Global Magnetic Tape Market to Reach US$ 6.5 Billion in 2022 Growing at a CAGR of 7.6%

Chhattisgarh, INDIA

Raipur. India, April 19, 2018 (GLOBE NEWSWIRE) -- Report Sellers has added a new market research report “Magnetic Tape Market – Global Drivers, Restraints, Opportunities, Trends, & Forecast up to 2022 to its offerings. The report is an in-depth market study providing accurate market insights including the latest trends, forecast, competitive insights, etc.

Magnetic tape is a material that is mainly used for storing of data. This technology created a revolution in data storage, broadcasting, and recording markets. The primary and the most common need for this material is data storage along with various other uses such as in packaging solutions and consumer appliances.
Magnetic tape is a medium for magnetic recording, which is made of a thin, magnetizable coating on a long, narrow strip of plastic film, developed in Germany in 1928, based on magnetic wire recording.

Browse through the complete description and in-depth TOC on “Magnetic Tape Market

Within various end-user areas, data storage is highly dominating the market in overall magnetic tape across regions owing to the high adoption rate and ease of application. Other than data storage, the packaging & labeling solutions is also increasing its market during the forecast period due to increasing investments and R&D innovations along with government interventions.
The global magnetic tape market is expected to grow at a CAGR of 7.6% during the forecast period 2016-2022 to reach $6.5 billion by 2022. The synthetic rubber and PVC-based magnetic tapes are expected to remain as materials covering almost the complete market with significant drive coming from developing economies as well. Some of the key players in the magnetic tape market are 3M, Toshiba Corporation, TDK Corporation, Hitachi Metals Ltd., etc.

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