5 Key Takeaways From The Building And Construction Tapes Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Building And Construction Tapes Global Market Report 2023, the building and construction tapes market is expected to show significant growth in the forecast period.
The global building and construction tapes market are on an upward trajectory, poised to grow from $4.29 billion in 2022 to $4.48 billion in 2023, showcasing a Compound Annual Growth Rate (CAGR) of 4.37%. Looking ahead, the market is expected to reach $5.39 billion in 2027, displaying a commendable CAGR of 4.74%. Let’s explore the driving forces behind this growth, notably the booming construction industry, and delve into the key trend of product innovation shaping the landscape.
Raising the Foundation: Impact of the Construction Industry
- Construction Industry Dynamics: The construction industry, spanning planning, design, construction, and maintenance of structures, is a significant economic sector.
- Versatile Tape Applications: Building and construction tapes find extensive use in the industry for temporary repairs, surface protection, sealing, waterproofing, insulation, and securing.
- Market Boost: The industry’s robust performance is evident in the surge in construction spending. Notably, in March 2023, construction spending in the U.S. increased by 3.8%.
- Global Impact: Internationally, the UK witnessed a record 12.7% rise in its annual construction sector in 2021, contributing to the market’s growth.
Industry Leaders: Key Players Steering Progress
- Prominent Market Players: Leading entities in the building and construction tapes market include Saint-Gobain Group, 3M Company, Henkel AG And Co. KGaA, Berry Global Inc., and others.
- Strategic Contributions: These companies play a pivotal role in providing innovative solutions to meet the diverse needs of the construction industry.
Innovation Blueprint: Intertape Polymer Group’s Flame-Retardant PE Tape
- Key Trend: Product innovation stands out as a crucial trend gaining traction in the building and construction tapes market.
- Innovative Tape Launch: In May 2021, Intertape Polymer Group Inc. introduced PEFR, a flame-retardant polyethylene tape designed for critical fire protection applications.
- Versatile Applications: PEFR serves in various settings, including hospitals, academic buildings, labs, shipyards, and construction sites, enhancing fire prevention security.
- Material Characteristics: The tape, made of high-quality polyethylene, boasts strength, durability, water resistance, and repositionability during use.
- Enhanced Safety: PEFR elevates fire safety, ensuring compliance with standards while leaving no messy residue.
Segmentation Dynamics: Unveiling Market Categories
- Product Differentiation:
- Double-Sided Tapes
- Masking Tapes
- Duct Tapes
- Other Products
- Backing Material Variation:
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate
- Other Backing Materials
- Functionality Focus:
- Sound Proofing
- Cable Management
- Application Landscape:
- Walls and Ceilings
- Building Envelope
- HVAC (Heating, Ventilation, and Air Conditioning)
- End-User Diversity:
Regional Influence: North America Taking the Lead
- Dominant Region: In 2022, North America emerged as the largest region in the building and construction tapes market.
- Projected Growth: North America is anticipated to maintain its leadership position and exhibit the fastest growth during the forecast period.
View More On The Building And Construction Tapes Market Report 2023 – https://www.thebusinessresearchcompany.com/report/building-and-construction-tapes-global-market-report
Request A Sample Of The Global Building And Construction Tapes Market Report 2023
The Building And Construction Tapes Global Market Report 2023 provides an in-depth analysis on the building and construction tapes market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the building and construction tapes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
View More Related Reports –
Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Follow us on:
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: