According to the latest research, PVC tapes market expected to expand at a CAGR of 4-6% in between the forecast period. The modernization of the electrical grid and increasing penetration of consumer electronics across the globe is estimated to witness zealous growth in the PVC tape market in the coming assessment period. Furthermore,
Key players in the market are focusing on providing tapes with various additional features such as heat and weather resistance features, which is expected to propel market growth in the coming assessment period
What is Driving Demand for PVC Tapes?
Globally, PVC tape is also known as electrical tape due to its application in the electrical sector for insulation and protection from outdoor hazards. Also, it offers significant properties such as its dielectric strength and heat resistance owing to which the product is estimated to consolidate its position in the market over other tapes.
Increasing electrical infrastructure across the world and modernization of the electrical components have increased the importance of PVC tapes since the last couple of years and this trend is expected to continue in the near future.
Moreover, demand for environment-friendly, sustainable, and pressure sensitive PVC tapes has increased in the past few years.
PVC tapes are the most commonly used tapes in electrical insulation applications due to their economic price and availability as compared to other material types. Moreover, these tapes are abrasion and resistant to corrosion due to which is prefers for outdoor applications.
The packaging sector is another key end user of this product, with the tapes being used to seal and pack bags, cartons & boxes containing everything from food to clothes and various other products.
However, the Covid-19 outbreak has disrupted the overall supply chain network across the world and also changes the pattern of necessities in these challenging times. To overcome these situations key players of PVC tapes are planning to implement more agile supply chain network without any disruption and to increase overall consumption across the world.
Also, the spurt in e-commerce and online ordering behavior during the pandemic has increased demand for these tapes for product packaging of home delivered items.
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Which Segment Witness for Strong Growth
Based on application, the electrical and electronics segment accounts for more than half of the market share in terms of value and volume, and the trend is expected to continue its dominance soon owing to its increasing demand for smart cities where regional government is integrating powder grid with IoT (Internet of Things) technologies which will expected to fuel the market growth in the coming assessment period.
The increasing urban landscape, building & construction spending and growing demand for electrical insulation & wiring would further drive the market during the forecast period.
China PVC Tapes Market Outlook
Based on quantitative analysis, electrical & electronics sector in China are expected to hold around one-third of the market volume share and are anticipated to grow at a CAGR of 3-5% during the forecast period followed by the automotive and healthcare segments. Key players are vying to capitalize on country’s potential by investing in facilities & infrastructure to serve the domestic market in the country.
The market in China is expected to account for nearly 45% of the overall market in Asia Pacific region.
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Europe Demand Outlook for PVC Tapes
Market in Europe region is experiencing moderate growth during the forecast period. In addition, urbanization and industrialization in the Europe region have significantly increased the demand for PVC tapes for electrical insulation and packaging needs.
Among the European Union countries, Germany market is anticipated to experience lucrative growth driven by the construction and automotive sectors. The U.K. and France are also key demand centers for this product and are projected to maintain current growth rates over the long term.
Who are the Key Manufacturers and Suppliers of PVC Tapes?
Some of the leading manufacturers of PVC Tapes market includes
Globally, key players has been embracing R&D strategies and collaborate with governing bodies, where new environmental policies and emergence of technologies can gives rises to disruptive innovation among key players. Also, key players are expanding scale of business operation in the intensely competitive industry, where old production assets may impact the business profitability.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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