Transparency Market Research delivers key insights for the construction tape market in its published report, which include global industry analysis, size, share, growth, trends, and forecast for 2020–2028. In terms of revenue, the global construction tape market is projected to grow at a CAGR of 4% during the forecast period, owing to several factors, about which TMR offers detailed insights and forecasts in the construction tape market report.
Construction tapes are high quality adhesive tapes that possess high sealing strength, predominantly used in the construction industry for numerous applications such as masking, sealing, bundling, fixing, framing, etc. Construction tapes have brought about a significant change in the way construction activities such as paint masking, insulations, sealing, and others are done and projected to witness significant traction in the foreseeable future. The TMR team segmented the analysis of construction tape market based on product type, distribution channel, and application. As per TMR analysis, based on product type, masking construction tape segment in the global construction tape market is expected to account for hefty market share and to further lead to the overall construction tape market during the forecast period.
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Product Level Innovation in Adhesive Industry Escalate Market Growth
The global construction tape market is driven by innovation in product design and manufacturer’s convenience is being kept at the epicenter. Manufacturers of construction tapes across the continents are emphasizing on the incorporation of innovative features such as excellent conformability and tear properties for irregular paint surfaces, water and moisture resistance, etc. This can be exemplified by 3M Company’s masking and duct tapes, especially designed for the building & construction industry for heavy and non-heavy duty applications. These tapes offer conformability on irregular surfaces and around corners, tight moisture resistant sealing, strong water-resistance, and others. Similarly, the tesa SE Group, another prominent adhesive tape manufacturer, designs, and manufactures PVC masking tapes and aluminum tapes for building & construction industry applications. These tapes come up with features such as weather, water, thermal and UV resistance, hand tearable, and suitable for both, indoor and outdoor applications. The demand for such end-use industry application oriented adhesive tapes is gaining significant traction in the market, owing to its innovative features and wide range of applicability.
Availability of Alternative Solutions Limits Market Growth
Manufacturers across the globe are eager to switch to technological advancements in the packaging market. The building & construction industry is complex industry with equally complicated with its packaging needs. An adequate availability of alternative adhesive solutions such as mastic sealant, masking fluid, spray sealant, and others in the building & construction industry is considerably impacting the sale of construction tapes in prominent regions such as North America, Europe, and Asia Pacific. Development and adoption associated with such alternative adhesive solutions in the building & construction industry restrict the global construction tape market growth to a certain extent.
Adoption of Business Strategies to Retain Competitive Edge in Market
Prominent manufacturers operating in the global construction tape market are constantly putting efforts to fulfill the requirements of the building & construction industry. These manufactures are adopting strategies such as product launch, product maximization, acquisition, and others to expand their business footprints and strengthen market position.
For instance, in May 2017, the tesa SE Group has introduced a new product range of masking tapes made of ultra-thin washi paper for achieving clean and sharp painted edges during painting applications.
Along with this in 2017, Shurtape Technologies, LLC, another leading adhesive tape manufacturer has acquired Syntac Coated Products, LLC. Syntac Coated Products, LLC is a manufacturer of pressure-sensitive, high performance tapes for construction, medical, automotive industries.
In 2018, Berry Global Group Inc. invested in acquiring leading companies such as Laddawn Inc, Adchem Corp and AEP Industries Inc. to increase its market presence and product line expansion. Adchem Corp. manufactures high performance adhesive tape systems for the automotive, construction, electronics, medical, and general tape markets, was acquired by the group with the investment of US$ 49 Mn.
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Construction Tape Market: Competition Landscape
The global construction tape market is projected to witness strong competition among key players. This market includes few well-established market participants. Along with this, several other local and small-scale manufacturers are also entering into construction tape market attributing to significant revenue creation with the raising demand for construction tape. Some of the key players operating in the global construction tape market are 3M Company, tesa SE Group, Berry Global Inc, Nitto Denko Corporation, Saint-Gobain Performance Plastic Corporation, Intertape Polymer Group, Scapa Group plc., Shurtape Technologies, LLC, Pro Tapes & Specialties, Inc, and MBK Tape Solutions, among others.
The tier structure is formulated on the basis of segmental revenue and market share of the company. As per tier structure, 3M Company and Berry Global Inc. are the tier 1 players in the construction tape market. These leading packaging giants are adopting key strategies such as business expansions, acquisitions, and product launch to strengthen their position in the construction tape market. Moreover, tier 2 players are tesa SE Group, Nitto Denko Corporation, and Intertape Polymer Group.
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