Galley Tapes Market Forecast and CAGR
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.
What is Driving Demand for Galley Tapes?
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 Galley Tapes Market Outlook
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.
Asia Pacific Demand Outlook for Galley Tapes
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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Who are the Key Manufacturers and Suppliers of Galley Tapes?
Some of the leading manufacturers and suppliers of galley tapes include
- 3M Company
- Nitto Denko Corporation
- Avery Dennison Corporation
- Tesa SE
- Scapa Group plc
- Intertape Polymer Group
- Compagnie de Saint-Gobain S.A.
- Berry Global Inc.
- Advance Tapes International
- Stokvis Tapes BV
- Shurtape Technologies
- DeWAL Industries
- MBK Tape Solutions
- GERGONNE - The Adhesive Solution
- Adhesives Research Inc.
- American Biltrite Inc.
- Can-Do National Tape Inc.
- Av-DEC Inc.
- JTAPE Limited
- Fralock Innovative Materials Manufacturing & Automation
- Mask-Off Company Inc.
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.
Galley Tapes Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Interested to Procure The Data
By Resin Type
- Ethylene Vinyl Acetate
By Material type
- Glass cloth
By End-use Industry
- Commercial aviation
- Civil aviation
- Military aviation
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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