The electrical tapes market size has experienced significant growth in recent years. It is expected to increase from $12.96 billion in 2023 to $13.65 billion in 2024, with a compound annual growth rate (CAGR) of 5.3%. This growth is driven by the rising demand for electrical insulation, increased construction activities, investments in upgrading electrical grids and infrastructure, the need for high-quality insulation materials, and the growth of automotive production.
The electrical tapes market is projected to reach $16.85 billion by 2028, growing at a CAGR of 5.4%. The market growth can be attributed to the rise of electric vehicles, the increasing demand for renewable energy systems, the adoption of smart home technologies, urbanization, and a growing need for portable electronic devices. Key trends include innovations in flame-retardant and heat-resistant tapes, advancements in material science, and the development of more durable electrical tapes.
Major Driver In The Electrical Tapes Market
The expanding automotive industry is expected to propel the growth of the electrical tapes market, driven by the development, production, marketing, and sale of motor vehicles such as automobiles and trucks. The automotive sector is experiencing a rise due to the growing demand for electric vehicles, technological advancements, and increasing consumer interest in mobility solutions, supported by government policies and investments in infrastructure. Electrical tapes play a crucial role in insulating, protecting, and bundling electrical wiring in vehicles, ensuring safe and efficient electrical systems. According to a report by the European Automobile Manufacturers' Association (ACEA), 85.4 million motor vehicles were produced worldwide in 2022, marking a 5.7% increase from 2021. The electrical tapes market is projected to grow from USD 1.98 billion in 2023, USD 2.18 billion in 2024, to USD 4.32 billion by 2028.
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Electrical Tapes Market Competitive Landscape
3M Company, Avery Dennison Corporation, Berry Global Inc., Nitto Denko Corporation, Denka Company Limited, Tesa SE, HellermannTyton, Intertape Polymer Group Inc., Scapa Group PLC, Shurtape Technologies LLC, Teraoka Seisakusho Co Ltd., Jonson Tapes, Parafix Tapes & Conversions Ltd., Advance Tapes International Ltd., Plymouth Rubber Europa S.A., Viking Industrial Products Ltd., Electro Tape Specialties Inc., Louis Tape Co. Ltd., PPI Adhesive Products Ltd., Intek Tapes Private Limited
Key Electrical Tapes Market Trend
Companies in the electrical tapes market are focusing on developing abrasion-resistant electrical tapes for modern automotive applications, particularly in electric vehicles. For example, in September 2023, Avery Dennison launched the Volt Tough portfolio, featuring abrasion-resistant and flame-retardant tapes designed for use in electric vehicle battery packs, offering enhanced insulation and protection against electrical risks.
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Global Electrical Tapes Market Segmentation
The electrical tapes market covered in this report is segmented –
1) By Product: Polyester Films Tape , Polyvinyl Chloride (PVC) Electrical Tape , Cloth Electrical Tape , Rubber Tape , Polyester Film Tape , Polyamide Tape
2) By Application: Insulation, Protection, Phasing, Splicing, Cable Bundling
3) By End-User: Automotive , Aerospace , Construction , Electronic , Electrical
By Geography:The regions covered in the electrical tapes marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the electrical tapes market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Electrical Tapes Global Market Report 2024 furnishes information about the global electrical tapes market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
