According to Future Market Insights (FMI), the duct tapes market will grow by 5.2% CAGR between 2021 and 2031 as application increases in industries such as HVAC, building & construction, automotive, electrical & electronics, shipping & logistics, and others for repairing, sealing, coding, waterproofing, strapping, splicing and other purposes.
Duct tapes offer surface protection along with various other benefits such as durability, strength, temperature resistance, and others which makes them popular among the various end-use industries. They are available in different types as per the requirement of end users which adds to the sales of duct tapes across various regions.
Duct tapes also are available in different colors which are used for indicating some safety information or for coding or for sorting. The different colors make it easy for industries to provide information. Also, it can be used as a marketing & advertising tool which is an added benefit for end users. On the back of these factors, the demand for duct tapes is anticipated to grow during the forecast period.
Key Takeaways from Duct Tapes Market
- By product type, the professional grade duct tapes segment is anticipated to remain the leading segment, accounting for around 37% of the market share by the end of 2031.
- Based on adhesive type, the natural rubber based adhesives segment is projected to register a CAGR of 5.7% during 2021-2031.
- Cloth segment by backing type is estimated to create the highest incremental opportunity of US$ ~1.4 Bn during 2021-2031.
- By application, sealing segment followed by waterproofing segment and repairing segment are forecast to hold around 68% of the market share.
- 10 to 15 Mil segment under thickness is estimated to expand 1.9x times the current market value in the next ten.
- By end-use industry, the HVAC segment and building & construction segment are anticipated to expand at a CAGR of 5.8% and 6.4% respectively during 2021-2031.
- North America, Europe, and East Asia will register highest demand for duct tapes. These regions together are projected to hold approximately 68% of the market share by the end of 2031.
|Duct Tapes Market Base Year Value (2020)||US$ 4 Bn|
|Duct Tapes Market Estimated Value (2031)||US$ 6.9 Bn|
|Value CAGR (2021-2031)||5.2%|
|Top 5 Players Market Share (2021)||15%|
Duct Tapes Market Landscape
3M Company, Intertape Polymer Group Inc., Shurtape Technologies, LLC, Berry Global Group Inc., Tesa SE Group, SICAD S.p.A., PPM Industries S.P.A., Pro Tapes & Specialties, Inc., Scapa Group plc. are the top players operating in the target market. Furthermore, Ajit Industries Private Limited (AIPL), Supertape BV, and Vibac Group S.p.A., are leading players in the market. The Tier 1 players in the market hold 05-10% in the global market for duct tapes.
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