Athletic Tape Market is Estimated to Witness High Growth Owing to Advancements in Tape Material Technologies

Posted by snehacmi from the Business category at 30 Aug 2024 06:52:05 am.

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Athletic tape is a stretchable adhesive tape used by athletes, physiotherapists, and chiropractors during sports and physical activities. Athletic tape is majorly used to support injured joints and muscles, prevent blisters, support weak ankles, and prevent strains by restricting certain movements during physical activities. Increased participation in sports activities, rising number of injuries during sports events, and growing awareness about athletic tape applications in injury prevention have boosted the demand for athletic tapes. The ability of athletic tapes to reduce pain and minimize the chance of further injury is a key factor propelling its demand.
The global athletic tape market is estimated to be valued at US$ 686.01 Mn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the athletic tape market are Yandex.Taxi LLC, Didi Chuxing Technology Co., Be Group JSC, Uber Technologies Inc., ZuumViet, Lyft Inc., FastGo Vietnam JSC, Grab Holdings Inc., ANI Technologies Pvt. Ltd., Free now (Daimler), and BlaBla Car. These players are investing in new product launches and focusing on expanding their business operations across global markets.

Key opportunities in the athletic tape market include increased participation of women in sports activities and rising demand for kinesiology or non-elastic athletic tapes. The global athletic tape market presents remunerative growth opportunities, with emerging economies in Asia Pacific and Latin America expected to witness high demand owing to improving economic conditions and growing health awareness. Major players are focusing on strengthening their distribution channels in these regions through partnerships and acquisitions.

The Athletic Tape Market Demand in North America owing to increased sports budget in the US and growing healthcare expenditure. Furthermore, presence of leading manufacturers and taping accessory suppliers in the US and availability of advanced products are boosting the North American athletic tape market. However, availability of low-cost alternatives and lack of awareness about the benefits of special athletic tapes in developing countries may restrain market growth.

Market drivers -
Increased sports activity among American youth, elderly population and growing popularity of sports like basketball, soccer, American football has boosted the need for athletic tapes to prevent injuries. Regular exercising, recreational sports among average Americans has augmented the demand.

Market Restrain -
Presence of alternatives to athletic taping like braces, elastic bandages, tensor bandages offering similar joint support at lower costs hampers the athletic tape market growth. Lack of awareness about specific uses of athletic tapes in developing nations also challenges athletic tape sales.
Segment Analysis
Cotton athletic tapes are dominating the athletic tape market as they provide better adhesion and flexibility as compared to other materials like acrylic and polyester. Cotton athletic tapes are preferred by most athletes and is expected to hold over 40% share of the overall athletic tape market by 2031. Pre-wrap tapes segment is expected to be the fastest growing segment during the forecast period. Pre-wrap tapes provide better support and compression under braces and braces. Increasing number of injuries among athletes is fueling the demand for pre-wrap tapes.

Global Analysis
North America region dominates the Athletic Tape Market Regional. Higher participation in sports and presence of major players in countries like the US drives the North American athletic tape market. The Asia Pacific region is expected to be the fastest growing region during the forecast period. Rising sports activities and growing number of sports injuries in developing countries such as China and India is fueling the demand for athletic tapes in Asia Pacific region. Significant investments by regional and international companies in the Asia Pacific region contributes to the growth of the market. government initiatives to promote sports are also encouraging athletic tape market growth in Asia Pacific region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

Tags: Coherent Market Insights, Athletic Tape, Athletic Tape Market, Athletic Tape Market Growth, Athletic Tape Market Dynamics, Cloth Tape, Kinesiology Tape, Polyester

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