LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global waterproof tapes market to post a CAGR of around 7% during the period 2018-2022, according to their latest market research report.
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.
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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.
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