Duct Tapes Market Competitor Analysis, Winning Strategies and Growth Drivers 2031
According to Future Market Insights (FMI), the duct tapes market will grow by 5.2% CAGR between 2021 and 2031 as application increases in industries such as HVAC, building & construction, automotive, electrical & electronics, shipping & logistics, and others for repairing, sealing, coding, waterproofing, strapping, splicing and other purposes.
Duct tapes offer surface protection along with various other benefits such as durability, strength, temperature resistance, and others which makes them popular among the various end-use industries. They are available in different types as per the requirement of end users which adds to the sales of duct tapes across various regions.
Duct tapes also are available in different colors which are used for indicating some safety information or for coding or for sorting. The different colors make it easy for industries to provide information. Also, it can be used as a marketing & advertising tool which is an added benefit for end users. On the back of these factors, the demand for duct tapes is anticipated to grow during the forecast period.
Key Takeaways from Duct Tapes Market
• By product type, the professional grade duct tapes segment is anticipated to remain the leading segment, accounting for around 37% of the market share by the end of 2031.
• Based on adhesive type, the natural rubber based adhesives segment is projected to register a CAGR of 5.7% during 2021-2031.
• Cloth segment by backing type is estimated to create the highest incremental opportunity of US$ ~1.4 Bn during 2021-2031.
• By application, sealing segment followed by waterproofing segment and repairing segment are forecast to hold around 68% of the market share.
• 10 to 15 Mil segment under thickness is estimated to expand 1.9x times the current market value in the next ten.
• By end-use industry, the HVAC segment and building & construction segment are anticipated to expand at a CAGR of 5.8% and 6.4% respectively during 2021-2031.
• North America, Europe, and East Asia will register highest demand for duct tapes. These regions together are projected to hold approximately 68% of the market share by the end of 2031.
“The need for strong sealing & repairing solutions among the various industries such as building & construction, shipping & logistics, HVAC, and others is fuelling the demand for adhesive tapes such as duct tapes,” says an FMI analyst.
Professional Grade Duct Tapes to Register High Demand
Manufacturers engaged in the production of duct tapes are offering various types of professional-grade duct tapes, which are helpful for a variety of household and industrial uses. Professional grade duct tapes offer excellent durability and increased holding power as compared to other filament tape alternatives, making them the most preferred adhesive tape type in the market. The increase in demand for duct tapes can be related to increased repair & maintenance works across all industries.
Customized Duct Tapes to Remain Highly Sought-after
Customization and personalization are major trends prevailing in duct tapes market. Along with industries, customers are also attracted towards the product that have the company’s brand name, logo or some other unique identification marks.
To meet the advanced needs of globally renowned brands, the trend of customization is largely followed in the duct tape market. Manufacturers of duct tapes are offering customized duct tapes to large corporate clients as per requirements, having a brand name or logo printed on the tapes. Also, they market it as a cost-effective marketing tool as compared to printed boxes and other packaging materials.
The customization trend is anticipated to grow over the forecast period and offer growth opportunities to duct tape market players.
Duct Tapes Market Landscape
3M Company, Intertape Polymer Group Inc., Shurtape Technologies, LLC, Berry Global Group Inc., Tesa SE Group, SICAD S.p.A., PPM Industries S.P.A., Pro Tapes & Specialties, Inc., Scapa Group plc. are the top players operating in the target market. Furthermore, Ajit Industries Private Limited (AIPL), Supertape BV, and Vibac Group S.p.A., are leading players in the market. The Tier 1 players in the market hold 05-10% in the global market for duct tapes.
Get More Information : https://www.futuremarketinsights.com/reports/duct-tape-market
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