Electrical Tapes Market Highlights:
Electrical tape appears like any other kind of tape but has very distinct and significant benefits, which make it unique. Made of plastic, vinyl, or cloth, electric tape is useful for a variety of different applications and projects. It is a type of pressure-sensitive tape and is that conduct electricity, specifically electrical wires. Electrical tapes are versatile, suited to a multitude of tasks, and when installed properly provide long-term, effective insulation. The rising awareness among manufacturers regarding the convenience of tapes, impact of robust growth in the construction industry, and established color codes for ensuring safety and minimized construction wastage are expected to have a positive impact on the electrical tapes market. However, the market growth is hampered by fluctuating raw material prices.
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Electrical Tapes Market Key Players Analyzed are:
Avery Dennison Corporation (U.S.), Intertape Polymer Group Inc. (Canada), HellermannTyton (U.K), The 3M Company (U.S.), Nitto Denko Corporation (Japan), Teraoka Seisakusho Co., Ltd. (Japan), Plymouth Rubber Europa, S.A. (Spain), ProTapes & Specialties, Inc. (U.S.), Electro Tape Specialties, Inc. (U.S.), H-old S.P.A (Italy), PPM Industries UK LTD (U.K), Euro Tapes Pvt. Ltd (India), Godson Tapes Private Limited (India), and Parafix Tapes & Conversions Ltd. (U.K).
There are many factors responsible for the growth of the electrical tapes market. Firstly, there is a rising awareness among manufacturers regarding the convenience of tapes. Electrical tape is commonly used to insulate and protect electrical components in different sectors, because of its dielectric strength and heat resistance. Electrical tape is effective in maintaining good insulation for a long period and can be overheated. Moreover, demand for sustainable and environment-friendly pressure-sensitive tapes has increased in the past few years, owing to environmental regulations and consumer preference towards environment-friendly products. Secondly, there is robust growth in the global construction industry.
Electrical tapes are increasingly replacing traditional adhesives because of their nature, such as ease of use and safe operation. Considering the influence of the construction industry in boosting the market’s growth, rising demand for electrical tapes has been witnessed in the Asia Pacific region. Thirdly, established color coded electrical tapes ensure greater safety. Electrical tape is available in multiple colors, which have different properties. Electrical color code describes the wire correctly configurated with an electrical system, which is paramount for safety. Every color used for electrical wiring has a specific meaning, with different colors indicating different circuit types and purposes. The global electrical tapes market is estimated to witness 5.52% CAGR during the forecast period, 2017-2023. In 2016, the market was led by Asia Pacificwith the largest market share, followed by Americas and Europe.
Electrical tapes Market Segmentation:
The electrical tapes market is segmented on the basis of type, application, and region. On the basis of type, the maximum market share is possessed by the PVC electrical tape. Polyvinyl chloride is a thermoplastic polymer that possesses excellent mechanical properties, better insulation ability, and higher resistance to chemicals used in industrial applications. PVC electrical tapes are ideal products for masking during the chemical plating process. The cloth electrical tape is the second highest revenue generating type. Cloth electrical tapes have the least dielectric strength. However, they have excellent mechanical properties, which are required for wrapping small electrical components and coil windings and fixing and repairing cables or electrical equipment. Rubber tapes are the third largest revenue generating type of tape. Rubber tapes are shelf stable tapes that possess excellent electrical properties. These wires can be stretched to a great extent, without affecting their physical and electrical properties. PVC electrical tape accounted for the largest market share in 2017 and is estimated to witness a CAGR of 6.02%.
Regional Analysis:
Asia Pacific has consistently dominated the market during the forecast period because the sales of electrical tapes are the highest in this region. There is a substantial increase in the number of industries operating in the automotive, construction, electronics, and healthcare sectors. This rise will lead to the increased requirement of wiring harness and other electrical components, which, in turn, would lead to a rise in the need for electrical insulation. Thus, the demand for electrical tapes in the Asia Pacific region is more compared to other regions. The global electrical tapes market in Asia Pacific is estimated to witness a CAGR of 5.67% during the forecast period and holds the largest market share.
Americas include the U.S., Canada, and Rest of Americas. Similarly, the . The region together holds the second largest market share in the global electrical tapes market and is estimated to witness a CAGR of 5.37% during the forecast period. Americas is expected to display a moderate demand for tapes. In the U.S., the expansion of the food and beverage sector is indirectly benefitting the pressure sensitive tapes market due to the need for corrugated packaging. Increasing awareness about the utilization of environment-friendly tapes to abide by governmental regulations is the major factor contributing to the growth of the electrical tapes market.
The report for Global Electrical Tapes Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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