Wilmington, Delaware, United States, May 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Construction Tape Market stood at US$ 2.6 billion in 2022 and the global market is projected to reach US$ 4.1 billion by 2031. The global industry is anticipated to expand at a CAGR of 4.2% between 2023 and 2031.
The market value of construction tape is increasing due to rapidly increasing urbanization and industrialization. There is a growing need for the construction of residential and commercial buildings, which requires the use of construction tape, as more people move to urban areas. The expansion of industrialization and construction activities in emerging markets is expected to create a significant demand for construction tape in the coming years.
An increase in infrastructure development is another significant factor contributing to the market growth. The growth of the Construction Tape Market is also expected to be driven by an increase in infrastructure development projects, such as bridges, highways, and airports. Construction tape is used extensively in these projects for marking, taping, and sealing purposes.
Growth prospects have been driven by factors such as technological advancements over the analysis period. The development of new materials and adhesives has led to the production of more advanced construction tapes that offer better adhesion, durability, and weather resistance. The use of automation and robotics in manufacturing processes has led to improved production efficiency and reduced costs.
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Key Findings of the Market Report
- By product type, duct tape segment is likely to be most preferred, and expected to expand at a significant share, attributed to the benefits it offers such as versatility, durability, cost-effectiveness, and the growing trend of DIY projects.
- Based on distribution channel, the distribution/wholesaler segment holds a significant market share, due to its wide distribution network, efficient supply chain management, bulk purchasing, and value-added services.
- By application, construction segment is expected to boost the market growth, attributed to factors including increasing construction activities, growing adoption of green building practices, stringent building codes and regulations, and increasing focus on worker safety.
Global Construction Tape Market: Growth Drivers
- The global Construction Tape Market is projected to expand at a steady pace from 2023 to 2031, due to the increasing demand for lightweight and flexible construction tapes.
- Another factor that is projected to augment the market growth includes the increasing use of construction tapes in DIY projects.
- Additionally, increasing government initiatives, as well as rising demand for premium construction tapes, are major factors that are anticipated to fuel the market prospects in the near future.
Global Construction Tape Market: Regional Landscape
- Asia Pacific is expected to dominate the Construction Tape Market during the forecast period, attributed to increasing demand for energy-efficient buildings.
- The regional market is witnessing an increase, due to the factors such as increasing demand for commercial and residential construction, and advancements in construction tape technology.
- Rising popularity of DIY projects, and increasing adoption of eco-friendly construction tapes are anticipated to escalate the growth of the regional market over the analysis period.
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Global Construction Tape Market: Key Players
Some of the key market players in the global Construction Tape Market are:
- 3M Company
- Tesa SE
- Shurtape Technologies, LLC
- Scapa Group plc
- Nitto Denko Corporation
- Pro Tapes & Specialties, Inc
- MBK Tape Solutions
- Saint-Gobain Performance Plastics Corporation
- Berry Global Inc
- Intertape Polymer Group
- Lintec Corporation
- Avery Dennison Corporation
- Lohmann GmbH
- Rogers Corporation
- Rengo Packaging Inc.
- Rajapack Ltd
- San Diego Paper Box Company
- Spartan Paperboard
- The Box Co-op
- Roberts PolyPro, Inc.
Competitive Landscape
Prominent players in the construction tape industry are taking advantage of the rapidly increasing demand for Construction Tape. To further their outreach, players are relying on collaborations, partnerships, and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, 3M introduced a new product line of multi-surface masking tapes designed for use on a variety of surfaces, including walls, floors, and trim. The new tape features an advanced adhesive that provides excellent holding power while still allowing for clean removal.
- In 2021, Nitto Denko Corporation launched a new line of double-sided tape products for construction applications. The new tape is designed to provide high adhesion and holding power while still being easy to handle and apply.
- In 2021, Tesa SE launched a new line of environmentally friendly construction tapes made from renewable resources. The new tapes are made from biodegradable materials and are designed to reduce waste and environmental impact.
- In 2020, Avery Dennison Corporation launched a new line of high-performance adhesive tapes for construction applications. The new tapes feature a high-strength adhesive that provides excellent bonding to a variety of surfaces.
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Global Construction Tape Market: Segmentation
Product Type
- Masking Tape
- Duct Tape (Indoor & Outdoor Usage)
- High-temperature Polyester Tape
- High-temperature Polyimide Tape
Aluminum Tape
- Others (Anti-friction Tape, Glass Cloth Tape, etc.)
- Distribution Channel
- Direct Sale
- Distributor / Wholesaler
Application
- Construction
- Sports & Recreation
- Yachts Building
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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