Industrial Tapes Market to Grow at 6.18% CAGR During 2016-2020

Press Release   •   Jan 29, 2016 03:54 EST

The increased demand from China is the primary driver for the growth of industrial tapes market. The rise in disposable income and boom in the construction, automotive, and food industries have pushed the demand for industrial tapes products in this region. Complete report available @ http://www.rnrmarketresearch.com/global-industrial-tapes-market-2016-2020-market-report.html.

The rising demand for carton sealing tapes is also expected to contribute to the market growth during the forecast period. The carton sealing tapes segment accounted for the largest share of the global industrial tapes market during 2015, especially from the processed food and beverages, pharmaceutical, and medical device manufacturing industries. These tapes ensure that the goods inside the corrugated box are protected during transportation.

The analysts forecast global industrial tapes market to grow at a CAGR of 6.18% during the period 2016-2020. The demand for biodegradable and eco-friendly industrial tapes has increased in the past few years because of environmental regulations and consumer preference toward environmentally friendly products.

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Market Segmentation by Support Material of Industrial Tapes Market -Polypropylene (PP)-based support material, Paper-based support material and PVC-based support material

The PP segment accounted for around 62% of the market share during 2015. Polypropylene is preferred over resins such as HDPE and LDPE for the production of industrial tapes due to its high barrier properties. The report anticipates this segment to grow at a rate of 5% during the forecast period.

Segmentation by Support Material and Analysis Of Industrial Tape - Adhesive transfer tape Double-sided tape, Plastic tape, Foam tape, Foil tape, Paper tape, Rubber tape, Tape fasteners and Specialty tape

Adhesive transfer tapes have thin, suitable bonding and good adhesion to metal and plastics. Also, they have excellent environmental resistance, high-temperature performance, and are resistant to moisture, solvents, and UV rays. These tapes are widely used in the automotive, electronics, manufacturing, and transportation industries.

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Geographical Segmentation of the Industrial Tapes Market – APAC, Europe, North America and ROW

The APAC region dominated the global market during 2015, with a market share of around 48%. China was the largest contributor to the market and represents about 70% of the total APAC market. The continuous market expansion in countries such as India and Indonesia is expected to boost the market growth in this region during the forecast period.

The industrial tapes market is highly fragmented with the presence of several local and international suppliers. Competition among vendors has intensified in terms of product differentiation, portfolio, and pricing.

Key players in the global industrial tapes market: 3M, Ashland, Sika, Merck Group and Eastman

The other prominent vendors in the market include Achem, Adchem, Adhesive Applications, Adhesives Research, Advanced Flexible Composites, Avery Dennison, Berry Plastics, Chomerics, Coating and Converting Technologies, CTT, DeWAL Industries, Essentra Specialty Tapes, FLEXcon, Intertape Polymer, Lamart, MACtac, Microseal Industries, Navilux, Necal, PPI Adhesive Products, Scapa Group, Shurtape, Syntac Coated Products, and TaraTape.

Further, the report states that increase in the cost of raw materials and adhesives used in the production of industrial tapes restricts the growth of the global industrial tapes market.

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