Silicon Tapes Market by Type (Automotive, Electrical, Packaging, Textile, others); by Application (Sector Identification, Vibration reduction, Plumbing repairs, Wire harnessing, Cable management, Medical use, Corrosion prevention, Weatherproofing) - Global Historical Growth (2012-2016) & Future Outlook (2017-2027) Demand Analysis & Opportunity Evaluation
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Our in-depth analysis has segmented global silicon tapes market into the following segments:
Global silicon tapes market is further classified on the basis of region as follows:
Global silicon tapes market is expected to grow at healthy CAGR in upcoming years. Factors such as weather, heat, sunlight, acid and other solvent resistance are anticipated to be dynamic factor for the rapid growth of the silicon tapes market over the forecast period. Recently growing demand of the silicon tape in chemical industry for the gas leakage, transmission and others application is expected to positively impact the growth of the silicon tape market across the globe. Further, it also has major application in healthcare, used for to minimizing the skin damage.
In the regional market North America accounted for the highest percentage of market share in the regional platform and is expected to continue its dominance over the forecast period. Silicon tapes are used for electrical insulation, gas leakage, waterproofing, vibration reduction, wrapping purposes and others. The growing demand of the silicon tapes in chemical industry is predicted to trigger the growth of the silicon tapes market in near future. Further, Europe is expected to contribute significantly towards the growth of the silicon tapes market. The market is mainly expanding on the back of the growth and expansion of chemical & petroleum industries in this region. Asia Pacific is also expected to grow at a significant pace in the upcoming period.
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Based on type, silicon tape is segmented into automotive, electrical, packaging, textile and others out of which packaging is accounted for the largest market share in overall silicon tapes market over the forecast period.
Demand of the silicon tape across the world has been at the rapid pace as the number of uses rising in the electrical and medical field as well. Silicon medical tapes help in abating the amount of skin damage caused by tape removal and dressing removal. Moreover, rising demand of the silicon tape in the chemical industry is anticipated to drive the growth of the silicon tape market. It uses for the gas leakage, electrical insulation, corrosion preventing weatherproofing, transmission and storage stages and others. With rising development of the chemical industries in the developed countries is expected to propel the growth of the silicon tapes market in the upcoming years. Further, it is also used for wrapping purpose and sector identification in many fields. Due to good resistive properties it finds several applications in others sectors. Research activities in enhancing the properties of silicon tape to make more resistive at extreme condition is expected to positively impact the growth of the market. These market activities are believed to open a gateway of opportunities for the companies entering into the business of silicon tape market.
However, volatility of the raw material is believed to dampen the growth of the silicon tape market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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