The automotive industry’s relentless pursuit of vehicle electrification, coupled with an increasing emphasis on vehicle safety, is expected to be a major catalyst for the growing demand for wire harness tapes over the next decade. Notably, electric vehicle manufacturers have ramped up their production capacities in response to the growing consumer interest in reducing environmental pollution.
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.
The surging demand for electrical equipment has led to a substantial uptick in the need for wire harness tapes. Projections indicate that the market is poised to expand by 1.8 times its current value in the upcoming forecast period, driven primarily by the global surge in electric vehicle adoption.
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.
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Top Global Trends
The surge in demand for wire harness tapes is closely linked to the critical requirement for establishing dependable and secure connections among electrical components. These tapes play a pivotal role in shielding and insulating wires and cables against various environmental stressors, including moisture, dust, and vibrations.
Moreover, they serve as a formidable line of defense, mitigating the risks associated with short circuits and other electrical hazards. In addition to enhancing safety, wire harness tapes are instrumental in the systematic bundling and organization of wires and cables, streamlining installation and maintenance procedures. Anticipated growth in the electronic device industry and the steadfast demand for secure and dependable connections are expected to be key drivers for the increasing adoption of wire harness tapes over the coming decade.
Key Takeaways from the Wire Harness Tape Market Report
- Based on material, the plastic wire harness tape segment is expected to grow 1.5 times the current market value during 2023-2033.
- Rubber-based adhesive segment by adhesive type is set to increase 1.6x the current market value during the projection period from 2023 to 2033.
- By application, the power cable segment is anticipated to register a CAGR of 5.6% during 2023-2033.
- Sales of wire harness tapes are projected to expand at a CAGR of 6.0% during 2023-2033 in India.
- China wire harness tape market is likely to generate a share of around 63% in East Asia during the evaluation period.
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Expansion of Automotive Sector to Create New Growth Opportunities for Wire Harness Tape Manufacturers
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.
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.
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.
Key Players
- 3M Company
- NITTO DENKO CORPORATION
- tesa SE
- Yongle (AVERY DENNISON CORPORATION)
- American Biltrite Inc.
- Adhesive Specialities
- Saint-Gobain S.A.
- Scapa Company
- Global Industries Corporation
- Ajit Industries Pvt. Ltd.
- Coroplast Tape Corporation
- Bron Tapes, Inc.
- Jacobs Industries
- ACHEM
Wire Harness Tape Market Outlook by Category
By Material:
- Plastic
- Rubber
- Foam
- Metal (Foil)
By Adhesive Type:
- Acrylic-based
- Rubber-based
- Silicone-based
By Thickness:
- Less than 0.2 mm
- 0.2 – 0.3 mm
- Above 0.3 mm
By Application:
- Power Cables
- Communication Cables
- Industrial Cables
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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