The duct tape market is anticipated to grow at an average compound annual growth rate (CAGR) of 5.1% between 2022 and 2032 based on the projected growth. From US$4.42 billion in 2022 to US$7.27 billion in 2032, the market value is projected to rise. The continued demand for duct tape across a variety of businesses and consumer categories is reflected in this rise.
In conclusion, the growth of the duct tape market is being fueled by factors like the expansion of the construction industry, increased demand from the automotive industry, and the rising popularity of do-it-yourself projects. By 2032, the market is anticipated to have grown at a CAGR of 5.1% and be worth $7.27 billion.
The duct tape market has been steadily expanding, and it is anticipated that this pattern will hold in the upcoming years. The expansion of the construction sector, higher demand from the automotive sector, and the rising acceptance of do-it-yourself (DIY) projects are some of the factors that are driving up the demand for duct tape.
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The construction industry plays a significant role in driving the demand for duct tape. Duct tape is widely used in construction for various applications such as sealing, bonding, and temporary repairs. As the construction sector continues to grow, the demand for duct tape as a versatile and reliable adhesive solution is expected to increase.
The automobile industry also contributes to the rising demand for duct tape. Duct tape finds application in automotive repair and maintenance tasks. Its strong adhesive properties and durability make it suitable for temporary repairs, securing loose parts, and protecting surfaces. With the automotive industry witnessing growth and advancements, the demand for duct tape is likely to rise.
Furthermore, the growing acceptability and popularity of DIY projects among consumers have led to an increased demand for duct tape. DIY enthusiasts and hobbyists utilize duct tape for a wide range of projects, such as crafts, repairs, and creative endeavors. The accessibility and versatility of duct tape make it a go-to adhesive solution for many DIYers.
Market Benefits
- The study provides an in-depth analysis of the global Duct Tapes Market along with the current trends and future estimations to elucidate the imminent investment pockets.
- The key market players along with their strategies are thoroughly analyzed to understand the competitive outlook of the industry.
- An extensive analysis of the market based on application assists in understanding the trends in the industry.
- The report presents a quantitative analysis of the market from 2022 to 2032
- to enable stakeholders to capitalize on the prevailing market opportunities.
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Competitive Landscape: Asia Pacific Sachet Packaging Market
- 3M Company
- Intertape Polymer Group Inc.
- Shurtape Technologies, LLC
- Berry Global Group Inc.
- Pro Tapes & Specialties, Inc.
- Nadco Tapes & Labels, Inc.
- MBK Tape Solutions
- International Plastics Inc.
- CS Hyde Company
Regional Landscape:
- North America
North America holds 90% of the market share, and where the USA is projected to become the most attractive market for duct tape due to the growing building & construction industry. According to the Associated General Contractors of America (AGC), in 2019, the contribution of the USA construction industry was 4.1% of the total USA GDP. Also, construction spending in the USA is significantly high.
- Germany
Germany accounts for the leading share in the Europe duct tapes market. It is anticipated to hold around 20% of the Europe market share by the end of 2031. The exponential growth of the electrical & electronic industry in Europe will continue augmenting the sales of duct tape.
- India
India is forecasted to hold 45% of the South Asia duct tape market by the end of 2032. The Indian automotive industry is projected to emerge as the third-largest industry in the world in the coming years. Also, government support and policies related to the manufacturing of automobile products are encouraging production within the industry.
- China
The Chinese market for duct tape is likely to expand at double speed. The current market value in the next ten years, along with creating an incremental opportunity for US$ 450.9 Million. China holds dominance in the East Asia duct tape market and will continue leading through the course of the assessment period.
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Key Segments
By Product Type:
- Removable Duct Tapes
- Professional Grade Duct Tapes
- Utility Duct Tapes
- Specialized High Strength Duct Tapes
By Adhesive Type:
- Natural Rubber based Adhesives
- Synthetic Rubber based Adhesives
By Backing Type:
- Plastic
- Polyethylene
- Polyvinyl Chloride
- Polyester
- Foil
- Cloth
By Application:
- Sealing
- Repairing
- Holding
- Waterproofing
- Coding
- Strapping
- Splicing
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