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Global Electrical Tapes Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
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Global Electrical Tape Market Size Was 1400 Million USD In 2018
Electrical Tape (or insulating tape) is a type of pressure-sensitive tape used to insulate electrical wires and other material that conduct electricity. It can be made of many plastics, but vinyl is most popular, as it stretches well and gives an effective and long lasting insulation. Electrical Tape for class H insulation is made of fiberglass cloth.
The global market size of electrical tape was 1400 million USD in 2018 and is projected to reach USD 1628 million USD by 2025, at a CAGR of 2.39% between 2018 and 2025.
The growing manufacturing sector in all regions is expected to generate demand and drive the Electrical Tape market during the forecast period.
The electrical?and?electronics application dominated the Electrical Tape market during the forecast period, closely followed by Auto?industry in 2017. Auto?industry application is also expected to witness high growth rate between 2017 and 2025 due to the growing paints & coatings industry in North America, Europe, and Asia-Pacific, as a result increasing the demand for Electrical Tape in the respective regions. The growing manufacturing industry in the U.S., the Middle East, and Asia-Pacific countries such as China, Japan, and India is also driving the market.
The Electrical Tape market is classified based on type: Cloth Electrical Tape, PVC Electrical Tape, PET Electrical Tape. The market is dominated by PVC Electrical Tape due to their enhanced properties such as low price, suitable for insulation and protection of electrical parts and wires. The PET electrical Tape segment is also projected to be the second fastest-growing type of Electrical Tape during the forecast period.
Currently, China is the largest Electrical Tape market, in terms of value, closely followed by Europe. Some of the factors driving the growth of the North American market are high growth of end-use industries, local manufacturing, and increased number of domestic players in various market segments.
Asia-Pacific is expected to be the fastest-growing Electrical Tape market due to high demand from Electrical?and?electronics, Communication?and auto applications. The presence of major countries such as China, India, and Japan is also a major driver of the Electrical Tape market in the region.
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