The increase in R&D activities is a key trend that is expected to impact the growth of the global waterproof tapes market. The increased investments in R&D activities lead to innovation and the development of new products. New duct tapes have been developed to help fix leaking pipes, air ducts, and other leakages. Such advances augur well for the growth of the market during the forecast period.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
In this report, Technavio researchers identify the increased demand for waterproof tapes for automotive repair as one of the key factors contributing to the global waterproof tapes market:
Global waterproof tapes market driver: Increased demand for waterproof tapes for automotive repair
Waterproof tapes are predominantly used in the automotive industry both inside and outside the vehicle. For exterior applications, they are used to attach parts onto the outer surface of car bodies, caulking openings, protecting against abrasion, etc. during assembly. Waterproof tapes are used in automotive interiors for diverse functions such as in non-woven fabrics, cloth, and roof applications. These tapes are also used in sealing materials and electrical insulation in the engine assembly, HVAC units, and gaskets.
According to a senior analyst at Technavio for chemical engineering equipment research, “The demand for waterproof tapes will increase further due to their extensive use in the automotive sector. These tapes exhibit properties such as long-term water resistance, heat weldability, elastomeric behavior, and high tensile strength.”
Global waterproof tapes market: Segmentation and analysis
This market research report segments the global waterproof tapes market by end-user (construction, medical, automotive, electrical and others) and key regions (the Americas, APAC, and EMEA).
The construction sector held the largest share of the market in 2017, followed by the medical and automotive sectors. The medical sector is expected to witness the maximum increase in its market share during the forecast period while the construction sector will see an over 2% decline in its market share by 2022.
In 2017, APAC held the largest share of the market accounting for 41% of the total revenue, followed by EMEA and the Americas. The market share of APAC is expected to increase by a further 2% over the forecast period, while that of EMEA and the Americas will decline.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.