As per Future Market Insights, the cable wrapping tape market is anticipated to attain a value pool of US$ 1,500 million by 2023-end. Global demand for cable wrapping tapes is expected to rise at a CAGR of 6% to US$ 2,700 million in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 1,500 million |
| Projected Market Value in 2033 | USD 2,700 million |
| Growth Rate (2023 to 2033) | 6% CAGR |
The market is expected to witness moderate growth during the assessment period due to factors such as installment for the electrification in new households , automobile vehicles, industrial machinery, and other electrical components the where packaging and insulation are required.
With high consumption rate of rate fiber optics and extra high voltage cables in civic utilities, the market growth is likely to have a promising outlook, which can be attributed to extensive usage in almost all industries.
The demand from the electrical wiring sectors is due to the insulation required in cables and other materials that conduct electricity as also mandated by industry associations for end roll out product’s certification for use.
With electrical wires and Cables becoming an indispensable part in power utilities and telecommunications, the market growth is expected to remain unabated. Digitization has led to a revolution in the modern world. The advent of modern technology has led to consumers demanding better quality and faster services.
Numerous variation in types of cables has paved way for increasing demand for customization in the variety of the wrapping tapes.
However, the advent of wireless networking technology, may hamper the growth of the market growth in industrial utilities to an extent, yet cables being an integral part of power and telecommunication transmission hardware, the need of protective insulation in new installations and servicing will imbibe a considerable volume of cable wrapping tapes in upcoming years.
The need of Cable Wrapping Tape in consumer electrical appliances and electronic devices are a must to prevent any short-circuits, overriding effects of excess currents and complete the inter-circuit networks to make the device work properly.
The tape also protects the wires from the direct atmosphere contact which can make a safety parameter in prevention of electrical shock.
The tapes are also used in the tele- communication cables, which also lead to having a moderate growth due to the demand from various sectors in the segment. The drawback of the tapes is from the newly developed wireless technology for some of the electrical devices which can affect the market share.
Asia Pacific region is anticipated to expand at a sound pace during the assessment period due to the increased demand for electronics and electrical devices and also power cables due to the investment in the power sector. APAC is also expected to have significantly larger growth than the rest of the regions. The people are demanding better cables and wires for the electrical fittings which then significantly increase the global tape.
Europe is also anticipated to have significant growth in the market. The European Union has their specific quality and standard of tapes for power cables and other electrical devices. The market is expected to grow steadily in the region.
Some of the leading manufacturers and suppliers of Cable Wrapping Tape Market include
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 an 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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Cable Wrapping Tape Market
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