According to the
report analysis, ‘Magnetic
Tape Market - Global Drivers, Restraints, Opportunities, Trends, & Forecast
up to 2022’ states that
there are several key players which are recently working in this market more
effectively for attaining the highest market share across the globe with the
attractive and innovative developments in the technology which further increase
the demand for the product includes 3M, Toshiba Corporation, TDK Corporation,
Hitachi Metals Ltd., and several others. Additionally, the key players of this
market are gaining the huge attention from the consumers with the growing
awareness towards data theft and loss in the enterprises. Nevertheless, the
players are investing the huge amount for making significant developments in
the specifications and generating the huge amount of income which further
proved to be profitable for leading the fastest market growth with the handsome
amount of share across the globe.
The Magnetic tape is a
medium for magnetic recording and a material that is efficiently utilized for
storing the data. Moreover, this tape is made of a thin, magnetizable coating
on a long, narrow strip of plastics film, improved in Germany in 1928, on the
basis of magnetic wire recording. However, such technology generated a
revolution in the storage of data, recording markets and broadcasting. The
primary and the most common requirement for this material is the data storage
along with the numerous other utilizations such as in packaging solutions and
appliances of consumers. Not only has this, it was a prominent technology in
the early computer improvement, enabling unparalleled amounts of the data to be
mechanically generated, stored for the prolonged periods, and easily
manageable. Nevertheless, the key players of this market are doing effective
developments in performing their tasks which decrease the threats and lead the
market growth more significantly in the short span of time around the globe.
This also proved to be profitable of attaining the handsome amount of share
across the globe in the short span of time.
According to research,
the global magnetic tape market is anticipated to increase at a significant CAGR
of 7.6% during the forecast period of 2016-2022 to reach USD 6.5 billion by
2022. The synthetic rubber and PVC-based magnetic tapes are anticipated to remain
as materials covering almost the complete market with effective drive coming
from underdeveloped economies as well. Moreover, the market has a benefit of a
prominent share coming from the US and European countries for the advanced
technology. This gives North America a principal in the global magnetic tape
market. Apart from this, European countries are also improving the high
requirement, following North America, due to the developed consumer recognition
and wide need from the financial and packaging units. The occurrence of
high-end electronics market and great consumer expenditure in North America and
Europe are accumulative the market of magnetic tape as well. Asia Pacific
followed Europe and accounts for the third principal market for magnetic tape
with heavy industrialization and the occurrence of big Chinese market.
Therefore, in the near future, it is expected that the market of magnetic tape
will increase across the globe more effectively over the recent few years.
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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
