The global utility grade duct tapes market is expected to witness a healthy growth rate 5. 1% CAGR during 2017 to 2022, reveals the findings of an upcoming report by Transparency Market Research (TMR).
The global utility grade duct market was valued at US$ 395. 1mn in 2017 and it is expected to reach at US$505.6 mn by the end of forecast period. The demand for utility grade duct tape is ever growing. The large share of demand is expected from repairs. The utility duct tapes have various applications such as sealing, holding, waterproofing, repairing, and strapping. But, repairing segment may fuel the market due to its high adhesive properties and ease in applications.
In terms of competition, the major companies operating in the global utility grade duct tapes market include Scapa Group Plc, Berry Global Group Inc., Shurtape Technologies LLC, Vibac Group S.p.a., Intertape Polymer Group Inc., 3M Company, Shanghai Yongguan Adhesive Products Co. Ltd. and Pro Tapes and Specialties Inc. Several new entrants may come into the global utility grade duct tapes market due to low investment needs.
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Utility duct tapes are not just used by the construction companies but also it is being used by common household for regular maintenance such as insulating electrical appliances, wrapping pipes, etc. This could lead to the expansion of the utility grade duct tapes market.
Further, these tapes are highly cost efficient which makes them an obvious choice in industrial sectors.
On the flip side, presence of such as fibre tapes and mastic fluids might hinder the growth in the global utility grade duct tapes during the forecast period. Nevertheless, the growing packaging and logistics sector is expected to provide impetus to the growth in the global utility grade duct tapes market. The growth can be due to high tensile strength and superior adhesive features that these tapes offer.
Europe to Influence Utility Grade Duct Tapes Market
- The global utility grade duct tapes market is spread across five key regions, North America, Europe, Asia Pacific, Latin America, and Middle East. Among all these, Europe is prognosticated to dominate the market over the forecast period. The growth can be due to people preferring DIY projects and presence of stores like IKEA DIY projects strengthens the market.
- Simultaneously, North America and Asia Pacific exhibit an impressive growth in the upcoming years. The growth in North America can be due to strong presence of logistics giants such as Fedex using such tapes for packing and packaging during the transit. In Asia Pacific, the growth is expected from rapid industrialization, rising number of constructions, rising demand due to general applications of utility duct tapes.
This post was originally published on Space Market Research