With the emergence and long-term Impact of COVID-19, Global Electrical Insulation Tape Market to reach USD 20.17 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Electrical Insulation Tape Market points towards a potential rise to USD 20.17 billion by 2030. Electrical insulation tape, often referred to as electrical tape or insulating tape, is a type of pressure-sensitive tape used primarily in the electrical and electronic industries. Its primary purpose is to insulate and protect electrical wires and other conductive materials from external factors such as moisture, heat, and abrasion.
The tape is designed to create a barrier that prevents electrical current from leaking or short-circuiting, thus enhancing the safety and reliability of electrical installations. The Electrical Insulation Tape Market is expanding because of factors such as increasing penetration of consumer electronics, rising adoption of electric vehicles and advancements in electrical and electronic technologies.
Geographically, the global Electrical Insulation Tape market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the dominance of branded products and the region’s increasing disease prevalence. The swift expansion of the electronics industry is driving heightened demand for products in the Asia Pacific region. Serving as a central hub for electrical appliance manufacturing, the region encompasses the production of white goods such as refrigerators, washing machines, and air conditioners. The assembly of these products relies significantly on electrical tapes, contributing to substantial demand for this essential component. Additionally, numerous countries in the region are extending electricity access to rural areas.
The ongoing process of urbanization has resulted in an upsurge in demand for electrical services in both residential and commercial structures. As the region continues its growth and modernization trajectory, the need for dependable insulation materials across diverse sectors is anticipated to expand, thereby fostering further growth in the market. North America is expected to grow at the fastest rate over the forecast period, owing to factors such as the growing industrial sector, surge in renewable energy projects, solar and wind power installations, which necessitate large volumes of wires and cables. Electrical insulation tape plays a crucial role in safeguarding these electrical systems from environmental factors and preventing electrical failures.
The global Electrical Insulation Tape market is highly competitive owing to the presence of several key players such as 3M Company Avery Dennison Corporation Scapa Group Ltd Hellermann Tyton Group plc Saint-Gobain Performance Plastics tesa SE Nitto Denko Corporation Plymouth Rubber Europa S.A. IPG Photonics Corporation Shurtape Technologies, LLC, and others.
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Key findings of the study suggest:
- Global Electrical Insulation Tape Market is anticipated to grow with a healthy growth rate of more than 5.0% over the forecast period 2023-2030.
- In the Material segment, PVC emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to expansion of the electronics industry in the region.
- North America is expected to grow at higher rate owing to surge in renewable energy projects in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Material:
- PVC
- Glass Cloth
- PET
- Others
By Application:
- Electrical & Electronics
- Aerospace
- Industrial
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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