Market Forecast Report on Duct Tape Market 2017-2027
Future Market Insights has announced the addition of the “Duct Tape Market: Global Industry Analysis and Opportunity Assessment 2017-2027" report to their offering.
Duct tape is a pressure-sensitive tape which has three layers with the top layer being polyethylene, the middle layer being scrim or cloth and the bottom layer is made of rubber with a pressure-sensitive adhesive. The growth in demand for duct tape over the years has led to evolution of the way in which the duct tape is manufactured, packaged and used across industries. However, the distinctive feature that makes duct tape and the Duct tape market more attractive than other tapes and tape markets is its strength. Duct tape undergoes fabric backing while it can still be torn easily and is waterproof. When it was first manufactured, the duct tape was mostly used by Military, Air Forces and for industrial applications. However, later, as its consumer base broadened, the manufacturers starting making duct tape for households as well. In the past, big companies and conglomerates have changed their strategies to fulfill the demand for the growing Duct tape market. For instance, Henkel increased its production of duct tape by following round the clock production strategy and Intertape reassigned production teams from other products like masking tape to produce more duct tapes.
Duct Tape Market- Market Segmentation:
Based on application, the global Duct tape market is segmented into following:Ductwork Space Military Auto Racing Treating Warts Alternative use (Construction, repair, marking, sealing, crafting)
Based on grades, the global Duct tape market is segmented into following:Premium Grade Duct Tape Military Grade Duct Tape Gaffers Tape
Based on type, the global Duct tape market is segmented into following:Cloth Duct Tape Transparent Duct Tape Colored duct Tape
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Duct Tape Market - Market Dynamics:
Due to its multi-purpose features, the Duct tape market is expected to grow at a CAGR of around 3% during the forecast period. Duct tape can be used in a variety of applications ranging from repairing to decoration. Crafting with duct tape has become a recent trend with products like wallets, bags, and purses being made from duct tape. This particular trend has resulted in duct tapes being manufactured in different colors. However, one of the various factors that can hinder the growth of the Duct tape market is that it is not good enough in comparison to some other tapes in sealing the duct work. Similarly, the fall in adhesives of duct tape induced by moisture and fluctuations in temperature can overtime have a negative impact on the market for duct tape. The Duct tape market can also lose its market share to tapes which can be manufactured based on new adhesive formulations and at a lower cost.
Duct Tape Market - Regional Outlook:
Geographically, the global Duct tape market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). In the past, the demand for Duct tapes in America was high as the Government of the United States advised people to buy duct tapes for security reasons and also for its industrial application. However, in recent years, the demand for duct tapes has gone down in the country as a few state governments have prohibited the use of duct tape in building codes due to the risk associated with falling adhesive. The production of duct tape in the Asia-Pacific region has increased in comparison to North America mainly due to improvements in developing economies like India & China.
Duct Tape Market – Key Players:
Some of the major players identified across the globe in the Duct tape market are: 3M Company, Henkel AG & Co. KGaA, Shurtape Technologies LLC, Intertape Polymer Group Inc, Electro Tape Specialties, Inc; Berry Plastics Corporation, ShurTech Brands, LLC, Frank Winne & Son Inc, American Biltrite Inc., and ProTapes & Specialties Inc.
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Jan 23, 2017