Professional Grade Duct Tapes Hold Half of Total Revenues
Carrying the benefits of better durability, holding power, and removal properties, professional grade and specialized high strength duct tapes continue to define stakeholders’ bottom lines. Particularly in Japan, adoption of the former is on the rise owing to high export of electronic goods in the country. However, professional grade duct tapes are likely to lose some of their share to their counterparts - utility duct tapes and removable duct tapes - as these packaging tapes are relatively expensive.
Construction Industry’s Progress Argues Well for Asian Markets
The duct tapes market in North America, collectively with that in Europe, is capturing a major pie of total market revenues. However, this study suggests that East Asia will outperform these developed regional markets during the latter half of the projection period.
Spearheaded by China and Japan, the East Asian market will see an upsurge in adoption of duct tapes on the back of booming construction, and heating, ventilation, and air conditioning systems (HVAC) industries. South Asia is also echoing these growth prospects, attributing to the swelling infrastructure investments, particularly in fast developing countries such as India, Indonesia, and Thailand.
Unleashing Potential Application Opportunities in Non-traditional Areas
Influenced by their economical nature and excellent tacking property, duct tapes are making forays in various indoor applications such as sealing ductwork, and dustproofing filter banks. In addition to this, consumers are increasingly banking on duct tapes for different small-scale Do-it-Yourself (DIY) projects.
Apart from these household applications, duct tapes are widely used in the manufacturing industry for waterproofing, reinforcing and color-coding of packaging, owing to their excellent resistance properties. Such potential application areas for duct tapes are reflecting white spaces to market players.
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How Growth will Unfold
Adoption of duct tapes will remain prominent in sealing of HVAC insulation systems throughout the forecast period. Accounting for over a third of total market revenues, manufacturers are eyeing this end-use category for higher profits. By 2025, duct tape consumption by the HVAC industry will account for revenues of over US$ 2 Bn. Meanwhile, the building & construction industry is also reflecting an opportunistic potential for market growth, where adoption of duct tapes would most likely join the billion-dollar club in 2021.
FREQUENTLY ASKED QUESTIONS ABOUT DUCT TAPES MARKET
What are future prospects of the duct tapes market?
There will be promising growth in the demand for duct tapes over the next decade, with market value increasing from US$ 4 Bn in 2019 at a healthy CAGR through 2029.
Which region will lead the global sales in duct tapes market?
North America remains the largest shareholder in the global duct tapes market. The US has emerged as a dominant region in the duct tapes market in terms of consumption. However, East Asia and South Asia are expected to show higher growth over the coming years.
What revenues can market stakeholders derive from the HVAC industry over the next decade?
In 2019, duct tapes worth over US$ 1.4 Bn were sold to the HVAC industry, and the number is set to maintain an average 5.7% yearly increase during the forecast period (2019-2029).
What are the major challenges for the duct tapes market?
Presence of alternatives such as injected aerosol sealants for HVAC ducts, and limited applicability of duct tapes in extreme conditions are hindering the growth of the global duct tapes market.
Which companies are investing significantly in the development of innovative products?
Some of the leading players in duct tapes market include 3M Company, Berry Global Group Inc., Shurtape Technologies LLC, Scapa Group plc., and tesa SE Group.
DUCT TAPES MARKET TAXONOMY
The global duct tapes market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Removable Duct Tapes
- Professional Grade Duct Tapes
- Utility Duct Tapes
- Specialized High Strength Duct Tapes
- Natural Rubber-based adhesives
- Synthetic Rubber-based adhesives
- Polyvinyl Chloride
- < 10 Mil
- 10 to 15 Mil
- > 15 Mil
End Use Industries
- Building & Construction
- Shipping & Logistics
- Electrical & Electronics
- DIY Activities
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa