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.