Future Market Insights (FMI), Dubai: As per a detailed study by FMI, the global duct tapes market will top US$ 6.9 Bn by 2031. Surging applications of duct tapes across industries such as construction, electrical & electronics, shipping & logistics, and others are propelling the demand in the market.
Demand for duct tapes is rapidly increasing across the heating, ventilation, and air conditioning (HVAC) industry owing to its extensive used for adhesion at various stages from installation to maintenance and repairs. In response to this, the sales of duct tapes is poised to total 2.4 Mn square meters by 2021.
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Further, due to their excellent adhesion properties, duct tapes are also increasingly being used for rectifying leakages in ventilation pipes made of plastic, metal, and other combined materials.
Hence, increasing demand for HVAC installation, due to the implementation of stringent government regulations for providing proper ventilation facilities across various sectors is projected to create lucrative growth opportunities in the market.
Increasing use of duct tapes for sealing, repairing, coding, splicing, strapping and other purposes in automotive sector is propelling the demand in the market. Driven by this, the sale of duct tapes are anticipated to rise at 5.2% CAGR between 2021 and 2031.
On the basis of adhesive type, the natural rubber-based adhesive segment is projected to account for the maximum share in the market, expanding at 5.7% CAGR through 2031. Primary factors favoring the growth in the segment is eco-friendly and cost-effectiveness attributes of natural adhesive duct tapes compared to synthetic one.
“Leading companies are focusing on offering customized high-performance profession grade duct tapes as per the end use application to meet the demand for strong sealing & repairing solutions. This is expected to bode well for the growth in the market,” says a FMI analyst.
Key Takeaways from Duct Tapes Market Study
- The U.S. is projected to hold the dominant share in the North America market, accounting for around 90% of the sales over the assessment period.
- Germany is forecast to register swift growth in Europe, accounting for nearly 20% of the total sales through 2031.
- China duct tapes market is expected to account for the largest share in East Asia, expanding at 2.1x times between 2021 and 2031.
- India is anticipated to emerge as the most remunerative market in South Asia, contributing nearly 45% of the revenue share by 2031.
- Based on end use industry, the HVAC segment is estimated to hold a significant share in the market, expanding at 5.8% CAGR over the forecast period.
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Key Drivers
- Increasing use of professional-grade duct tapes for reinforcing, waterproofing, and color-coding of packaging is propelling the demand across the professional-grade segment.
- Rising demand for duct tapes for bonding and mounting components on windows and doors, wall coverings, protective bumper rails to furniture, and panels to frames is heightening the sales in the building and construction industry.
Key Restraints
- Implementation of strict regulations on the use of plastics across North America, Europe, and Asia Pacific is hampering the growth in the plastic segment.
- Increasing customer inclination towards sustainable products and high cost of synthetic rubber-based adhesives compared to natural ones is hindering the sales across the synthetic rubber segment.
Competitive Landscape
As per FMI, the top five players in the global duct tapes market are Tesa SE Group, Scapa Group plc, SICAD S.p.A., PPM Industries S.P.A, and Shree Shubh Industries. These companies are expected to account for nearly 10% to 20% sales in 2021.
Key manufacturers are aiming at introducing new product and increasing their production capacity to meet the surging demand from various end use industries. For instance,
- In March 2019, Tesa SE Group, a leading manufacturer of self-adhesive products, announced expanding its production capacity by opening a new manufacturing plant at Suzhou, China. This new manufacturing facility will assist the company in expanding their customer based across automotive and electronics industries.
- In April 2019, 3M Company, an American multinational conglomerate corporation, announced launching a new adhesive especially designed for wearable medical devices. The strategy will assist the company to widen its product portfolio and strengthen its footprint across the adhesive industry.
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Some of the key players operating in the market profiled by FMI are:
- 3M Company
- Intertape Polymer Group Inc.
- Shurtape Technologies, LLC
- Berry Global Group Inc.
- Pro Tapes & Specialties, Inc.
- Nadco Tapes & Labels, Inc.
- MBK Tape Solutions
- International Plastics Inc.
- Nippon Industries
- Shree Shubh Industries
- Lares International
- Ajit Industries Private Limited (AIPL)
- Tape India (SHA KUNDNMAL MISRIMAL)
- Shanghai Yongguan Adhesive Productions Corp., Ltd
- Ritu Raj Tapes Pvt. Ltd.
More Valuable Insights on Duct Tapes Market
The latest report by FMI provides a detailed analysis of the global duct tapes market, providing credible insights into key factor driving the market through 2021 & beyond. The study also disclosed growth projections on in duct tapes market with detailed segmentation:
By Product Type:
- Removable Duct Tapes
- Professional Grade Duct Tapes
- Utility Duct Tapes
- Specialized High Strength Duct Tapes
By Adhesive Type:
- Natural Rubber based Adhesives
- Synthetic Rubber based Adhesives
By Backing Type:
- Plastic
- Polyethylene
- Polyvinyl Chloride
- Polyester
- Foil
- Cloth
By Application:
- Sealing
- Repairing
- Holding
- Waterproofing
- Coding
- Strapping
- Splicing
- Others
By Thickness:
- <10 Mil
- 10 to 15 Mil
- >15 Mil
By End Use Industry:
- HVAC
- Building & Construction
- Shipping & Logistics
- Automotive
- Electrical & Electronics
- DIY Activities
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Key Questions Covered in the Report
- The report offers insight into duct tapes market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for duct tapes market between 2021 and 2031
- Duct tapes market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Duct tapes market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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