The global market for utility grade duct tapes is predicted to display steadfast growth in the forthcoming years owing to their widespread adoption across a vast number of end users. Utility grade duct tapes find applications across a number of industry verticals due to their functional capabilities for packaging and repairing. The construction and packaging sectors are key end users of utility duct tapes, which hold dominant shares in the utility grade duct tapes market.
As per estimates of a report by Transparency Market Research, the global market for utility grade duct tapes will be valued at US$395.1 mn by 2017 end and further become worth US$505.6 mn by the end of 2022, proliferating at a solid CAGR of 5.1% therein.
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In this blog post analysts present answers to some veritable questions pertaining to the utility grade duct tapes market;
Q: What are the key factors that are likely to positively influence the overall development of utility grade duct tapes market?
The rising trend of do-it-yourself (DIY) projects is anticipated to remain one of the most significant factors for the growth of utility grade duct tapes market. This trend is more witnessed in developed regions such as Europe and North America, where consumers are savvy about indulging in DIY projects for economic reasons as well for a pastime.
The exponential growth of the shipping and the logistics industries is also a key growth driver of the utility grade duct tapes market. With globalization and economic liberalization, logistics and shipping is expected to play a significant role in the global economy in the upcoming years. Utility grade duct tapes find extensive application in logistics and shipping for packaging and repair.
The growth of paperboard packaging industry is anticipated to bode well for the growth of utility grade duct tapes market, as utility grade tapes find extensive application for sealing paperboard packaging.
Furthermore, the rising utilization of utility grade duct tapes for repairing household goods is also a key growth booster for the global market for utility grade duct tapes.
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Q: Geographically, which region presents the most promising growth opportunities for the overall market?
A: From a geographical perspective, the global market for utility grade duct tapes presently earns its leading revenue share from Europe, and the region is likely to enjoy dominance over the forecast period of 2017 to 2022. The growth of Europe utility grade duct tapes market is mainly because of increasing adoption of DIY practices. A flourishing shipping industry along with rapidly expanding logistics sector remain at the forefront for the growth of this regional market. The thriving manufacturing and automobile industry also account as key consumers of utility grade duct tapes in the region. The Europe utility grade duct tapes market is expected to display a solid 3.7% CAGR between 2017 and 2022, which will attract a demand to earn revenue of US$152.5 mn by 2022 end.
Asia Pacific except Japan and North America are some other key markets for utility grade duct tapes. The North America utility grade duct tapes market is expanding on the back of exponential growth of the construction sector. Continual infrastructural development and new building construction for residential and commercial needs are key factors behind the growth of the construction sector, which is likely to remain key consumer of utility grade duct tapes.
Asia Pacific except Japan is likely to emerge as a key market for utility grade duct tapes on the back of massive construction undertakings in emerging economies. Industrialization and urbanization in emerging economies such as China and India have been prominent factors for surging demand for utility grade duct tapes in the region.