The global utility grade duct tapes market is likely to exhibit steady growth in the coming years due to a number of factors, including the rapid growth of the packaging industry and the construction sector, which account for dominant shares in the global consumption of utility grade duct tapes. Utility grade duct tapes account for a variety of roles in a number of sectors due to their diverse applicability for packaging as well as repairing.
Growing availability of environmentally viable utility grade duct tapes is also likely to be a major driver for the global utility grade duct tapes market in the coming years. The utility grade duct tapes market is thus likely to exhibit robust growth over the 2017-2024 forecast period, with Transparency Market Research predicting a strong 5.1% CAGR for the utility grade duct tapes market between 2017 and 2024.
Transparency Market Research estimates the global utility grade duct tapes market to reach a valuation of US$395.1 mn by the end of 2017 and further rise to US$505.6 mn by the end of 2024.
The report segments the global utility grade duct tapes market by application into sealing, repairing, holding, waterproofing, strapping, and others. Of these, repairing is likely to remain the leading application of the global utility grade duct tapes market over the 2017-2024 forecast period. Duct tapes present significant benefits in repairing tasks due to their high adhesive power, especially in the case of advanced modern alternatives, and their easy applicability.
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Repairing is likely to account for 31.8% of the global utility grade duct tapes market by the end of 2017, with a valuation of US$125.5 mn. The valuation of the repairing segment is likely to rise to US$163.6 mn by the end of 2024, with the segment likely to account for 32.4% of the global utility grade duct tapes market.
Europe to Remain Dominant Contributor to Global Utility Grade Duct Tapes Market
Geographically, the global utility grade duct tapes market is segmented into North America, Latin America, Europe, the Middle East and Africa, Asia Pacific except Japan, and Japan. Of these, Europe is likely to remain the dominant contributor to the global utility grade duct tapes market over the 2017-2024 forecast period due to the steady rise in demand for DIY applications in Europe. The utility grade duct tapes market in Europe is likely to exhibit a strong 3.7% CAGR over the 2017-2024 forecast period, rising to a valuation of US$152.5 mn by the end of 2024.
Steady growth of the packaging sector is likely to remain a major driver for the global utility grade duct tapes market over the 2017-2024 forecast period, in addition to the growing adoption of DIY projects, particularly in developed regions such as North America and Europe.
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Global Utility Grade Duct Tapes Market: Segmentation
Segmentation of the global utility grade duct tapes market is studied in detail in the report with the help of detailed assessments of the leading segments of the market by backing material type, end use industry, and application. The granular structure of the global utility grade duct tapes market is thus revealed to the readers in order to enable them to form comprehensive thought out market strategies that can take into account the dynamics of the utility grade duct tapes market. The detailed assessment of the leading segments of the utility grade duct tapes market provided in the report will enable readers to understand which segments are likely to remain the most promising to invest in in the coming years.
