The demand for Duct Tape Marketing in Global industries
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In 2021, the worldwide duct tapes market is expected to increase by 4.6 percent year-on-year (YoY) to reach 2.4 billion square meters in size. According to Future Market Insights, the global duct tape market is expected to reach $4.0 billion in 2020. (FMI). Between 2021 and 2031, worldwide duct tape sales are expected to reach $6.9 billion, rising at a CAGR of 5.2%.
According to the duct tapes market forecast for 2021–2031, how does it differ from that of 2016–2020?
Demand for flexible solutions to seal, repair, and adhere across a wide range of sectors is expected to fuel global duct tape market development throughout the projected period. According to FMI’s forecast, the duct tapes market would grow at a CAGR of 5.2% between 2021 and 2031, compared to the 3.2% CAGR from 2015 to 2020.
In sectors including HVAC, building and construction, automotive, shipping & logistics, and electrical & electronic industries duct tape is utilized for a wide range of applications, including sealing, repairing, and waterproofing as well as splicing and holding.
Duct tapes are in high demand across the world because of the increasing need for long-lasting and robust sealing and mending solutions. Manufacturers of duct tape are tailoring their goods to satisfy the changing needs of a wide range of sectors.
There is a growing emphasis on the manufacturing of 100% food-safe duct tapes as a result of this demand. Increasing manufacturing capacity has been a significant priority for duct tape manufacturers as well as new product developments and advancements in the industry.
When the HVAC and automotive industries grow, how will this affect duct tape sales?
There has been a rise in the demand for HVAC technology due to increasing temperatures throughout the world and the installation of tight government rules to provide sufficient ventilation facilities in different industrial units.
When it comes to HVAC systems, duct tapes are utilized for adhesion at every step, from installation to repairs and maintenance. Ventilation pipes consisting of metal, plastic, and other materials are better protected against leaks thanks to duct tape’s increased strength.
The worldwide duct tape market will develop as a result of the expansion of the HVAC sector. There will be a lot of demand for duct tapes due to the increasing number of automobiles on the road; this includes both two- and four-wheeled vehicles.
How Be Will Duct Tapes Market Growth Affected by Pressure Sensitive Adhesive Tapes?
By removing dangerous materials from food packaging, regulatory authorities are working to limit the possibility of contamination of food during transportation. Adhesive, Packaging tapes of all kinds are in great demand as a consequence of the fast expansion of online meal delivery platforms and home delivery of food.
The market for duct tape that can be used to seal food containers is growing at an exponential rate. It is for this reason that manufacturers are creating food-contact-safe tapes using scientifically established raw materials. The market for food-grade duct tapes is expected to develop as a result of the rising demand.
In what ways will COVID-19 affect the duct tape market?
A number of causes led to a decrease in demand for duct tapes during the COVID-19 pandemic, including the epidemic itself. As a result of the slowdown in different sectors and a disrupted supply chain, demand decreased.
Restrictions imposed by the government on the transportation, supply chain, and human-to-human contact of many businesses resulted in significant losses. Due to this, duct tape market activities were also hindered.
For what reasons is the duct tape market in the United States considered profitable?
The North American duct tape market is expected to be dominated by the United States for the foreseeable future. In North America, it has a 90% share of the market and is expected to continue growing steadily during the projection period.
Because of the expanding construction sector, the United States is expected to be the most lucrative market for duct tapes. Associated General Contractors of America (AGC) estimates that construction in the United States will account for 4.1% of GDP in 2019. In addition, building expenditure in the United States is astronomical.
The rise of the duct tape market in the United States is expected to be aided by the strengthening of the building industry. If you want to get more details click here: https://coolocean123.com/
