Global Packaging Tapes Market - Overview
The global packaging tapes market is growing persistently. The market growth attributes to the spurting rise in the e-commerce and organized retail sector. Besides, the growing usage of packaging tapes across various industries, alongside the burgeoning packaging sector worldwide, drive market growth. Also, rising developments of high-performance packaging tape materials foster the growth of the market. Moreover, rapid increase in the economy and food beverage industry escalates the growth of the market.
According to Market Research Future (MRFR), the global packaging tapes market is projected to garner exponential traction by 2030, posting an impressive CAGR during the review period (2021-2030). Augmenting demand from the consumer goods industry, alongside the rapid industrialization, boosts the growth of the market. Besides, increasing the consumption of packaging tapes for extensive applications in the packaging, electrical, and electronics sectors accelerate the market growth excellently.
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Global Packaging Tapes Market – Prominent Players
3M, H.B. Fuller Company, Avery Dennison Corporation, Henkel AG Co. KGaA, Nitto Denko Corporation, Advance Tapes International, Adhesives Research Inc., Bostik SA, Dow Corning Corporation, Evans Adhesive Corporation, Ltd., Franklin International, Intertape Polymer Group and Lord Corporation are global Packaging Tapes Market key players are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Packaging Tapes Market.
Additionally, factors such as the increase in urbanization and DIY projects influence the growth of the market. Besides, substantial RD investments to drive innovations in tape materials, manufacturing techniques, and product developments foster the growth of the market. Consumers today are positively influenced by solutions using recycled content in plastic.
Rising developments of environmental packaging solutions using sustainable solutions increase market sales. On the other hand, price volatility and the demand-supply gap in raw materials required for production are the key factors anticipated to impede market growth.
Moreover, as in the case of other types of grouts that require frequent cleaning, the epoxy resins’ non-porous property prevents collection of grime, moisture or dirt, which is another property that adds to its appeal among the end-users. Although epoxy Packaging Tapes can be quite challenging in terms of installation, it still remains ahead of other segments due to extended longevity with better cleaning techniques.
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Packaging Tapes Market - Segments:
MRFR has segmented the market into four dynamics;
By Type: Filament Tapes, Double-Sided Tapes, Parcel Tapes, Light-Duty Packaging Tapes, and others.
By Material: Acrylic, Hot Melt, and others.
By Application: Food Beverages, Chemicals, Consumer Goods, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
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Packaging Tapes Market - Regional Analysis:
The Asia Pacific region dominates the global packaging tapes market. The largest market share attributes to the increasing demand from across the end-use industries. Besides, the continually rising consumption of packaging tapes and the burgeoning packaging industry in the region drive the regional market growth. Moreover, upsurge in demand in developing countries such as India, China, and Japan due to the growing food beverages and consumer goods industry escalate the market demand. The APAC packaging tapes market is projected to retain its dominance throughout the estimated period.
North America stands second in the global packaging tapes market. The market growth is driven by the rapidly growing e-commerce industries in the region. Additionally, increased investments in the organized retail sector drive market growth. Also, well-established markets in Canada and Mexico contribute to the regional market growth, majorly. Besides, the increasing demand from the shipment courier companies in the region accelerates the market sales in the region. The packaging tapes market in North America is expected to create a substantial revenue pocket during 2018-2023.
The Europe packaging tapes market holds a sizable share in the global packaging tapes market. Factors such as the burgeoning packaging, led by the food beverage and consumer goods sectors, drive the regional market significantly. Moreover, the rapid industrialization impacts market growth positively. Furthermore, rise in productivity, RD investments, and disposable income in demographics drive regional market growth. The European packaging tapes market is anticipated to grow at an impressive CAGR during the assessment period.
Industry/Innovation/ Related News:
June 17, 2020 ----- Essentra Packaging (the UK), a leading packaging solution company, launched the industry's first tear tape developed with recycled PET for flexible packaging. The new product, SupaStrip PCR, is made from recycled PET to combine the sustainability of rPET alongside the benefits of easy-opening and brand enhancement. Essentra manufactures pressure-sensitive tear tape, labels, closures, and seals for the packaging and labeling industry.
Essentra claims that its new tear tape is easy to implement within flexible packaging lines and intuitive to use, apparently providing fast, safe, and immediate access. Also, the tape's printability allows brand messages and logos to be added.
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