NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global industrial tape market registered an astonishing CAGR of 6.8% in the historical period between 2018 and 2022. The global market is anticipated to reach US$ 19.1 billion by 2033. It is estimated to record a steady CAGR of 5.3% in the review period 2023 to 2033. It is likely to attain a valuation of US$ 11.4 billion in 2023.
The industrial tape market is a dynamic segment in the tape industry. Industrial tape is a material with a specialized non-adhesive layer used for diverse applications in several industries. They are essential in sealing, bonding, insulating, protecting, and marking materials and surfaces in industrial environments.
Industrial tape has backing materials that can be made from a variety of substrates, including fabric, paper, plastic film, foam, and metal foil. The choice of substrate material depends on the precise application and performance necessities.
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Diverse adhesive designs are used in industrial tape, from rubber, acrylic, and silicone-based adhesives to specialty adhesives such as conductive or high-temperature resistant adhesives. The type of adhesive is preferred based on aspects such as the substrate, ecological conditions, and required bond strength.
The market includes specialty tapes for exclusive applications, such as double-sided, foam, conductive, medical, high-temperature, and more. These ranges cater to precise industries or needs. Interest in producing environmentally friendly tapes is increasing due to ecological concerns and supervisory pressures. Manufacturers are discovering sustainable production and sourcing methods.
Manufacturers progressively offer customized solutions to meet exact industry and application necessities. This involves adjusting the adhesive formulation, base material, and dimensions to meet individual needs. Leading industrial tape producers often have a worldwide presence. They serve the domestic market and export goods to regions around the world.
The industrial tape market is an indispensable part of several industries to operate smoothly. Its versatility and ability to provide reliable connections in different environments make it essential to modern industrial procedures.
Key Takeaways from the Industrial Tape Market Report-
- The United States industrial tape industry is projected to reach US$ 3.6 billion in the forecast period.
- The United Kingdom industrial tape industry is set to be valued at US$ 714.8 million by 2033.
- China's industrial tape industry will likely reach a valuation of US$ 5.0 billion by 2033.
- Japan's industrial tape industry is estimated to reach a valuation of US$ 3.8 billion by 2033.
- Based on product, the duct segment is set to witness a CAGR of 5.1% from 2023 to 2033.
"The growth of the healthcare sector in developing economies is expected to create productive growth opportunities for the global market. Volatility in raw material prices is the main factor expected to limit the development of the target business during the forecast period. Asia Pacific is projected to witness growth during the adhesive tape market in the assessment period owing to the leading consumption from nations such as India and China.” – Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Leading players in the industrial tape market are introducing new and innovative products to meet the growing demand. Key companies are entering new markets in developing regions to increase their customer base and presence. Large companies can employ several strategies, including new product development, mergers, joint ventures, acquisitions, and geographic growth. They do this to advance market penetration and meet business requirements.
Key Companies Profiled
- Avery Dennison Corporation
- Budnick Converting, Inc.
- Compagnie de Saint-Gobain S.A.
- Cosmos Tapes & Labels Private Limited
- Daest Coating India Pvt Ltd
- Duraco, Inc
- Eastman Chemical Company
For instance,
- In June 2022, Clearlake Capital Group, L.P. acquired Intertape Polymer Group Inc.
- In January 2022, Tesla S.E., Beiersdorf Company laid the groundwork for a new factory in Hai Phong.
- In April 2021, Dow announced a collaboration to aid in eliminating waste plastic into the environment.
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Industrial Tape Market Outlook by Category
By Product:
- Duct
- Aluminum
- Filament
- Adhesive Transfer
- Other Products
By Material:
- Paper
- Polyvinyl Chloride
- Polypropylene
- Other Materials
By End-use:
- Construction
- Manufacturing
- Automotive
- Logistics
- Electrical
- Other End-uses
By Region:
- North America
- Latin America
- East Asia
- South Asia Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About the Chemical and Materials Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the chemical and materials team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs.
With a repertoire of over 1,000 reports and one million+ data points, the team has analyzed the chemical and materials industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in Chemical and Materials Domain:
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