Analysis of Galley Tapes market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to the latest research by Fact.MR, galley tapes market is set to witness steady growth of 4.2% during 2021-2031. It is evident that, there has been a delay in the manufacturing of aircraft, owing to multiple manufacturing plants being shut. Besides, as aircraft manufacturing experiences demand delays, this would trickle down to these tapes market as well.
However, in the medium term, as the global economy starts to revive, and manufacturing facilities become operational once again, demand is poised to witness a steady recovery in medium term, with an optimistic growth outlook in the long run. Muted demand from the aerospace industry will mean limited opportunities in near future, however, sales of galley tapes in the defense aviation sector will provide momentum in the meantime.
The demand for air travel is poised to increase in developing countries due to the rising urge for commuting using airplanes owing to ever-increasing residual incomes and shorter commute times. This will augment the growth of the aviation sector, which will in turn fuel the growth of the global galley tapes market.
A rise in the replacements of old aircraft with state-of-the-art aircraft in accordance with the environmental regulations will surely aid towards the growth of its demand in the developed economies. Moreover, aircraft repair services are expected to grow at a rapid pace as the majority of the countries are undertaking repair of older aircraft from time to time. This would drive the demand for tapes and accessories used during the repair activities, and in turn, drive the sales of these tapes as well.
With the rising demand for fuel-saving and manufacturing lightweight aircraft, various initiatives are being taken by the governments in order to boost the aviation sector in the developing economies opens forth new avenues of opportunities for these tapes market.
The restrictions imposed on air traveling recently in the wake of the COVID-19 pandemic will hinder the sales of these tapes for the short term. However, certain countries are using vaccine tourism as an incentive given to encourage tourists to get vaccinated as well as to encourage tourism in their countries. This would in turn drive the sales of these tapes used during the manufacturing and repair of aircraft in the long term during the forecast period.
North America is the most prominent region, holding a majority share of the global market during the forecast period. The US remains one of the leading manufacturers of aircraft in the world. Owing to this, the US is one of the largest markets for these tapes globally. However, demand is likely to remain muted in the next couple of years, as a number of end-use industries make a gradual recovery.
The presence of distribution networks and manufacturing facilities of the prominent players of the shipment, improvement in the standard of living are going to propel the demand during the assessment period.
Demand for these tapes in the US and Canada will be led by the aerospace and defense sector. Commercial, as well as civil aviation, will account for low demand for galley tapes till 2023, as air travel continues to be impacted. However, this sluggishness will be compensated to an extent by demand from the US defense sector. The US and Canada defense spending are likely to remain steady in 2022 and beyond, and this will continue to benefit these tapes manufacturers.
The Asia Pacific is another prominent region with regards to the global galley tapes demand owing to various driving factors which include the ever-increasing growth of the commercial and civil aviation industries in the region during the past few years. Besides, in India and China, the growth of air travel networks in the region is a result of the increase in demand by the rising population opting for air travel with lesser commute times.
Therefore, the growing aerospace sector in highly populated regions brings forth bright opportunities for the galley tapes manufacturers during the assessment period.
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Some of the leading manufacturers and suppliers of galley tapes include
Aforementioned players rely on a mix of inorganic and organic strategies to deepen penetration across attractive markets. These strategies include acquisitions, collaborations with key players, product launches, partnerships and strengthening of regional and global distribution networks. Such initiatives adopted by the players keep the market competitive in nature and ever ready for future growth opportunities.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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According to the latest research report by Fact.MR, galley tapes market is expected to witness significant growth of 4.2% over the upcoming decades (2022-2032).
Demand for air travel is expected to rise in developing countries as a result of a growing desire to commute by plane due to rising residual incomes and shorter commute times.
The Galley Tapes market will generate its major share in North America due to the presence of major players' distribution channels and manufacturing facilities, as well as a rise in the standard of living.
The galley tapes market is likely to be worth US$ 65.75 Billion in 2022.
The galley tapes market has high growth potential due to the rising urge for commuting using airplanes owing to ever-increasing residual incomes and shorter commute times.
The manufacturers in the galley tapes market industry are likely to find the most opportunities in the North American region.
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