Vinyl Electrical Tapes Market Snapshot (2023 to 2033)
The global vinyl electrical tapes market was estimated to reach a valuation of USD 9.45 Billion in the year 2022. With a steady CAGR of 4.6% from 2023 to 2033, this market is expected to reach USD 9.89 Billion by 2023 and USD 15.5 Billion by 2033.
Vinyl electrical tapes are mostly utilized in low-voltage applications for main insulation and complicated wrapping. They are favored by end users for identifying safety zones, electrical phases, pipelines, leads, and building sites. For bundling as well as harnessing cables, a thickness of 7 mil or more is preferred, particularly in the United Kingdom as well as the United States. Additionally, it has been observed that PVC-backed vinyl electrical tapes are employed at low, medium, and high voltages to strengthen and replace wire jackets. The benefits of these tapes are thus boosting this industry's expansion on a global scale.
The primary driver of accelerating market expansion is rising demand from emerging nations due to their rapid economic growth. The electrical and electronic sector has grown due to rising consumer demand, which has a direct beneficial impact on the market. The market for vinyl electrical tape is expanding due to several factors, including the expanding industrial sector in both established and emerging nations and growing consumer knowledge of the advantages of tapes. Due to their heat resistance as well as dielectric strength features, which have a beneficial effect on the market, these vinyl electrical tapes are also employed to insulate and safeguard electrical components in numerous sectors.
Along with this, it is anticipated that the need for electrical tape in various color codes to ensure safety would rise in both emerging and developed nations, driving growth from 2023 to 2033. During the forecast period, technological developments and rising electrical tape usage within the automotive industry for a variety of end uses will also open up new prospects for the vinyl electrical tape market.
The worldwide vinyl electrical tapes market is divided into electrical & electronics and building & construction based on their uses. Over three-fifths of the worldwide market is made up of the electrical and electronic segment. Due to rising demand brought on by the global growth of the electrical and electronics industry, this application segment is anticipated to maintain its dominance during the projection period. Due to the growing fleet, particularly in the Asia Pacific area over the projection period, the need for these tapes in the building and construction industry is also predicted to rise.
The primary competitors in this industry strive to improve the performance and standard of their offerings. For instance, Scotch Vinyl Electrical Tape Super 88 is an all-weather, high-quality vinyl insulating tape that is 8.5 mils thick. The device is made to operate continuously in temperatures up to 221°F (105°C). The tape may be applied in chilly temperatures as low as 0°F (-18°C). It is exceptionally resistant to abrasion, alkalies, moisture, acids, corrosion, and many types of weather (including the UV exposure component too). Moisture-tight mechanical and electrical protection is provided by the combination of a pressure-sensitive rubber-based adhesive and an elastic PVC backing. Such advantages of these tapes will increase demand in the upcoming years.
The Asia Pacific region would dominate the vinyl electrical tape market throughout the forecast period. The markets for electrical tapes benefit from the growth of the construction and automobile industries. Electrical wires and straps are in particularly high demand in the Asia-Pacific region. Additionally, there are several prospects for this business to grow. Pricing efficiency and technical breakthroughs will enable further innovation.
Vinyl electrical tapes are preferred by end user in construction field for marking, identification of electrical phases, piping, leads and safety areas. Vinyl electrical tapes are generally used in low voltage applications for primary insulation and complex wrapping. Most preferable thickness used for bundling and harnessing cables is 7 mil and above of vinyl electrical tapes in the United States.
It is also noticed that PVC- backed vinyl electrical tapes are used to replace and reinforce cable jackets in low, medium and high voltages, this is the key reason behind preferring PVC over other materials. Many manufacturers who are engaged in the manufacturing of vinyl electrical tapes produce premium tapes on demand, although it requires high grade of raw material.
However, high raw material cost can easily be neglected over several advantages offered by premium tape, one of which is high performance delivered by these tapes. Stronger the adhesives more is the flexibility and better stretch and seal features.
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Vinyl Electrical Tapes Market: Dynamics
Emerging economies are expected to be the most lucrative markets for vinyl electrical tapes due to the high economic growth rate. With the rise in per capita income in the emerging economies the demand for merchandise has increased by more than 1.5x in the last few years. The increase in consumption of goods has expanded the electrical and electronic industry while creating significant opportunity for electrical tapes industry.
With the shift of manufacturing bases from developed countries to developing countries the volume of electrical and construction goods is expected to increase in the emerging regions hence creating the demand for vinyl electrical tapes during the forecast period.
Vinyl Electrical Tapes Market: Regional Outlook
Geographically vinyl electrical tapes can be segmented as North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa. Vinyl electrical tapes market is gaining traction in Asia Pacific region. Asia Pacific is expected to account for more than 30% value share of global total market.
Tapes market is growing faster than its economy influenced by the rapid growth of the e-retail sector in the region. Other than e-retail growth factors such as government policies in favor of manufacturing industry, availability of raw material and labor at low cost are motivating vinyl electrical tapes manufacturers to set up and expand their manufacturing facilities in Asia Pacific region especially in China and India.
Moreover, increasing number of skyscrapers in the United Arab Emirates and in many other GCC countries is anticipated to create good opportunities in the vinyl electrical tapes market.
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Vinyl Electrical Tapes Market: Key Players
Some of the key players in the vinyl electrical tapes market are mentioned below:
3M Company
Can-Do National Tape
Parafix Tapes & Conversions Ltd.
HellermannTyton
Electro Tape Specialties, Inc.
Bron Tapes, Inc.
Vinyl Electrical Tapes Market: Key Developments
Inorganic expansion at global level allows players to strengthen their market footprint along with strong customer base. Regional players are following the path of organic expansion by increasing manufacturing capabilities. Through mergers and acquisitions, key players have increased their market share, thus increase new entry-level barriers in the market. Some of the key developments in vinyl electrical tapes market are as follows:
In 2018, 3M invested US$ 1.8 billion in its research and development to improve its product offerings. The company has 8,300 researchers and research centers in 36 countries across the world.
In 2017, Parafix Tapes & Conversions Ltd. expanded its manufacturing facility and upgraded its prototyping equipment.
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The report covers exhaustive analysis on
Market Segments
Market Dynamics
Historical Actual Market Size, 2014 to 2018
Market Size & Forecast 2019 to 2029
Market Current Trends/Issues/Challenges
Competition & Companies involved
Market Drivers and Restraints
Regional analysis includes
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
Vinyl Electrical Tapes Market: Segmentation
On the basis of material, global vinyl electrical tapes market can be segmented as follows:
Plastic
Polyvinyl Chloride
Polyethylene
Polypropylene
Others
Rubber
On the basis of thickness, global vinyl electrical tapes market can be segmented as follows:
Below 5 mil.
5-7 mil.
7-10 mil
Above 10 mil.
On the basis of application, global vinyl electrical tapes market can be segmented as follows:
