Press release
Global Electrical Tapes Market Projected to Surpass $17.72 Billion by 2029 with 5.3% Annual Growth
In the past few years, we've witnessed substantial growth in the size of the electrical tapes market. The market, which was worth $13.65 billion in 2024, is projected to grow to $14.41 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. This growth during the historic period can be attributed to a surge in demand for electrical insulation, an increase in construction activities, substantial investment in the enhancement of electrical grids and infrastructure, a growing requirement for top-notch insulation materials, and a boom in the production of automobiles.
The market for electrical tapes is projected to witness a significant surge in the coming years. The market size is predicted to soar to $17.72 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%. This growth during the forecast period is driven by factors such as the accelerated shift towards electric vehicles, the surge in demand for renewable energy systems, a growing preference for smart home systems, rapid urbanization, infrastructure development, and an increased demand for portable electronic gadgets. The forecast period is also expected to see several trends like improvements in flame-retardant and heat-resistant electrical tapes, product innovations in electrical tapes, breakthroughs in material science, technological advancement in electric tape manufacturing, and the creation of more efficient and resilient electrical tapes.
What Is Contributing to the Growth of the Electrical Tapes Market?
The electrical tapes market is set to surge upwards, driven by the expansion of the automotive industry. The term 'automotive industry' refers to entities involved in creating, producing, promoting, and selling motor vehicles, including cars, trucks, motorcycles, and other types of vehicles. Factors such as rising demand for electric vehicles, technological progress, and growing consumer interest in mobility solutions are propelling the industry's growth. Government policies and infrastructure investments that support the industry further accelerate this growth. In vehicles, electrical tapes serve to insulate, protect, and bundle the electrical wiring, thereby ensuring the electrical systems' safety and efficiency. For instance, a report from the European Automobile Manufacturers' Association (ACEA) in May 2023 indicated that 85.4 million motor vehicles were produced globally in 2022, marking a 5.7% increase from the previous year. This surge in the automotive industry contributes significantly to the expansion of the electrical tapes market.
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Which Key Market Leaders Are Driving Electrical Tapes Industry Growth?
Major companies operating in the electrical tapes marker are 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
What Are the Emerging Trends in the Electrical Tapes Industry?
Several leading companies in the electrical tapes market are concentrating on the creation of unique products like high abrasion-resistant electrical tapes. These tapes are intended to cater to the demanding needs of modern automotive applications and foster improved durability and performance. They are specialized insulation tapes engineered to endure extreme wear and tear in severe conditions. Avery Dennison, a company based in the US which manufactures pressure-sensitive adhesive materials, for instance, introduced the Volt Tough portfolio of electrical insulation tapes in September 2023. This portfolio is explicitly constructed to improve electrical insulation within electric vehicle (EV) battery packs. The new range includes options for high abrasion resistance, flame retardance for UL-94, color variants for vision inspection systems, and compliance with other flammability standards to facilitate productive manufacturing. It also offers a solution to serious issues related to high-voltage systems within EVs, notably the threat of electrical arcing between battery cells and conducting parts which could result in short circuits or even fires. The company provides personalized solutions in alignment with particular requirements, inclusive of various adhesive mixes and single-coated foam options to boost insulation effects.
What Are the Main Segments in the Electrical Tapes Market?
The electrical tapesmarket covered in this report is segmented -
1) By Product: Polyester Films Tape , Polyvinyl Chloride (PVC) Electrical Tape , Cloth Electrical Tape , Rubber Tape , Polyester Film Tape , Polyamide Tape
2) By Application: Insulation, Protection, Phasing, Splicing, Cable Bundling
3) By End-User: Automotive , Aerospace , Construction , Electronic , Electrical
Subsegments:
1) By Polyester Films Tape: Adhesive Polyester Film Tape, Non-Adhesive Polyester Film Tape
2) By Polyvinyl Chloride (PVC) Electrical Tape: Standard PVC Electrical Tape, Flame-Retardant PVC Electrical Tape, Super Stretch PVC Electrical Tape
3) By Cloth Electrical Tape: Cotton Cloth Electrical Tape, Synthetic Cloth Electrical Tape
4) By Rubber Tape: Self-Fusing Rubber Tape, Adhesive Rubber Tape
5) By Polyester Film Tape: Biaxially Oriented Polyester (BOPET) Tape, Thermally Conductive Polyester Film Tape
6) By Polyamide Tape: High-Temperature Polyamide Tape, Standard Polyamide Tape
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Which Geographic Area Leads the Electrical Tapes Market?
Asia-Pacific was the largest region in the electrical tapes market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical tapes marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electrical Tapes Global Market Report?
- Market Size Analysis: Analyze the Electrical Tapes Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electrical Tapes Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electrical Tapes Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electrical Tapes Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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