Filament Tapes Market: Higher Demand in Automotive & Electrical sector to hit the Industry at a CAGR of around 5%

Filament tape is a type of pressure sensitive adhesive tape also known as strapping tapes. A pressure sensitive adhesive material is coated onto a backing material which can be polypropylene or polyester film or a fiberglass and it offers high tensile strength, abrasion and moisture resistance, and also provides good handling for utility applications. The other advantages associated with filament tapes are that it provides good shear and initial adhesion, provides longer package life due to the presence of filaments and adhesions, and allows printing and illustrations to be seen through tape which makes the filament tapes market more attractive.

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Filament tapes Market Dynamics:

Filament tapes market is expected to grow at a CAGR of around 5% over the forecast period primarily driven by the growth in automotive sector and electrical sector. The features such as convenience to use, multi functionality, resistant to tears, easy removability without marks etc. drives the demand in the filament tapes market. Furthermore, filament tapes are considered stronger than glue closures or twines, which might attract customer of these products towards filament tapes and can further expand the customer base, hence driving growth in the filament tapes market. Even though filament tapes are very effective for heavy packaging purpose, however, they are considered as one of the costliest tapes which can be a restraining factor in the growth of filament tapes market. Additionally, the filament can be split lengthways with a little bit of force together with recent technological advancements in manufacturing and increased competition from alternate tapes can act as hindrances in the filament tapes market.

Filament tapes Market Segmentation:

On the basis of application, the global Filament tapes Market is segmented into:

Corrugated fiberboard boxes
Reinforcing packages
Bundling items
Pallet unitizing
Glass sealing
Strapping

On the basis of end use, the global Filament tapes Market is segmented into:

Appliance
Automotive
Construction
Consumer goods
Electronics
Food and Beverage
Furniture
General Industrial
Packaging
Oil and Gas
Others (Military and Government, MRO, Specialty vehicle, Metalworking etc.)

Filament tapes Market - Regional Outlook:

Geographically, the global Filament tapes market is divided into five regions North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). Asia Pacific is expected to dominate the growth in the filament tapes market, primarily due to huge demand in developing economies like India and China and also because of lower manufacturing cost in these economies. The low manufacturing costs in developing countries are due to easy availability of raw materials and cheap labor. Further, North America and Europe are expected to witness above average growth rates, however, these regions are expected to grow less aggressively in comparison to Asia Pacific, due to shift in production from developed economies to Asia Pacific. Latin America and MEA are expected to experience a moderate growth in the filament tapes market.

Filament tapes Market- Key Players:

Some of the major players identified across the globe in the filament tapes market are: 3M Company, Intertape Polymer Group Inc., Tesa Tape Inc., Canadian Technical Tape Ltd, Shurtape Technologies, LLC, CDNT Company, Euro Tapes Pvt. Ltd., ProTapes & Specialties, Guangzhou Weasy Adhesive Products Co., Ltd and many more.

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