Emerging Economies Represent Major Opportunities for Specialty Tapes
The specialty tapes market in emerging economies (e.g., China, India, Brazil, South Africa, and Indonesia) is expected to witness significant growth.
The market for specialty tapes is projected to grow from $44.2 billion in 2019 to $59.3 billion by 2024, expanding at a CAGR of 6.1%, according to a report from Markets and Markets. Demand is high for specialty tapes in the healthcare and hygiene, electrical and electronics, automotive, white goods, and building and construction industries. The utilization of healthcare services, awareness regarding hygiene products, infrastructure development, and upgrading of electronic equipment are increasing the demand for specialty tapes. Many companies are therefore manufacturing tapes with a focus on heat- and weather-resistance features.
The PVC segment is expected to account for the largest share of the specialty tapes market to 2024. PVC tapes are non-corrosive and resistant to humidity and UV rays. PVC is a thermoplastic polymer that possesses excellent mechanical properties, better insulation ability, and higher resistance to chemicals used in industrial applications. These tapes are ideal products for assembling electronic components in the electrical and electronics industry. There is a considerable increase in the number of industries operating in the automotive, construction, electronics, and healthcare sectors. This rise will lead to the increased requirement of wiring harness and other electrical components, which, in turn, would lead to a rise in the need for electrical insulation.
The healthcare and hygiene segment is expected to account for the largest market share during the forecast period. In the healthcare industry, specialty tapes are applied on surgical containers, monitoring electrodes and other medical devices, and wound care applications. The global hygiene market is expanding with innovative products. Specialty tapes used within this segment become component parts within the final consumer product and are hence driven by the market demand for those products.
Demand for specialty tapes is witnessing growth in the healthcare and hygiene sector driven by growth and penetration in developing countries, along with expanding disposable incomes. Improved healthcare systems and the aging global population are also key growth drivers in this segment.
The Asia-Pacific region is the largest specialty tapes market, in terms of value and volume, and is projected to be the fastest-growing market during the forecast period. The region is witnessing strong growth due to ongoing R&D and advancements in various end-user industries.
The specialty tapes market in emerging economies (e.g., China, India, Brazil, South Africa, and Indonesia) is expected to witness significant growth, while more developed markets (e.g., the U.S., Germany, Japan, and the UK), will witness slow or no growth during the forecast period. China is expected to be the major contributor, mainly led by high demand from heavy industries and the consumer product manufacturing industry.
Additional details are available at www.marketsandmarkets.com.
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