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As per Future Market Insights (FMI), the duct tapes market will develop by 5.2% CAGR somewhere in the range of 2021 and 2031 as application expansions in enterprises like HVAC, building and development, car, electrical and hardware, transporting and coordinated operations, and others for fixing, fixing, coding, waterproofing, tying, grafting and different purposes.
Duct tapes offer surface insurance alongside different advantages like sturdiness, strength, temperature opposition, and others which makes them well known among the different end-use ventures. They are accessible in various kinds according to the necessity of end clients which adds to the deals of duct tapes across different districts.
Duct tapes additionally are accessible in various tones which are utilized for demonstrating some wellbeing data or for coding or for arranging. The various varieties make it simple for businesses to give data. Likewise, it tends to be utilized as a marketing and publicizing device which is an additional advantage for end clients. On the rear of these variables, the interest for duct tapes is expected to develop during the estimate time frame.
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Key Takeaways from Duct Tapes Market
“The need for strong sealing & repairing solutions among the various industries such as building & construction, shipping & logistics, HVAC, and others is fuelling the demand for adhesive tapes such as duct tapes,” says an FMI analyst.
Professional Grade Duct Tapes to Register High Demand
Manufacturers engaged in the production of duct tapes are offering various types of professional-grade duct tapes, which are helpful for a variety of household and industrial uses. Professional grade duct tapes offer excellent durability and increased holding power as compared to other filament tape alternatives, making them the most preferred adhesive tape type in the market. The increase in demand for duct tapes can be related to increased repair & maintenance works across all industries.
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Customized Duct Tapes to Remain Highly Sought-after
Customization and personalization are major trends prevailing in duct tapes market. Along with industries, customers are also attracted towards the product that have the company’s brand name, logo or some other unique identification marks.
To meet the advanced needs of globally renowned brands, the trend of customization is largely followed in the duct tape market. Manufacturers of duct tapes are offering customized duct tapes to large corporate clients as per requirements, having a brand name or logo printed on the tapes. Also, they market it as a cost-effective marketing tool as compared to printed boxes and other packaging materials.
The customization trend is anticipated to grow over the forecast period and offer growth opportunities to duct tape market players.
What is the Impact of COVID-19 on Duct Tapes Market?
The COVID-19 pandemic had an adverse impact on the duct tapes market as the demand for duct tapes declined during the pandemic due to various factors. The decline in demand was due to the slowdown in operation across various industries along with a disturbed supply chain.
Building & construction, HVAC, shipping & logistics, and other industries incurred losses due to various government restrictions on transport, supply-chain, and human to human interaction. This also caused operations within the duct tapes market to be hampered.
However, as restrictions were lifted and operations recovered across industries, the demand for duct tapes also increased. This trend is expected to continue through the course of the forecast period.
3M Company, Intertape Polymer Group Inc., Shurtape Technologies, LLC, Berry Global Group Inc., Tesa SE Group, SICAD S.p.A., PPM Industries S.P.A., Pro Tapes & Specialties, Inc., Scapa Group plc. are the top players operating in the target market. Furthermore, Ajit Industries Private Limited (AIPL), Supertape BV, and Vibac Group S.p.A., are leading players in the market. The Tier 1 players in the market hold 05-10% in the global market for duct tapes.
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Duct Tapes Market by Category
Explore FMI’s Extensive Ongoing Coverage on Packaging Domain
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Duct Tapes Market are Prepared to Show up at US$ 6.9 billion by 2031, creating at a CAGR of 5.2% by the end of 2031 appeared first on Future Market Insights.
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