January 04, 2023 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Jan. 04, 2023 (GLOBE NEWSWIRE) -- As per a new report by Future Market Insights (FMI), the global wire harness tape market is likely to be valued at US$ 417.4 Mn by the end of 2033 from US$ 249.1 Mn in 2023. It is estimated to expand at a CAGR of 5.3% throughout the mentioned time frame.
Cable harness tapes support numerous industries. Cable sets are frequently exposed to high temperatures in the engine compartment and on the exhaust system. As a result, many manufacturers choose pricey, heat-resistant insulating materials to safeguard these cables.
Temperature in these cable harnesses can be reduced up to 60% by using tapes. This precise heat control system is especially advised for short parts that are subject to thermal stress. In the impacted cable harness, it is possible to do the same without higher temperature-resistant insulating materials, thus lowering costs.
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Manufacturers are also providing heat-resistant adhesive tapes that may successfully bundle the cable harness in tight installation places with little airflow. Overall, the heat-controlling capacity of wire harness tapes would drive demand in the market.
Key Takeaways from the Wire Harness Tape Market Report
“Increased demand for bundling solutions that can withstand extreme temperatures and environmental conditions in automotive and other industries would boost sales of wire harness tapes. Also, wire harness tapes offering good resistance to abrasion, moisture, and corrosion would gain high popularity among various end-use industries,” says an FMI analyst.
Expansion of Automotive Sector to Create New Growth Opportunities for Wire Harness Tape Manufacturers
Wire harness tapes are used for the car interior and for engine compartments. The automotive industry uses wire harness tapes to ensure protection and optimal wire harnessing for engine compartments and car interiors.
As wire harness tapes offer excellent flexibility, the harnesses can be applied to any part of the car body easily and quickly. Wire tapes used for engine compartments need to be highly resistant to abrasion whereas the tape used for car interior needs to reduce noise & vibration.
These factors can be ensured by using wire harness tapes. Increased production of cars and required components would propel the demand for wire harness tapes. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, around 80 million motor vehicles were produced in the world. This showcases that the demand for g wire harness tapes are projected to grow in the automotive industry.
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Competition Landscape: Wire Harness Tape Market
Key players operating in the global wire harness tape market are 3M Company, NITTO DENKO CORPORATION, tesa SE, Yongle (AVERY DENNISON CORPORATION), Saint-Gobain S.A., and Scapa Company. Also, some of the other noticeable players in the market include Coroplast Tape Corporation, Global Industries Corporation, ACHEM, American Biltrite Inc., Pro Tapes LLC, and others.
Wire Harness Tape Market Outlook by Category
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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