The latest market report published by Credence Research, Inc. “Industrial Tapes Market, By Product Type (Aluminum Tapes, Duct Tapes, Adhesive Transfer Tapes, Filament Tapes and Others), Backing Material (Paper, Cloth/Fabric, Polymeric and Metallic), End User (Manufacturing, Automotive, Construction, Logistics, Electrical & Electronics and others) and By Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Growth, Future Prospects and Competitive Analysis, 2017 - 2025,” The market is projected to grow at a CAGR of 6.0% from 2017 to 2025.
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The global industrial tapes market is witnessing significant momentum owing to the increasing demand from end users. The end-users such as automotive, electronics and construction demands sophisticated bonding solutions with resistance under harsh environments thereby driving the global industrial tapes market.
Increasing investments in the construction industry in emerging economies such as Asia Pacific, Middle East and Africa and Latin America is expected to boost the industrial tapes market. This is owing to the demand from professionals requiring essential qualities in repair and plastering of buildings. For instance, duct tapes are widely used for its tensile strength and hold-ability for multi-layer supports while masking tapes are important for painting and decorative applications.
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The key players present in this market are tesa SE, 3M Company, Henkel AG & Company and Intertape Polymer Corp. among others. Strategic acquisitions and product launch are the major developments companies are focusing to increase their market share and product portfolio. For instance, in early 2017, Shurtape Technologies. LLC, the U.S. based pressure-sensitive tape manufacturer announced to acquire Syntac Coated Products, LLC, (U.S headquartered) to broaden its product portfolio for North American market. Apart from these strategic developments, companies are also actively investing online platforms and search engine optimization (SEO) to create powerful impact of their product launch.
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- Growth of end-user industries
- Increasing demand for high performance effective adhesive solutions
- Strategic acquisitions and product development for local demands
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