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 USD 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 USD 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 an Analyst 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.
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.
Top Key Players in the Industrial Tape Market
- 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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