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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Ankur Gupta, Head Marketing & Communications