NEWARK, Del, Feb. 27, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights, the duct tape market is poised for significant growth, with its size expected to increase from US$ 4.9 billion in 2024 to US$ 8.0 billion by 2034. Over the next decade, a moderate 5.1% CAGR in the demand for duct tape is projected to drive the expansion, which had seen a CAGR of 3.0% between 2019 and 2023.
The duct tape market is experiencing growth due to increased demand from packaging and construction industries. As industries expand and construction projects surge, the need for reliable sealing and bonding solutions like duct tape continues to rise. Urbanization and industrialization lead to more repairs and strapping needs, boosting the demand for duct tape.
Duct tapes also play a crucial role in both industrial applications and home renovation projects. There has been a notable surge in the sales of duct tape because of its resilience and effectiveness have positioned it as a go-to choice for those prioritizing longevity and reliability in their purchases. Duct tape's versatility and strength make it a staple in households.
Request for a sample of this research report: https://www.futuremarketinsights.com/reports/sample/rep-gb-2641
The growing demand for customized duct tape presents lucrative opportunities for market players. Customization allows companies to tailor products to specific needs and preferences, catering to diverse industries and applications. This trend fosters innovation and differentiation in the market, driving growth and competitiveness among manufacturers and suppliers.
“China's rapid growth in the duct tape market presents a notable hurdle for the traditional leader, the United States. The competitive landscape shifts as China's manufacturing prowess and market influence expand. The increasing prominence of China in this market opens doors to lucrative opportunities for market players globally. The increasing competition is likely to stimulate innovation and drive market players to enhance their products and strategies.” Says, Ismail Sutaria, Principal consultant at Future Market Insights
Key Takeaways
- The United States is set to dominate the duct tape industry with a projected 4.5% CAGR from 2024 to 2034, driven by innovations in adhesive technology and growing consumer demand for versatile and durable repair solutions.
- China's duct tape industry is projected to follow closely, with an estimated 6.9% CAGR through 2034, attributed to the increasing urbanization and infrastructure development as well as its emergence as a manufacturing hub for various industries.
- The duct tape market in the United Kingdom is likely to show a 5.6% CAGR between 2024 and 2034, influenced by renovation and remodeling projects spurred by a strong housing market and advancements in eco-friendly duct tape variants.
- Japan's duct tape industry is projected to develop at a 5.6% CAGR through 2034, propelled by a surge in infrastructure projects ahead of major events and a heightened focus on technological advancements in adhesive materials.
- The Germany duct tape industry is likely to exhibit a 4.0% CAGR from 2024 to 2034, impacted by steady investment in infrastructure projects in addition to its reputation for precision engineering and quality manufacturing.
Purchase Now to Access Segment-specific Information and uncover Key Trends, Drivers, and Challenges: https://www.futuremarketinsights.com/checkout/2641
Key Players’ Strategies for Success in the Duct Tape Market
Here are some key strategies that players in the duct tape industry employ for success:
- Continuous product innovation
- Targeted marketing campaigns
- Strong distribution networks
- Quality control measures
- Customer feedback integration
- Sustainable manufacturing practices
- Effective cost management
- Strategic partnerships and collaborations
Recent Developments
- 3M™ introduced all-weather duct tape. For extended use, it can withstand heat, sunshine, rain, sleet, and snow. It is appropriate for durable repairs. It works well for tool reinforcement and mending and repairing outdoor goods.
- ShurTech Brands, LLC, the company that manufactures Duck® brand duct tape, established a licensing deal with the NFL to introduce a range of NFL Team Logo Duck Tape. Duck Tape and NFL fans stand to gain greatly from this new strategic relationship, bringing together their respective brands' strengths.
Key Players:
- 3M Company
- Intertape Polymer Group Inc.
- Shurtape Technologies, LLC
- Berry Global Group Inc.
- Pro Tapes & Specialties, Inc.
- Nadco Tapes & Labels, Inc.
- MBK Tape Solutions
- International Plastics Inc.
- CS Hyde Company
- Blue Dolphin Tapes
- PPM Industries S.P.A
- tesa SE Group
- Scapa Group plc
- Advance Tapes International Ltd.
- Vibac Group S.p.A.
- Supertape BV
- SICAD S.p.A.
- Rotogal di Gallio Angelo & C. s.n.c
- And More.
Ready to Learn About Our Approach? Explore Our Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-2641
Key Segmentations:
By Product Type:
- Removable Duct Tape
- Professional Grade Duct Tape
- Utility Duct Tape
- Specialized High Strength Duct Tape
By Adhesive Type:
- Natural Rubber based Adhesives
- Synthetic Rubber based Adhesives
By Backing Type:
- Plastic
- Polyethylene
- Polyvinyl Chloride
- Polyester
- Foil
- Cloth
By Application:
- Sealing
- Repairing
- Holding
- Waterproofing
- Coding
- Strapping
- Splicing
- Others
By Thickness:
- <10 Mil
- 10 to 15 Mil
- >15 Mil
By End Use Industry:
- HVAC
- Building & Construction
- Shipping & Logistics
- Automotive
- Electrical & Electronics
- DIY Activities
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Explore Related Reports of Packaging:
- The global tape stretching line market is currently valued at US$ 8.5 billion in 2023 and is anticipated to expand at a CAGR of 6.3%. Owing to the advances in packaging the market is likely to reach US$ 15.6 billion by 2033.
- The global tape dispenser market could be termed a progressive one, reaching US$ 7,926.82 million by the year 2033 at a CAGR of 4.4% between 2023 and 2033.
- The overall sales of tape banding machines are slated to rise at 4.3% CAGR between 2023 and 2033, totaling US$ 3.65 billion by 2033.
- The tape & label adhesives market is segmented by manufacturers who manufacture adhesives for tapes & labels. Adhesives play a vital role in the adhesion of tapes & labels.
- The global tape backing materials market is estimated to exhibit growth at a CAGR of around 5% to 6% during the forecast period 2022 to 2032.
- The tapes market size is projected to be valued at US$ 78.5 billion in 2023 and is expected to rise to US$ 126.6 billion by 2033. The sales of tapes are expected to record an average CAGR of 4.9% during the forecast period.
- The global hydrocolloid market is expected to grow during the forecast period owing to the advancements in the healthcare sector. An increased number of surgeries and growing concerns over hospital-acquired infections are anticipated to drive the hydrocolloid tapes market.
- The filament tapes market size is projected to be valued at US$ 5,276.5 million in 2023 and is expected to rise to US$ 10,477.1 million by 2033. The sales of filament tapes are expected to register a significant CAGR of 7.1% during the forecast period.
- The global corrosion protection tapes market is likely to join the bandwagon of exponential growth between 2022 and 2031 at a CAGR of 4.4%, reaching US$ 1.8 Billion by the year 2031.
- The global packaging tapes market is set to enjoy a market valuation of US$ 71.7 Billion in 2021, and register a CAGR of 4.8% % to reach US$ 120.1 Billion by 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
