Building & Construction Tapes Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Building & Construction Tapes Industry Hit Worst due to Russia-Ukraine War Impact?
The global Building & Construction Tapes Market is likely to experience dynamic growth in the forthcoming years as a result of rapid innovations and technological advancements, along with speedy globalization. The Building & Construction Tapes Market size is forecasted to reach USD 2018 by 2028. According to a report published by Fortune Business Insights, titled “Building & Construction Tapes Market Size, Share & Industry Analysis, By Type (Double Sided Tapes, Masking Tapes, Duct Tapes, Other Tapes), By Application (Flooring, Walls & Ceiling, Windows, Doors, Roofing, others), By Function (Bonding, Protection, Insulation, Glazing, Sound & Water Proofing, others), By End Use Industries (Residential, Commercial, Industrial) and Regional Forecast, 2022-2029
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Building & Construction Tapes Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Building & Construction Tapes Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The chemical industry has undergone tremendous changes over the past decade. Armed with an extensive and diverse range of products, the industry has found prolific success in developing as well as developed economies. Post the economic recession of 2007, this industry has grown at a steady pace. Spreading awareness about environmental issues and evolving consumer preferences are positively impacting this industry. As per the European Chemical Industry Council, the demand and consumption of chemicals in Europe is anticipated to increase. Targeted investments in R&D for developing novel chemical-based products are likely to feed the proliferation of factories and other industrial units. Furthermore, the surging demand for chemicals is a consequence of increasing consumer spending. Employment in this sector is also expanding at a rapid rate, which in turn is expected to generate several growth opportunities. These factors are thus expected to drive the Building & Construction Tapes Market in the forthcoming years.
Digitization is an emerging trend in the chemical industry, which is driving the Building & Construction Tapes Market. Digital tools will help companies to collect and analyse important and relevant data and draw valuable insights, thereby enabling them to make more informed and better quality decisions. Advanced technologies such as machine learning (ML), artificial intelligence (AI), Internet of Things (IoT), blockchain, and others are envisaged to disrupt the present governing dynamics of the Building & Construction Tapes Market. Increasing urbanization and globalization, especially in emerging economies, is further supporting the expansion of the Building & Construction Tapes Market.
However, the Building & Construction Tapes Market growth is likely to be hindered by the COVID-19 pandemic as lockdowns, social distancing, and trade restrictions have caused massive disturbances in the global supply chain networks. Production operations have slowed down as plants and factories are being forced to function with a reduced workforce. Together, these factors have shrunk the revenues of key players in this market, which will inevitably hamper investments in the market. Nonetheless, certain companies will also experience exponential growth owing to the escalating demand for packaged medical and pharmaceutical products, personal protective equipment, and packaged food & beverage items.
As per the report, is anticipated to dominate the Building & Construction Tapes Market share throughout the forecast period. Besides this, the report profiles some of the key players operating in the Building & Construction Tapes Market.
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Given below is the list of key players covered in the report:
- The Dow Chemical Company,
- 3M Company,
- Intertape Polymer Group Inc.,
- Nitto Denko Corp.,
- Ahlstrom Corporation,
- Saint-Gobain Performance Plastics Corporation,
- PPM INDUSTRIES S.P.A.,
- Canadian Technical Tape Ltd.,
- Berry Global Inc.,
- Cintas Adhesivas Ubis, S.A. and others.
The Building & Construction Tapes Market report offers an in-depth evaluation of the chemical industry and the demand drivers for chemicals by highlighting information on several aspects of the market, including drivers, trends, opportunities, and challenges. In addition to this, the report sheds light on the industry developments by key players, which are contributing to the expansion of this industry. Information given in the research report pertains to different technological advancements introduced in recent years, which allows for a meticulous analysis of the industry and offers a more comprehensive understanding to the readers. These advancements will help companies to gain decisive advantage in the competitive landscape of the market. Companies are also adopting diverse strategies to stay ahead of their competitors. These strategies include: mergers and acquisitions, partnerships, collaborations, and new product developments, among others.
The information has been gathered through primary and secondary sources, comprising of interviews from several industry experts and professionals. Secondary sources such as press releases, information from recognized institutes, and other collaterals have been utilized to holistically analyze the industry. Further, top-down and bottom-up approaches have also been employed to ensure 360-degree assessment.
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