Water Blocking Tapes Market worth $495 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 16, 2022 /PRNewswire/ -- According to the new market research report "Water Blocking Tapes Market by Conductive Type (Conductive, Semi-conductive, Non-conductive), Application (Optical Fiber cable, Submarine cable, Power cable Communication cable) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027", published by MarketsandMarkets™, the global Water Blocking Tapes Market size is expected to grow from USD 378 million in 2022 to USD 495 million by 2027, projecting a CAGR of 5.5% during the forecast period between 2022 and 2027. The increasing use of water blocking tapes in construction projects is one of the most significant factors projected to drive the growth of the water blocking tapes market.
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Submarine cables application will grow faster in the water blocking tapes application segment.
Submarine cabling industry is growing at a much faster pace in-order to reduce the redundancy among the servers in different continents and countries along with reducing the latency. These newer submarine data cables are using water blocking tapes for reducing the chances of exposing the fiber optics to sea water which may damage the cables and affect the purpose. Recently with the advancements and shift towards green energy generation and reduction of carbon emissions, the offshore wind energy generation has seen growth in implementation. These offshore wind farms are connected to grids in the land grid via submarine cables. These cables are manufactured with water blocking tapes for resisting the entry of water into the tapes. This helps in extending the life of cables and also prevents from short circuiting. These activities helps increasing the consumption of submarine cables in the market, in turn increasing the growth of water blocking tapes usage in the market
Non-conductive type to be the fastest-growing segment in the global water blocking tapes market in terms of value and volume
Non-conductive type is expected to be the fastest-growing segment in the water blocking tapes market during the forecast period. Non-conductive type water blocking tapes are manufactured from synthetic and natural rubber. They possess characteristics such as high swellability and high electrical resistivity due to their ability to adhere well to. Non-conductive type water blocking tapes allows usage of tapes in multiple use cases.
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China to be the fastest-growing country in the water blocking tapes market during the forecast period
China is the second-largest economy in the world. China is among the most populous countries in the world and hence, requires a robust growth in the power sector to meet the growing demand for electricity. As per the statistics provided by the Asian Wind Energy Association, the country is estimated to own about 2,380 GW of exploitable capacity on land and 200 GW on the sea. China is also the proponent of several regional power grids that facilitate inter-country electricity exchange. One such initiative being the Northeast Asia Power Grid Interconnection (NEAG), which aims at linking the north-eastern Asian countries by a high voltage power grid. This network consists of 12 EGV/UHV DC interconnections sized at 800 kv and 810 GW with distances of 200-300km. This grid includes several submarine cables between the Japanese islands and Russian Sakhalin Island and mainland but also between Korean Peninsula and China. All these planned investments are bound to drive the market for submarine power cables on China.
The growing industrial activities in the country have resulted in an increased demand for water blocking tapes. Unlike North America and Europe, the water blocking tapes market in the Asia Pacific region is not dominated by a few major players. There are a large number of medium- and small-scale water blocking tapes manufacturers in China
Currently, China is the significant and important producer and consumer of water blocking tapes with many leading market players investing in the country to build new manufacturing facilities. The growth of the water blocking tapes market in China is driven by foreign investments, cost-effective labor, and availability of cheap raw materials. The country is increasingly focusing on producing high-quality water blocking tapes for various applications. The leading water blocking tapes manufacturers and suppliers have a strong position in the Chinese water blocking tapes market, as they are establishing new facilities, increasing production capacities, and focusing on strategic mergers & acquisitions.
3M (US), Nitto Denko Corporation (Japan), Tesa SE (Germany), Scapa Group Ltd (UK), Intertape Polymer Group (Canada), Beery Global Inc. (US), Nichiban Co., Ltd. (Japan), and Sika AG (Switzerland) are some of the major players in the market.
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