Lacing Tape Market
Lacing Tape Market By Product Type (Stator Lacing Tapes, Nomex Lacing Tapes, Heat Shrinkable Lacing Tapes), By Material Type (Polyamide, Polyester, Fiberglass, Nylon and others), By end user (Residential, Commercial, Industrial), By Distribution Channel (Offline, Online) & Region - Forecast To 2021-2031
Lacing Tape Market Forecast and CAGR
According to latest research study by Fact.MR, lacing tape market is set to witness a CAGR of over 5.8% during 2021-2031. The packaging, electrical & electronics industries account for noteworthy demand for lacing tapes, and are likely to create sufficient sale in near future. Moreover, muted consumption from the automobile industry has bottleneck the production rate in early 2020. It has been anticipated that the global lacing tapes business to generate1.2X revenue by the end of 2031.
What is Driving Demand for Lacing Tape?
The demand in electrical & electronics industry for cable lacing has witnessed extensive sale of lacing tapes in past few years and more likely to the follow the same trend in upcoming years. Growing interest in electronic gadgets is also a considerable factor that creates sufficient sales and likely to provide numerous opportunity to the manufacturers.
The utilization of lacing tapes in packaging industry is also a major factor to drive the business. The consumption of flat lacing tapes in these industries has observed noteworthy sale in historical years and is predicted to follow the same trajectory.
In telecommunication industries, a large number of wire bundle has to be attached at a specific place by maintaining proper insulation, lacing tapes provide an ease for this challenge. Due to this fact, it is highly been used in electrical, electronics and others associated industries.
In addition, apart from the traditional applications in packaging, electrical & electronics and telecommunication industries, adoption of lacing tape is growing in the automobile sector as well. Since it provides an ease in assembling and management of wire lines, so it aids in maintenance and inspection of the assembly lines.
Electrical & Electronics Industry is Likely to Augment Lacing Tape Sales
Electrical & electronics industry accounts for the significant demand for lacing tapes. It is been utilized for wire bundling, wire installation and other purposes. The advantages of its low cost and light weight provides an upper edge compared to other techniques such as adhesive and nut bolt connection. This will provide numerous opportunities to the manufacturers and projected to witness sustained opportunities in near future.
Lacing tape is also used extensively in packaging industry. Since most of the lacing tapes are made up of polymers, it provides the facility of water resistance. Additionally, manufactures across the globe are focused on to introduce bio element in the manufacturing process, which is anticipated to surge the consumption.
North America Lacing Tape Market Outlook
North America is one of the most prominent region in the lacing tape business. The region accounted for more than 25% of the global sales in 2020, projecting a CAGR of over 5.4% in the same timeframe. Especially, US is one of the largest shareholder for lacing tape in this business. The US is set to tread on the historic pattern during the forecast period 2021-2031.
Demand for lacing tape in US and Canada will be led by aerospace and telecommunication sector. Commercial aerospace is likely to account for significant sale in upcoming years, as the trend of air travel continues to be surge. However, telecommunication sector is also providing promising stance for production of lacing tape and is anticipated to surge in some couple of years due to rapid industrialization.
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Asia Pacific Demand Outlook for Lacing Tape
The Asia pacific lacing tape business is in the mature phase of PLC curve. The usage of the product is from very long back, owing to early growth in telecommunication and electrical and electronics industry in the region. Owing to these factors the historically the region projected a CAGR of over 5.1% during 2010-2020.
The regions have been significantly impacted by the COVID-19 pandemic leading to decline in economic activities in Q1 and Q2 of 2020. However, in India and China, automobile and telecommunication industries continues to drive the market in this region. Asia Pacific sale will also be impacted by the other end use industries as well. The automotive and aerospace industries are expected to have a difficult year, but there is rising hope that low mortgage rates will lead to a growth boom in early 2022.
Who are the Key Manufacturers and Suppliers of Lacing tape?
Some of the leading manufacturers and suppliers of lacing tape include
- Hellermann Tyton
- Western filament lnc
- Breyden Products lnc
- Consolidated Cordage Corporation
- CS Hyde Company
- Bisco industries
- Daburn Electronics & Cable
- Polytron Devices
- Can-Do National Tape Inc
- Atkins & Pearce Inc.
- National Webbing Products Co.
- Industrial Tape & Supply Co.
Being a fragmented market the competitive landscape has presence of higher number of players. This has led to heavy competition among the players may it be from variety of product offerings to price range. Top players are focusing on organic strategy for their product sales and growth in the business. Along with it they are also focusing on to improve their distribution channel with the specialty stores, multi-brand stores and e-commerce platform to gain coverage.
An Adaptive Approach to Modern-day Research Needs
Lacing Tape Market Report Highlights:
- Detailed overview of 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
By Product Type
- Stator Lacing Tapes
- Nomex Lacing Tapes
- Heat Shrinkable Lacing Tapes
By Material Type
- Teflon Coated Fiberglass
By Tensile Strength
- Low(up to 100 N)
- Moderate( 100-300 N)
- High(More than 300 N)
- > 12mm
By end user
- Packaging industry
- Food & Beverages
- Electrical & Electronics
By Distribution Channel
- Specialty Stores
- Multi-brand Stores
- Retail Sales
- Distributor Sales
- E-commerce Websites
- Company-owned Websites
- 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: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may time to reflect in the analysis.