the other hand, the Americas are expected to grasp the second largest share of the market and is estimated to witness 5.37% CAGR during the estimate period.

Key Players

Some noteworthy players functioning in the global electrical tapes market 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), and Parafix Tapes & Conversions Ltd. (U.K).