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Global Utility Grade Duct Tapes Market Poised to Grow at Over 5% CAGR through 2022, Europe to be the Leading Market
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According to the report, the demand for utility duct tapes is being driven by the broader developments in the construction and packaging industry. As the construction industry witnesses a resurgence, especially in developing countries, the demand for utility grade duct tapes is likely to increase. Further, demand for cost-effective and quick adhesion in the packaging sector is also likely to provide an impetus to the global demand for utility grade duct tapes. On account of these factors, the global utility grade duct tapes market is likely to grow at a CAGR of over 5% during the period 2017-2022.
On the basis of application, the report projects repairing to be one of the leading segments. Demand for utility grade duct tapes for repairing purposes is likely to remain high on account of their strong adhesive properties. Further, a majority of repairing projects have a strong focus on maintaining low costs, and utility grade duct tapes are a feasible option. In addition to demand from the commercial sector, demand for utility grade duct tapes is also likely to gain momentum as a result of surge in DIY projects. The DIY trend has gained prominence in the developed world, and as a result, demand for many products has witnessed an increase from the household segments. The global demand for utility grade duct tapes is also likely to increase on account of the steady growth in the shipping and logistics industry. Utility grade duct tapes are widely used in the shipping and logistics industry, and it is highly likely that demand will continue to remain resurgent throughout the forecast period.
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Europe is likely to be the leading market for utility grade duct tapes during the forecast period. Strong demand for utility duct tapes from the region’s construction sector, combined with rising preference for DIY projects are likely to provide an impetus to demand. Growth is also likely to remain steady in North America and Asia Pacific. Some of the leading companies profiled in the report include 3M Company, Vibac Group S.p.a., Shurtape Technologies LLC, Scapa Group Plc, Tesa SE Group, Berry Global Group Inc., Bolex (Shenzhen) Adhesive Products Co. Ltd., Pro Tapes and Specialties Inc., Intertape Polymer Group Inc., and Shanghai Yongguan Adhesive Products Co. Ltd
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