The global metal foil tapes market is expected to reach USD 3.51 billion by 2025, according to a new report by Grand View Research, Inc. Increasing demand from building & construction industry has been a key factor driving market growth, globally. In addition, robust growth in various end-use industries such as automotive & transportation, electronics, consumer goods & appliances, defense and aerospace is also fueling the demand.
Building & construction segment held the largest market share owing to its wide-scale usage in heating, ventilation and air conditioning (HVAC) for various purposes. In addition, rapid increase in infrastructural activities all over the globe is further driving the segment growth. Rising demand for metal foil tapes is anticipated to spur at a faster pace on account of rising need for environmental protection of assemblies and surfaces from extreme chemical and temperature conditions.
Aluminum foil tapes accounted as the largest metal type segment in 2016 and is anticipated to grow significantly over the coming years. It is extensively used on account of its superior performance in hot and cold environmental conditions. In electronics industry, metal foil tapes are extensively used to coat electrical cables as foil tape is polymer coated. Its resistance to weather shields communication cables from the environment is further supporting to increase the demand for metal foil tapes over the forecast period. Aluminum foil tapes are widely used in circuit boards, wrapping insulation cables and other temperature sensitive electronic materials.
Further key findings from the report suggest:
- The global metal foil tapes demand was USD 2,042.2 million in 2016 and is expected to grow at a CAGR of 6.3% from 2017 to 2025. Building & construction emerged as the largest end-use segment in 2016 and is estimated to generate revenue worth USD 1,163.7 million by 2025.
- Global demand for copper foil tapes was USD 333.7 million in 2016 and is anticipated to witness staggered growth over the next eight years. The U.S. market in defense & aerospace segment was USD 35.6 million in 2016 and is projected to grow at rate of 6.8% from 2017 to 2025
- The industry in Asia Pacific is projected to witness substantial growth over the next eight years owing to robust growth in various end-use industries, especially in the building & construction market. In terms of revenue, the APAC market is expected to grow at a CAGR of 7.1% between 2017 and 2025
- Key players including The 3M Company, Saint-Gobain S.A., Scapa Group Plc, Hitachi Maxell, Ltd., Shurtape Technologies, LLC and Nitto Denko Corporation dominated the global market while acquiring for over half of the total revenue in 2016