New York, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global cable wrapping tapes market size is predicted to expand at ~7% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 3.5 billion by the end of 2036, up from a revenue of ~USD 1.5 billion in the year 2023.The Pandemic pushed schools & offices to close down, creating a culture of remote work and online studies, creating a new demand for Wi-Fi connection. The rising use of wires for connecting to the internet for business and school has raised the need for cable wrapping tapes to join wires together and keep insulated wires from kinking.
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According to a survey, as of 2024, 27% of American workers will work from home, and by 2025 it is expected that 36 million Americans will be working outside the country. Additionally, Around the world, online learning has been completed by 49% of students. Also, the steady expansion of the construction sector is to boost the market for cable wrapping tapes. Traditional tapes are being replaced by cable wrapping tapes owing to their features such as secure functioning, and ease of ease. This is especially utilized around the Asia Pacific region. The cable wrapping tapes having prominent colors are critically used in electrical set-up during construction. Cable wrapping tapes are essential components in the field of cable manufacturing and installation. These tapes are designed to protect cables against environmental factors, mechanical stress, and abrasion.
Increasing Demand in the Automotive Industry across the Globe to Boost Market Growth
Automotive Industries are increasingly using cable wrapping tape products to insulate and protect electrical wiring in vehicles backed by its high durability, ease of application, and resistance to moisture, abrasion, and chemical exposure, as electrical wiring in vehicles becomes more complex and sophisticated. Around 66.7 million vehicles were sold globally in 2021, but 67.2 million vehicles were sold globally in 2022. Between 2020 and 2021. To help manufacturers, improve production efficiency, decrease labor costs, and increase product quality, the growing use of automation and robotics in cable wrapping tape manufacturing is on the rise. As per estimates, 37% of industrial factories could be automated. Further, in terms of industrial automation Asia Pacific is leading with about 36%. Also, by 2024 industrial automation is expected to garner a revenue of around USD 119 billion. Telecommunications is one the fastest growing industries and has seen increased investments in recent years, owing to high-speed data services. The growth of the telecom industry has a positive impact on cable wrapping tape as it's used in electrical wires and cables making it an indispensable part and creating market demand.
Cable Wrapping Tapes Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Industrialization and Infrastructure Development to Drive the Market Growth in Asia Pacific Region
The cable wrapping tapes market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2036. This is primarily attributed to the increasing demand for electrical devices and heavy investments in the power sector. In line with our analysis, energy generation in the APAC region is expected to rise by 4% per year between 2022 and 2030. Demand for better cables and wires for the electrical fittings significantly increases the market revenue for global cable wrapping tape. Further, the adoption of industry 4.0 initiatives to boost infrastructure across manufacturing/production & and related industries and value creation processes, is expected to propel the market. Also, the demand for power cord solutions across industrial sectors in developing countries in the Asia Pacific region such as South Korea, India, and others is anticipated to boost the market’s growth. The rapid industrialization and infrastructure development in the Asia Pacific region significantly contribute to the demand for cable wrapping tapes. As nations invest in constructing power plants, manufacturing facilities, and urban infrastructure, there is a parallel increase in the deployment of cables.
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Expanding Data Center Infrastructure to Propel Growth in the North American Region
The North American cable wrapping tapes market is estimated to garner the highest CAGR by the end of 2036. The proliferation of data centers, driven by increasing data storage demands and the growth of cloud computing, fuels the demand for reliable cable solutions. Cable wrapping tapes play a crucial role in data centers by providing insulation, protection against electromagnetic interference, and overall cable management. As North America continues to witness the expansion of its data center infrastructure, the demand for cable wrapping tapes is expected to experience substantial growth. The emphasis on renewable energy projects, such as wind and solar farms, contributes to the demand for cables and cable wrapping tapes in North America. These tapes play a crucial role in protecting cables from harsh environmental conditions associated with renewable energy installations. Additionally, electrification initiatives, including electric vehicle charging infrastructure, further drive the need for reliable cable solutions, supporting the growth of the cable wrapping tapes market. North America is witnessing significant investments in renewable energy, with the renewable energy industry expected to reach USD 55 billion by 2025.
Cable Wrapping Tapes, Segmentation by Material
- PVC Tapes
- Glass Cloth Tapes
- PET Tapes
Amongst these segments, the PVC tapes segment in cable wrapping tapes market is anticipated to hold the largest share over the forecast period. PVC tapes are widely used for electrical insulation purposes in the construction industry. With increasing construction activities globally, the demand for PVC tapes to insulate electrical wires, cables, and joints is on the rise. These tapes provide an effective barrier against electrical currents, contributing to the safety and reliability of electrical systems in buildings and infrastructure projects. PVC tapes find application in the packaging industry for sealing and securing boxes and packages. The growth of e-commerce and increased focus on efficient packaging solutions contribute to the demand for PVC tapes in the packaging sector. As the packaging industry evolves to meet the demands of online retail and sustainability, PVC tapes play a role in ensuring secure and reliable packaging solutions. The global adhesive tape sales, including PVC tapes used in packaging, are projected to reach USD 76.8 billion by 2027.
Cable Wrapping Tapes, Segmentation by Application
- Electrical & Electronics
- Aerospace
- Industrial
Amongst these segments, the electrical & electronics segment in cable wrapping tapes market is anticipated to hold a significant share over the forecast period. Continuous technological advancements and innovation drive the growth of the electrical and electronics segment. From miniaturization to the development of smart and connected devices, the industry invests significantly in R&D to stay at the forefront of technological progress. As consumer preferences evolve towards more advanced and feature-rich products, the electrical and electronics market responds with cutting-edge solutions. The global spending on research and development in the electronics industry is expected to reach USD 613 billion by 2024. The burgeoning demand for smartphones, laptops, smart TVs, and other consumer electronics propels the growth of the electrical and electronics segment. Consumers seek devices with enhanced functionalities, higher processing power, and improved connectivity. Manufacturers in the industry focus on delivering products that align with consumer preferences, contributing to the sustained growth of the consumer electronics market.
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Few of the well-known indsutry leaders in cable wrapping tapes market that are profiled by Research Nester are PARKER HANNIFIN CORP, Scapa Group Ltd, HellermannTyton., Polycom Associates, JINYANG TECHNOLOGY CO., LTD., AVERY DENNISON CORPORATION., ACHEM, Nitto Denko Corporation, Intertape Polymer Group Inc., Teraoka Seisakusho co., Ltd., and other key market players.
Recent Development in the Cable Wrapping Tapes Market
- Elbflorace is a Formula One student racing team, and Saint-Gobain, a global leader in the electrical insulating tape industry, published its success story with them. They had worked together to develop an efficient electrical insulating tape fix for electric race cars.
- A new production bonding solution from 3M that increases automation, simplicity, and sustainability across industries is now available. It is called 3MTM VHBTM Extrudable Tape.
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