The global duct tape market size was evaluated at $3,941.56 million in 2022 and is slated to hit $6,845.97 million by the end of 2030 with a CAGR of nearly 7.31% between 2023 and 2030.
The market research is a crucial resource for understanding the market’s drivers, barriers, and potential. The study includes a thorough examination of the competitive landscape in addition to a breakdown of the duct tape market by geography. Also included are analyses such as PESTEL, SWOT, Porter’s five forces, value chain, cash flow, profit ratios, market basket, market attractiveness, and more. The duct tape market study also delves into the investor and stakeholder landscape to better provide businesses with the information they need to make educated strategic moves.
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???? The Market for Duct Tape: A Snapshot
Pressure-sensitive duct tape can be used for a wide variety of purposes, including but not limited to sealing, strapping, splicing, mending, holding, and waterproofing. Additionally, these items can be purchased in a range of printed designs and colours in addition to their default silvery grey hue. For the record, the earliest material known as duct tape was a non-adhesive plain cotton cloth with long strips used for strengthening shoes, adorning clothes, and wrapping steel cables to prevent corrosion. The demand for heavier materials like leather and wood has switched to lighter ones like latex and fibres as a result of technical advancements and the advent of the Industrial 4.0 revolution.
???? Conclusions and Recommendations
• Over the period from 2023 to 2030, our research analyst predicts the worldwide duct tape market will develop at a CAGR of about 7.31 percent.
• The global duct tape market is anticipated to grow from its current value of $3,941.50 million by 2030 to $6,845.97 million.
• Due to its widespread application across numerous manufacturing processes and high demand in the automotive industry, the global duct tape market is expected to expand rapidly over the coming years.
➤ The construction industry is expected to be the primary driver of worldwide market growth from 2023 to 2030.
The global duct tape industry is expected to grow on the backs of the packaging and construction industries. In addition, the product’s widespread application across a variety of industrial processes and its demand in automotive assembly operations will propel the market’s global expansion. Durability, exceptional holding strength, and professional grade are just a few of the product qualities that will drive the expansion of the market worldwide. The expanding urbanisation and industrialization, as well as the rising demand for polyethylene and vinyl, will further serve to propel the growth of the regional market.
The introduction of cutting-edge products is also expected to contribute to the expansion of the global market. For instance, in July 2023, Flex Seal, a company based in the United States that produces adhesive bonding solutions, released a high-performance duct tape called FlexTM Super Wide Duct Tape. The product is unique among duct tapes because of its extra-wide width. In addition, Scapa Plc, a leading producer of adhesive-based goods, released a new fire-retardant PE film tape for industrial uses in the third quarter of 2020. Future growth in the duct tape industry can be attributed to these efforts.
➤ Raw material price swings will slow the global economy’s expansion by the year 2030.
The global duct tape market will be stymied by rising worries about the product’s inefficiency, especially in extreme temperatures and as a result of leakages in the tapes that cause energy to be wasted. Additionally, global business can be slowed by the rising price of raw materials. Various compliance measures are being used by governments around the world to curb carbon emissions. The development of international trade may be hampered as a result.
➤ The global market will experience new growth opportunities as a result of the widespread adoption of e-commerce.
The worldwide duct tape industry stands to benefit greatly from the expanding e-commerce and logistics industries. In the future, the global market will take on new facades thanks to the accessibility of personalised duct tape.
➤ The use of duct tapes has led to rising environmental concerns, which may slow the growth of the worldwide duct tape market.
An enormous obstacle to the growth of the worldwide duct tape market is the fact that duct tapes are created from non-biodegradable substances that can have an effect on the environment. Epoxy adhesive tapes and other low-priced alternatives are readily available and will provide a significant threat to the global business.
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The Global Duct Tape Market is segmented based on product, application and region
Global Duct Tape Market: Product Segment Analysis
● Removable Duct Tapes
● Utility Duct Tapes
● Professional Grade Duct Tapes
● Specialized High Strength Duct Tapes
Global Duct Tape Market: Application Segment Analysis
The global duct tape market profiles key players such as:
● Rotogal di Gallio Angelo & C.s.n.c
● The 3M Company
● MBK Tape Solutions
● Intertape Polymer Group Inc.
● Shurtape Technologies LLC
● Berry Global Group Inc.
● Nadco Tapes & Labels Inc.
● Pro Tapes & Specialties Inc.
● International Plastics Inc.
● PPM Industries S.P.A..
● CS Hyde Company
● Blue Dolphin Tapes
● tesa SE Group
● Vibac Group S.p.A.
● Scapa Group plc
➤ Over the foreseeable future, the North American market is expected to become dominant worldwide.
More than 80% of the world’s duct tape market revenue was generated in North America in 2022, and that proportion is expected to rise significantly over the forecast period. Growth in the building and construction industry in nations like Canada and the United States may be responsible for the region’s expanding market from 2023 to 2030. To put things in perspective, the building industry in the United States contributed nearly over 4% to GDP. In addition, growing construction spending in the United States is expected to have a significant impact on the regional economy in the years ahead.
In addition, throughout the evaluation timeframe, the European duct tape market is predicted to show the highest CAGR. The continent’s booming electrical and electronics sector is one of the elements that is expected to positively affect the growth of the regional industry. Increases in both the export and demand for duct tapes used in the packaging of electronic items will contribute to the development of this sector in the region. Moreover, the presence of major businesses on the continent will enhance developments in related industries across the area.
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