Press release
Electrical Tapes Market Poised for 5.3% Growth, Set to Hit $15.57 Billion by 2029
Electrical Tapes Market Size
The continuous expansion of the automotive sector is likely to be a significant driver for the escalating demand for electrical tapes. The automobile industry, which incorporates the creation, marketing, sale, and promotion of vehicles such as cars, motorcycles, trucks and other motor vehicles, is witnessing an upsurge. The surge is propelled by burgeoning interest in electric vehicles, technological enhancements, and increased consumer preference for mobility solutions. Additionally, the growth is boosted by favorable government regulations and infrastructural investment. In the automotive industry, electrical tapes are employed to safeguard, insulate, and bundle electrical wiring, ensuring the optimal functioning of vehicle electrical structures. For instance, as per the European Automobile Manufacturers' Association (ACEA)'s May 2023 report, the global production of motor vehicles in 2022 saw a growth of 5.7% over 2021 at 85.4 million. This is a clear indication of the automotive industry's growth, which in turn, is propelling the demand for the electrical tapes market.
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What is the future CAGR of the electrical tapes market, and how will it impact industry expansion?
The market for electrical tapes has seen robust growth in the past few years. The projected market growth predicts a rise from $13.65 billion in 2024 to $14.41 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.6%. The historic period growth is largely due to factors such as amplified demand for electrical insulation, escalation in construction activities, increased investments in the enhancement of electrical grids and infrastructure, the growing requirement for top-notch insulation materials, and an upswing in automotive production.
The market size for electrical tapes is anticipated to witness substantial expansion in the forthcoming years, reaching a value of $17.72 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%. This anticipated growth during the forecast timeline can be credited to the escalating transition towards electric vehicles, the burgeoning demand for the renewable energy systems, the growing acceptance of smart home systems, the quick pace of urbanization and infrastructure advancement, and the surging requirement for mobile electronic gadgets. Key trends to watch during the forecast period include the emergence of flame-resistant and heat-defying electrical tapes, novel developments in electrical tape commodities, material science innovations, progressions in electrical tape technology, and the fabrication of more effective and long-lasting electrical tapes.
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What are the most significant trends transforming the electrical tapes market today?
Leading electrical tapes market enterprises are concentrating on developing innovative goods including electrical tapes that have high abrasion-resistant properties to fulfil the modern requirements of automotive applications and increase durability and effectiveness. Electrical tapes with high abrasion resistant are specialized insulating tapes capable of enduring substantial wear and tear in severe conditions. For example, Avery Dennison, a US-based firm that produces pressure-sensitive adhesive materials, unveiled the Volt Tough series of electrical insulation tapes in September 2023. These tapes were specifically created to improve electrical insulation in electric vehicle (EV) battery packs. The new line includes high abrasion-resistant varieties, flame-retardant versions suitable for UL-94, color options suitable for vision inspection systems and other flammability norms to foster efficient manufacturing. It also addresses the critical issues related to high-voltage systems inside EVs, particularly electrical arcing that can happen between battery cells and conductive components, possibly resulting in short circuits or fires. It provides customized solutions designed to suit specific needs, including different adhesive mixtures and single-coated foam alternatives to strengthen insulation performance.
Which key market segments comprise the electrical tapes market and drive its revenue growth?
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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What regions are at the forefront of electrical tapes market expansion?
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.
Who are the leading players fueling growth in the electrical tapes market?
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
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What Is Covered In The Electrical Tapes Global Market Report?
•Market Size Forecast: Examine the electrical tapes market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electrical tapes market for a structured understanding.
•Key Players Overview: Analyze major players in the electrical tapes market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrical tapes market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electrical tapes market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrical tapes market.
•Industry Challenges: Identify potential risks and obstacles affecting the electrical tapes market.
•Competitive Landscape: Review strategic developments in the electrical tapes market, including expansions, agreements, and new product launches.
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