(I-BusinessNews.Com, July 23, 2019 ) According to the latest report by IMARC Group titled, ÂIndustrial Tapes Market Report and Forecast 2019-2024Â, the market reached a value of US$ 54.1 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 73.3 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.
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Industrial tapes are made up of backing materials, coated with pressure-sensitive adhesives. Depending on the application, different backing materials can be used for manufacturing these tapes, such as polymer, paper, or aluminum foil. As compared to standard tapes, industrial tapes offer improved adhesive strength, heat resistance, water repellency, high tensile strength and UV stability. On account of these properties, industrial tapes are widely used for construction, automotive, electrical, packaging and medical purposes.
At present, growing construction activities and industrialization in developing countries have led to escalating demand for industrial tapes. Besides, there has been a significant shift towards environment-friendly and biodegradable products owing to the implementation of stringent regulations related to carbon emissions. As a result, manufacturers in the market are opting for natural rubber, acrylic materials for the production of industrial tapes. Moreover, increasing usage of industrial tapes in automotive applications, such as cable mounting, hole and joint covering, masking, mirror assembling, permanent paint protection and wire harnessing are also impelling the market growth.
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Key Market Segmentation:
Breakup by Product Type:
Â Filament Tapes
Â Aluminum Tapes
Â Duct Tapes
Â Adhesive Transfer Tapes
Breakup by Tape Backing Material:
Â Polyvinyl Chloride
Breakup by Application:
Â Packaging Application
Â Masking and Protective Application
Â Electrical and Electronic Application
Â Specialized Application
Breakup by End-User:
Â Manufacturing Industry
Â Automotive Industry
Â Construction Industry
Â Logistics Industry
Â Electrical Industry
Breakup by Mode of Application:
Â Pressure Sensitive Application
Â Solvent Based Application
Â Hot Melt-Based Application
Â Acrylic Based Application
Breakup by Region:
Â North America
Â Asia Pacific
Â Middle East and Africa
Â Latin America
The report has also examined the competitive landscape of global industrial tapes market. Some of the major players in the market are Avery Dennison Corporation, H.B Fuller Company, Henkel AG & Company KGaA, Ashland Inc., Sika AG, Saint Gobain SA, Eastman Chemical Company, The DOW Chemical Company, VON Roll Holding AG, The 3M Company, etc.
Key highlights of the report:
Â Market Performance
Â Market Outlook
Â PorterÂs Five Forces Analysis
Â Market Drivers and Success Factors
Â SWOT Analysis
Â Value Chain
Â Competitive Structure
Â Profiles of Key Players
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