Duct Tape Market Poised to Register 3.71% CAGR through 2023
Global Duct Tape Market is estimated to grow at a substantial CAGR of 3.71% by 2023 as the scope, product types, and its applications are increasing across the globe. Duct tape is a cloth- or scrim-backed pressure-sensitive tape that is frequently coated with polyethylene. The key factor that propels the growth of the Duct Tape Market includes increasing use of duct tapes in the construction and building and automotive industries. On the other hand, there are factors that may hamper the growth of the market including existence of substitute products such as mastic fluids and other fiber tapes.
Duct Tape Market may be explored by product type, application, thickness, end user, and geography. Duct Tape Market may be explored by product type as Acrylic, Natural Rubber, Silicone and Others. The “Natural Rubber” segment led the Duct Tape Market in 2017 and is anticipated to maintain its dominance by 2023 owing to low cost.
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Based on application, the Duct Tapes market may be classified as repairing, splicing, sealing, holding, waterproofing, strapping, color-coding and others. The “Sealing” segment led the Duct Tape Market in 2017 and is anticipated to maintain its dominance by 2023. Based on the thickness (Mils), the Duct Tapes Market may be classified as 10 to 15 and >15. <10, <10 and 10 to 15.
Duct Tape Market could be explored based on end user as building & construction, HVAC industry, DIY activities, shipping & logistics, electrical & electronic industry, and automotive. The “HVAC industry” segment led the Duct Tape Market in 2017 and is anticipated to maintain its dominance by 2023.
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Duct Tape Market is categorized based on geography into North America, Latin America, Japan, Middle East and Africa, Western Europe, Asia Pacific, and Eastern Europe. APEJ accounted for the major share of the Duct Tape Market Size in 2017 and will continue to lead in the forecast period. APEJ is followed by the Western European and North American region.
The key players contributing to the robust growth of the Duct Tape Market comprise Duct Tape, 3M, ProTapes Specialties, Canadian Technical Tape, Swabs Tapes India Private Limited, ADH Tape, KNY INDUSTRY, Jiangyin Meiyuan Industries Corporation, Ningbo Teagol Adhesive Industry and Shurtape. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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