Silicone Tape Market New Developments and Strategies 2030 The global market for silicone tape, which was valued at approximately US$0.8 billion in 2022, is poised for substantial growth, projected to reach nearly US$1.096 billion by 2030. This market is expected to witness a robust compound annual growth rate (CAGR) of 4.6% between 2023 and 2030, according to a comprehensive market analysis.
Key Trends Driving Market Expansion: •
Rising Demand for Self-fusing Tapes: The increasing adoption of self-fusing silicone tapes across various industries is a significant factor driving the growth of the global silicone tape market. These tapes are known for their durability, high-temperature resistance, and versatility, making them a preferred choice in sectors like the military and aerospace.
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Demand from the Packaging Industry: The packaging industry's steady growth is another key driver. With the packaging industry projected to grow by US$42.2 billion by 2021, silicone tapes are anticipated to play a crucial role due to their ability to provide sealing and insulation solutions.
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Expansion in Electric and Hybrid Vehicles: The electric and hybrid vehicle market is on the rise, with increasing deliveries and a shift towards sustainability. Silicone tapes are expected to see higher usage in the production of these vehicles.
Major Growth Barriers: