Rising usage of duct tapes for DIY exercises is mainly fueling their need in the worldwide market. Amid 2019 – 2029, the worldwide duct tapes market is anticipated for an anticipating 5.8% CAGR, as suggested by the latest Future Market Insights (FMI) study. Duct tapes keep on to be the most efficient and economical solution for DIY activities and in indoor general purposes. High tacking attributes of duct tapes provide a model packaging solution to indoor functions such as holding, sealing ductwork, seaming carpet padding, dust proofing filter banks, and different general functions.
Key Takeaways – Duct Tapes Market Research
- Sealing applications extend to gain a substantial market share amid all fragments by application amid the assessment period.
- Repairing and waterproofing would additionally stay lucrative application fields amid the assessment period.
- Professional grade duct tapes fragment will generate substantial incremental $ prospects during 2019-2029, because of increasing need from construction and building sectors.
- Natural rubber-based adhesive duct tapes are attaining traction in the market compared to synthetic rubber-based adhesive tapes. Eco-friendly and cost-effectiveness nature of raw materials stays the foremost attributes liable for increasing natural rubber-based adhesive duct tapes sales.
- HVAC sector attains a foremost market share amid all fragments by the end-use sector. This category is likely to maintain its supremacy all through the assessment period.
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Europe keeps on leading the worldwide market. Conversely, the East Asian market is likely to surpass the European market in the approaching decade. East Asia’s solid expansion projection in the duct tapes scenario is ascribed to low labor cost and high resource availability, especially in China. Makers in the worldwide duct tapes market must seek significant profits by centering emerging markets in South and East Asia, due to the increasing need for duct tapes from the quickly increasing construction sector.
Implementation of duct tapes would stay foremost in the sealing of HVAC insulation systems all through the assessment period. Holding over 1/3rd of overall market revenues, makers are eyeing this end-use fragment for higher profits. Through 2025, duct tape utilization by the HVAC sector will gain revenues of more than US$ 2 Billion. In the meantime, the building & construction sector is additionally exhibiting an opportunistic potency for market expansion, where the implementation of duct tapes will most likely adhere to the billion-dollar club during 2021.
The overall market is dynamic as well as the noteworthy expansion is projected in the following decade, due to ease of handling and outstanding adhesive attributes provided by duct tapes over other substitutes such as fiber tapes and mastic fluids.
Berry Global Group Inc, 3M Company, Shurtape Technologies LLC, Tesa SE Group, and Scapa Group plc are a few of the foremost makers of duct tapes. Berry Global Group Inc. and 3M Company are Tier II and Tier I companies in the worldwide market. Makers are aiming for rising markets, particularly in South and East Asia, to increase their manufacturing capacities.
Scapa Group plc, in 2019, founded a novel marketing plant at Delhi, India, for growth of its worldwide product portfolio and business footprint. During 2018, Tesa SE Group vested around US$ 34 Million to boost the manufacturing capability of its China-based plant.
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