The global electrical insulation tape market size is set to grow astonishingly in the near future owing to the increasing demand for energy. Besides, the modernizations of the conventional electrical infrastructure and existing grids would affect the market positively. This information is given by Fortune Business Insights™ in a recently published report, The report further states that the market size was USD 12.8 billion in 2019 and is projected to reach USD 15.2 billion by 2027, exhibiting a CAGR of 4.04% during the forecast period.
Drivers & Restraints-
Increasing Demand for Consumer Electronics to Drive Growth
Electrical insulation tapes are extensively used in the manufacturing of white goods and consumer electronics. Apart from that, in the emerging nations, the demand for consumer electronics is increasing at a rapid pace owing to the rising disposable incomes of people. Coupled with this, the growing usage of e-commerce platforms worldwide is further boosting the demand for such electronics. These factors are expected to propel the electrical insulation tape market growth in the coming years.
However, the outbreak of the COVID-19 pandemic is presently disrupting the supply chains of a wide range of industries and electrical insulation tape is not an exception. The overall market growth may be hampered in 2020 owing to the unavailability of manpower and strict lockdown restrictions imposed by the regulatory bodies. Another major cause of this is the halt of electricity grid modernization projects in numerous countries as the governments are applying those funds for other essential projects.
Segment-
Aerospace Segment to Exhibit Significant Growth Backed by Rising Fleet in Asia Pacific
Based on application, the market is fragmented into industrial, aerospace, electrical & electronics, and others. Out of these, the aerospace segment generated 16.24% in terms of electrical insulation tape market share in 2019. This growth is attributable to the high demand for these insulation tapes in this industry owing to the rising fleet, especially in Asia Pacific.
Regional Analysis-
Increasing Usage of Electric Vehicles to Favor Growth in North America & Europe
In 2019, Asia Pacific procured USD 7.10 billion in terms of revenue. China is considered to be the major contributor to this growth as the country possesses over 60% of the regional share. Rapid urbanization and industrialization would help in propelling the market growth in this country. In India, the ongoing expansion of electricity grids would surge the demand for electrical insulation tapes, thereby augmenting the market growth. In North America and Western Europe, the increasing penetration of electrical technologies and the rising number of electric vehicles (EVs) are set to impact the market growth positively.
Competitive Landscape-
Key Players Focus on Collaboration Strategy to Strengthen Position
The market is highly fragmented. The renowned companies are mainly engaging in enhancing their existing product portfolios and partnering up with other local enterprises to strengthen their position. Below is one of the latest industry developments:
May 2020: Saint-Gobain joined hands with Elbflorace, the German Formula Student racing team to develop a brand new electric Formula Student race car. The company will be offering its electrical insulation tape solutions to the team as they play an important role in several EV and automotive applications, such as car body exterior, battery packs, motors & generators, sensors, and electrical insulation.Fortune Business Insights™ lists out the names of all the prominent electrical insulation tapes providers operating in the global market. They are as follows:
tesaSaint-GobainNitto-DenkoAvery Dennison CorporationIntertape Polymer Group Inc.The 3M CompanyHellermannTytonTeraoka Seisakusho Co., Ltd.Shurtape Technologies, LLCPidilite industries Ltd.Information Source:
https://www.fortunebusinessinsights.com/electrical-insulation-tape-market-103476
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