Cable Wrapping Tapes Market Trends

Growth Drivers

• Rising Demand in the Automotive Industry- Automotive Industries are increasingly using cable wrapping tape products to insulate and protect electrical wiring in vehicles backed by its high durability, ease of application, and resistance to moisture, abrasion, and chemical exposure, as electrical wiring in vehicles become more complex and sophisticated. Around 66.7 million vehicles were sold globally in 2021, but 67.2 million vehicles were sold globally in 2022. Between 2020 and 2021
• Rising Adoption of Automation and Robotics- To help manufacturers, improve production efficiency, decrease labor costs, and increase product quality, the growing use of automation and robotics in cable wrapping tape manufacturing is on the rise. As per estimates, 37% of industrial factories could be automated. Further, in terms of industrial automation Asia Pacific is leading with about 36%. Also, by 2024 industrial automation is expected to garner a revenue of around USD 119 billion.
• Growth in Telecommunication- Telecommunications is one the fastest growing industries and has seen increased investments in recent years, owing to high-speed data services. The growth of the telecom industry has a positive impact on cable wrapping tape as it's used in electrical wires and cables making it an indispensable part and creating market demand.
• Increasing Demand for Consumer Electronics- There is a huge demand for cable wrapping tape in consumer electronics to prevent short circuits, override the effects of excess currents, and complete the inter-circuit networks. Additionally, the electronic manufacturing services sector is set to achieve a significant market demand owing to increased disposable income among the masses and the generation’s strive for electrical equipment.

Challenges

• Rising Wireless Technology- wireless connectivity Industry is on the rise due to technological advancement backed by the adoption of cloud services. Further, with increasing industrial automation and the need for digital support, innovative wireless solutions are important for an evolving connected world. This becomes a hindering factor for the cable wrapping tapes market.
• Volatility in raw materials, creating a market crisis
• These tapes degrade over time, restricting the market growth.