Utility Grade Duct Tapes Market - Advanced technologies & growth opportunities in global Industry

The global utility grade duct tapes market is likely to exhibit rapid growth over the coming years, with its numerous end uses and widespread adoption enabling smooth growth of the utility grade duct tapes market in a number of regions across the world. The packaging and construction sectors are likely to remain important for the global utility grade duct tapes market in the coming years, while regionally, Europe is likely to remain the dominant contributor to the global utility grade duct tapes market. The use of utility grade duct tapes is likely to be highest in repairing applications in the coming years, with the repairing application segment likely to consistently account for more than 30% of the global utility grade duct tapes market over the 2017-2022 forecast period.

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According to Transparency Market Research, the global utility grade duct tapes market is likely to reach a valuation of US$395.1 mn by the end of 2017 and further rise to US$505.6 mn by the end of 2022, exhibiting a solid 5.1% CAGR therein.

Here are the key insights into the global utility grade duct tapes market’s growth prospects in the coming years:

The rising preference for DIY projects is likely to remain a key driver for the global utility grade duct tapes market over the 2017-2022 forecast period. This factor is particularly prevalent in developed regions such as North America and Europe, where the average consumer has more choices to choose from in terms of DIY projects. Growing awareness about the economic benefits of DIY is likely to enable a steady rise in the adoption of DIY practices, leading to rising demand from the global utility grade duct tapes market.

The rapid rise of the shipping and logistics industry is likely to be a major driver for the global utility grade duct tapes market over the 2017-2022 forecast period. Due to growing globalized trade, shipping and logistics is likely to be vital to the global economy in the coming years. The widespread use of utility grade duct tapes in the shipping and logistics sector is thus likely to remain a key driver for the global utility grade duct tapes market over the 2017-2022 forecast period. The growing demand for paperboard packaging is likely to tie in with the global utility grade duct tapes market to aid rapid growth of the latter, as utility grade duct tapes are widely used to seal paperboard packaging.

The growing use of duct tapes to repair household items is likely to be a key driver for the global utility grade duct tapes market over the 2017-2022 forecast period. Repairing emerged as the major application of utility grade duct tapes in 2017, with a share of 31.8% in the global market in 2017. The repairing segment of the global utility grade duct tapes market is likely to exhibit a strong 5.4% CAGR over the 2017-2022 forecast period.

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Geographically, Europe is likely to remain the dominant contributor to the global utility grade duct tapes market over the 2017-2022 forecast period, with North America and Asia Pacific except Japan also likely to emerge as key regional markets for utility grade duct tapes in the coming years. The latter two are likely to remain more promising for utility grade duct tapes market players, with the North America market expected to exhibit a CAGR of 5.9% and APEJ likely to exhibit a 5.8% CAGR over the 2017-2022 forecast period.

Global Utility Grade Duct Tapes Market: Competitive Dynamics

Leading companies in the global utility grade duct tapes market include 3M Company, Berry Global Group Inc., Tesa SE Group, Intertape Polymer Group Inc., Shurtape Technologies LLC, Scapa Group Plc, Vibac Group S.p.a., Bolex (Shenzhen) Adhesive Products Co. Ltd., Pro Tapes and Specialties Inc., and Shanghai Yongguan Adhesive Products Co. Ltd.

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This release was published on openPR.