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Electrical Tapes Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Electrical Tapes Global Market Report 2024
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According to The Business Research Company's, The electrical tapes market size has grown strongly in recent years. It will grow from $12.96 billion in 2023 to $13.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increasing demand for electrical insulation, the rise of construction activities, rising investments in upgrading electrical grids and infrastructure, the rising need for high-quality insulation materials, and growth in automotive production.
The electrical tapes market size is expected to see strong growth in the next few years. It will grow to $16.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to the increasing shift toward electric vehicles, demand for renewable energy systems, growing adoption of smart home systems, rapid urbanization and infrastructure development, and rising demand for portable electronic devices. Major trends in the forecast period include innovations in flame-retardant and heat-resistant electric tapes, innovations in electrical tape products, innovations in material science, advancements in electrical tape technology, and the development of more efficient and durable electrical tapes.
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Market Drivers and Trends:
The expanding automotive industry is expected to propel the growth of the electrical tapes market going forward. The automotive industry refers to the industry that is involved in the development, production, marketing, and sale of motor vehicles, such as automobiles, trucks, motorcycles, and other vehicles. The automotive industry is rising due to growing demand for electric vehicles, technological advancements, and increasing consumer interest in mobility solutions. Additionally, supportive government policies and investments in infrastructure are accelerating industry growth. Electrical tapes are used in the automotive industry to insulate, protect, and bundle electrical wiring, ensuring safe and efficient vehicle electrical systems. For instance, in May 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Therefore, the expanding automotive industry is driving the growth of the electrical tapes market.
Major companies operating in the electrical tapes market are focused on developing innovative products such as high abrasion-resistant electrical tapes to meet the demanding requirements of modern automotive applications and enhance durability and performance. High abrasion-resistant electrical tapes are specialized insulating tapes designed to withstand significant wear and tear in harsh environments. For instance, in September 2023, Avery Dennison, a US-based company that manufactures pressure-sensitive adhesive materials, launched the Volt Tough portfolio of electrical insulation tapes, specifically designed to enhance electrical insulation in electric vehicle (EV) battery packs. This new line features high abrasion-resistant options, flame-retardant options for UL-94, color options for vision inspection systems, and other flammability standards to enable efficient production. This also addresses critical challenges associated with high-voltage systems within EVs, particularly the risk of electrical arcing that can occur between battery cells and conductive components, potentially leading to short circuits or fires. It offers customized solutions tailored to specific needs, including different adhesive formulations and single-coated foam options to enhance insulation performance.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
3M Company, Avery Dennison Corporation, Berry Global Inc., Nitto Denko Corporation, Denka Company Limited, Tesa SE, HellermannTyton, Intertape Polymer Group Inc., Scapa Group PLC, Shurtape Technologies LLC, Teraoka Seisakusho Co Ltd., Jonson Tapes, Parafix Tapes & Conversions Ltd., Advance Tapes International Ltd., Plymouth Rubber Europa S.A., Viking Industrial Products Ltd., Electro Tape Specialties Inc., Louis Tape Co. Ltd., PPI Adhesive Products Ltd., Intek Tapes Private Limited
Electrical Tapes Market 2024 Key Insights:
• The electrical tapes market size is expected to see strong growth in the next few years. It will grow to $16.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Automotive Industry Fuels Growth Of Electrical Tapes Market
• Innovative High Abrasion-Resistant Electrical Tapes Drive Advancements In Modern Automotive Applications
• Asia-Pacific was the largest region in the electrical tapes market in 2023
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