DUBLIN--(BUSINESS WIRE)--The "Waterproof Tapes Market by Resin (Acrylic, Silicone, Butyl), Substrate Type (Plastic, Metal, Rubber), End-Use Industry (Electrical & Electronics, Automotive, Building & Construction, Healthcare, Packaging) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The waterproof tapes market is projected to grow from USD 15.5 billion in 2022 to USD 21.3 billion by 2027, at a CAGR of 6.6% between 2022 and 2027.
The restraints related to the use of waterproof tapes market is slow growth of end-use industries in some countries.
The Electrical & electronics segment is estimated to be the largest segment of the waterproof tapes market.
Waterproof tapes offer excellent resistance to moisture and ultraviolet exposure, and it is intended for both indoor and weather-exposed outdoor applications such as waterproof electrical connections near pools and hot tubs.
Waterproof tapes are used for insulation of the joints and terminations of various rubber and plastic cables. They are also used for repairing of damaged insulation portions of various cables.
In this industry, waterproof tapes find applications in harnessing wires and cables, protective jacketing for high voltage cable splices and repairs, primary electrical insulation for all wires and cables, and electrical insulation for transformers, motors, coils, and tubes.
The Asia Pacific is forecasted to be the fastest-growing Waterproof tapes market during the forecast period.
The healthcare sector in the Asia Pacific has been growing at a rapid pace due to evolving demographic trends, growing consumer expectations, and technological advancements. Together, these elements might make it possible for governments, taxpayers, doctors, and patients to rethink how healthcare is managed and delivered.
Consumer-focused health ecosystems are developing in Asia at an unprecedented rate and scale in response to the aforementioned trends. Furthermore, consumers demand high-quality waterproof tapes that are used in the healthcare sector but at an economical price, so manufacturers are focusing on minimizing miscellaneous expenses to lower the operating cost while manufacturing the end product.
As a result, profit margins and sales of waterproof tapes in the healthcare division achieved great heights over the historical period.
Market Dynamics
Drivers
- Growing Demand from Electrical & Electronics and Building & Construction Industries
- Capacity Expansion for Increasing Demand
- Sales Through E-Commerce Platforms Gaining Rapid Momentum
- Strategic Partnership and Inorganic Approach Toward Growth
- Superior Properties of Waterproof Tapes
Restraints
- Impact of COVID-19 and the Russia-Ukraine War
- Slow Growth of End-use Industries in Some Countries
Opportunities
- Establishing Authenticity Through Various Certifications
- Increase in Public-Private Partnerships in Operational Markets of End-use Industries
- Growing Healthcare Industry in Emerging Economies
Challenges
- Low Product Differentiation
Companies Mentioned
- 3M Company
- Avery Dennison Corporation
- Asian Paints Ltd.
- A.B.E. Construction Chemicals
- Advance Tapes International
- Btm
- Chowgule Construction Chemicals
- Dukal LLC
- Furukawa Electric Co. Ltd.
- Gebruder Jaeger GmbH
- Henkel AG & Co. KGaA
- Heskins LLC
- Isoltema Group
- Johnson & Johnson
- Medline Industries, Lp
- Metalnastri Srl
- Nitto Denko Corporation
- Permatex
- Ppm Industries Spa
- Scapa Group PLC
- Shurtape Technologies LLC
- Shanghai Richeng Electronic
- Tesa SE
- Teraoka Seisakusho Co. Ltd.
- Tapespec
For more information about this report visit https://www.researchandmarkets.com/r/5wfzkm.
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