According to Publisher, 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.
Magnetic tape is a material that is mainly used for storing 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.
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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 advanced technology. This gives North America a leader 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 the high-end electronics market and high consumer spending in North America and Europe are increasing the market of magnetic tape as well. The Asia Pacific followed Europe and accounts for the third-largest market for magnetic tape with heavy industrialization and the presence of the 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 are also increasing its market during the forecast period due to increasing investments and R&D innovations along with government interventions.
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 the 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 synthetic rubber and PVC-based magnetic tapes are expected to remain as materials covering almost the complete market with the 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.
-Packaging & Labeling
-Rest of the World
-Industry outlook: Market trends, drivers, restraints, and opportunities
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