Kenneth Research, in its repository of market research reports, have recently added a report on Magnetic Tape Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Magnetic Tape Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Magnetic Tape Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Magnetic Tape Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2022
Magnetic tape is a material that is mainly used for storing of data. This technology created a revolution in data storage, broadcasting, and recording markets. The primary and the most common need for this material is data storage along with various other uses such as in packaging solutions and consumer appliances.
Magnetic tape is a medium for magnetic recording, which is made of a thin, magnetizable coating on a long, narrow strip of plastic film, developed in Germany in 1928, based on magnetic wire recording. It was a key technology in early computer development, allowing unparalleled amounts of data to be mechanically created, stored for extended periods, and easily accessible.
The increasing concern toward data theft and loss in the enterprises is a promising growth potential for the magnetic tape market, and it has the maximum demand. The market has an advantage of bigger share coming from the US and European countries for the advanced technology. This gives North America a lead in the global magnetic tape market. Apart from this, European countries are also developing high demand, following North America, owing to the higher consumer acceptance and high demand from the financial and packaging units. The presence of high-end electronics market and high consumer spending in North America and Europe are increasing the market of magnetic tape as well. Asia Pacific followed Europe and accounts for the third largest market for magnetic tape with heavy industrialization and the presence of big Chinese market.
Within various end-user areas, data storage is highly dominating the market in overall magnetic tape across regions owing to the high adoption rate and ease of application. Other than data storage, the packaging & labeling solutions is also increasing its market during the forecast period due to increasing investments and R&D innovations along with government interventions.
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The study of the global magnetic tape market provides market size information and market trends along with the factors and parameters impacting the market in both short- and long-term. The study ensures a 360° view, bringing out the complete key insights of the industry. These insights help the business decision-makers to make better business plans and informed decisions for the future business. In addition, the study helps venture capitalists in understanding the companies better and take informed decisions.
the global magnetic tape market is expected to grow at a CAGR of 7.6% during the forecast period 2016–2022 to reach $6.5 billion by 2022. The synthetic rubber and PVC-based magnetic tapes are expected to remain as materials covering almost the complete market with significant drive coming from developing economies as well. Some of the key players in the magnetic tape market are 3M, Toshiba Corporation, TDK Corporation, Hitachi Metals Ltd., etc.
• Base Materials
o Synthetic Rubber
o Data Storage
o Packaging & Labeling
o Consumer Appliances
o North America
o Asia Pacific
o Rest of the World
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