Industrial Tapes Market Size and Growth Rate:
According to the Research Report, the Global Industrial Tapes Market Size was, the market is estimated to Reach USD 72 Million by 2024 and to grow at a CAGR of around 6% during the forecast period 2019-2024.
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Industrial Tapes Market Growth Drivers and Restraints:
Demand for commodities and appliances are increasing, which is the key factor in the growth of the industrial tapes market. These tapes are increasingly used for the manufacture and assembly of basic products and appliances. The growth of the automotive industry is also fueling the respective market. Automotive manufacturing requires the use of ribbons in a variety of operations, such as the trim panel accessory, the airbag cover, and the wall mount. In addition, the ribbons improve the overall appearance of the final product by masking the joints between two pieces. Innovations and advances in technology have helped industrial tapes serve more markets, such as construction and aerospace, with greater adhesive strength.
Government and environmental regulations are becoming increasingly difficult to protect from nature. The production of tapes with reduced VOC emissions is a challenge for manufacturers. However, manufacturers use water-based rather than solvent-based technology to minimize emissions. Water-based technology is accepted around the world and offers a safer work environment with fewer potential risks.
Some of the prominent industries that use industrial tapes include manufacturing, automotive, construction, logistics, electricity and electronics, and aerospace. Industrial tapes are used for joining products in various operations. They offer a high level of adhesion compared to normal ribbons used daily.
Industrial Tapes Market Geographical Insights:
Based on the region, Asia-Pacific dominates the global industrial tapes market. The Asia-Pacific region accounted for a significant portion of revenues and is expected to continue this trend over the forecast period. Growth is attributed to increasing urbanization and industrialization in its emerging economies. The region has a huge automotive and electronics industry that positively influences market growth. In addition, the increase in manufacturing facilities and the growing demand for industrial tapes in emerging countries such as China, India and Indonesia, are driving growth in the region's market.
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Key Players of the Industrial Tapes Market:
Some of the main players in the world industrial tape market includeEastman Chemical, Avery Dennison Corporation, Ashland Inc. (USA), Dow Chemical, Saint Gobain SA, 3M, Henkel AG & Company KGaA, Sika AG, HB Fuller Company and Von Roll Holding AG, among others.
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