Global Specialty Tapes Market 2019-2023
About this market
The construction industry is a major end-user of specialty tapes. Therefore, the growth in the global construction market is expected to drive the demand for specialty tapes for construction applications. The global housing market has been witnessing significant growth over the last three years, particularly in developed countries such as the US. The growth in the housing market is mainly boosted by the increased adoption of modern residential dwellings and consumer spending and improved economic conditions. The construction market in the US is expected to grow during the forecast period, mostly led by economic growth and increased demand for residential dwellings in the region. Technavio’ s analysts have predicted that the specialty tapes market will register a CAGR of over 5% by 2023.
Increased demand from developing regions
The specialty tapes market in emerging economies, such as China. India. Brazil. South Africa. and Indonesia. is expected to witness significant growth during the forecast period. China is expected to be the major contributor, mainly led by high demand from heavy industries and consumer product manufacturing industry. This is further driving the growth of the organized retail sector. The growing organized retail sector in APAC is expected to drive the growth in demand for specialty tapes in the region.
Stringent government regulations
Plastic and other polymers are the major raw materials used to manufacture specialty tapes. In addition, the manufacturing of specialty tapes includes the processing of various chemical substances that are harmful to the environment and for workers at manufacturing plants if not used and disposed properly. Therefore, governments of several countries have imposed different norms for manufacturing specialty tapes.
For the detailed list of factors that will drive and challenge the growth of the specialty tapes market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including SAINT-GOBAIN and The Dow Chemical Co, the competitive environment is quite intense. Factors such as increased demand from developing regions will provide considerable growth opportunities to specialty tapes manufactures. 3M, Beiersdorf AG, Henkel AG & Co. KGaA, SAINT-GOBAIN, and The Dow Chemical Co. are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Specialty Tapes Market 2019-2023
Technavio recognizes the following companies as the key players in the global specialty tapes market: 3M, Beiersdorf AG, Henkel AG & Co. KGaA, SAINT-GOBAIN, and The Dow Chemical Co.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increased demand for eco-friendly products.”
According to the report, one of the major drivers for this market is the increased demand from developing regions.
Further, the report states that one of the major factors hindering the growth of this market is the stringent government regulations.
Henkel AG & Co. KGaA
The Dow Chemical Co.
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