Utility Grade Duct Tapes Market - Emerging Industrial Applications to Boost Product Demand

The global utility grade duct tapes market is prognosticated to witness a steady growth in the coming years, according to Transparency Market Research (TMR). According to the report, the vendors in construction and packaging are expected to find diverse applications in utility grade duct tapes, promoting their uptake and production.

According to the report, the global utility grade duct tapes market was estimated to be at US$395.1 mn in 2017. With a steady 5.1% CAGR, the market is predicted to reach a value of US$505.6 mn between 2017 and 2022, the duration of forecast.

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Based on application, the segment dedicated to repair is prognosticated to account for nearly 33% of the market revenue over the forecast period. The high adhesive powers, easy applicability and availability of advanced alternatives are the desirable features of the product playing a key role in promoting this application segment to the lead.

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Considering geographical segmentation, Europe is expected to emerge as the dominant contributor in the global utility grade duct tapes market, with a 3.7% CAGR. The supremacy of this region may be attributed to the rising demand and popularity of do-it-yourself (DIY) applications in the region over the forecast period.

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Do-it-yourself or DIY is a trend that has been transcending into public awareness at a rapid rate. The DIY craze has given birth to a number of networks, sites, stores and sectors that exclusively contribute to DIY.

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