Electrical Insulation Tape Market to Grow at a CAGR of 5.0% During 2023-2030; Growing Energy Demand and Infrastructure Modernization Drive Market Growth

The global electrical insulation tape market size was valued at USD 13.65 billion in 2022. The market is projected to grow from USD 14.27 billion in 2023 to USD 20.11 billion by 2030, exhibiting a CAGR of 5.0% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Electrical Insulation Tape Market Size, Share & COVID-19 Impact Analysis, By Material (PVC, Glass Cloth, PET, and Others), By Application (Electrical & Electronics, Aerospace, Industrial, and Others), and Regional Forecast, 2023-2030”.

Electrical insulation tapes typically consist of a flexible backing material such as Polyvinyl Chloride (PVC) or Polyethylene Terephthalate (PET), coated with a rubber-based adhesive. Anticipated factors such as increased energy demand, modernization of power grids, electric vehicle sales, and aging electrical infrastructure are expected to drive market growth during the projected period.

Decreased Demand for Electrical Insulation Products During Pandemic Impeded Market Growth

The COVID-19 pandemic had a negative impact on this market. Reduced demand for electrical insulation products and disruptions in manufacturing capacities hindered market growth. Decreased production capacity or shutdown of several plants led to machinery closures and supply chain disruptions, during this period.           

Shurtape Technologies, LLC Acquired Pro Tapes & Specialties, Inc. to Provide Customers with Broad Range of Product Options

In December 2022, Shurtape Technologies, LLC acquired Pro Tapes & Specialties, Inc., a tape producing company serving many sectors, such as library and school supply, die-cutting and fabricating, contract and customer converting, graphic arts, and contract and customer converting. The acquisition will enable Shurtape Technologies, LLC to deliver a wide range of product options and enhanced service capabilities to meet the ever-evolving needs of its customers.

Rising Demand of Electrical Insulation Tape to Boost Market Growth

The rising demand for electrical insulation tape in the consumer electronics industry to safeguard wires from wear and tear is projected to drive market growth. Additionally, its use in covering exposed wire connections to prevent accidental shocks contributes to increased market share.

However, the availability of several alternatives such as wire shrink tubings, connectors, and other tapes might hinder market growth.

Growing Key Players Focus on Product Developed to Boost Market Growth

Key market players focusing on strategies such as mergers, acquisitions, new product development, expansions, and partnerships with suppliers aim to strengthen their market positions, driving the electrical insulation tape market growth during the projected period.

Notable Industry Development

• March 2021 – Avery Dennison Corporation completed the acquisition of JDC Solutions Inc., a Tennessee-based manufacturer of pressure-sensitive specialty tapes. The acquisition expanded Avery Dennison Corporation's product portfolio in the Materials Group reportable segment.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/electrical-insulation-tape-market-103476

List of the Companies Profiled in the Report:

• tesa SE (Germany)


• Saint-Gobain (France)


• Nitto Denko Corporation (Japan)


• Avery Dennison Corporation (U.S.)


• 3M (U.S.)


• IPG (U.S.)


• HellermannTyton (U.K.)


• TERAOKA SEISAKUSHO CO., LTD. (Japan)


• Shurtape Technologies, LLC (U.S.)


• Pidilite Industries Ltd. (India)

Further Report Findings:

• Asia Pacific accounted for 56.8% of the electrical insulation tape market share in 2022. The region’s growth is attributed to being a hub for electrical appliance manufacturing, such as washing machines, refrigerators, and air conditioners.


• North America, the second-leading region, experienced significant growth due to investments in updating aging infrastructure, including transportation systems, communication networks, and electrical grids.


• Europe is anticipated to witness significant growth due to the increased investment in renewable energy sources, including wind and solar power.


• The growing industrial sector of Latin America is heavily relying on equipment and machinery for production while the increasing construction industry is estimated to create growth opportunities in the Middle East & Africa region.


• The PVC segment held the largest market share in 2022. This growth was attributed to PVC tape's electrical insulation properties, resistant to various chemicals and moisture.


• The electrical & electronics segment dominates the market and is projected to retain its dominance. The dominance is credited to the increasing need for reliable electrical insulation solutions in cables and connectors for telecommunications networks, especially with the deployment of 5G technology.

Table of Segmentation: