According to Market Research Future (MRFR), the Global Packaging Tapes Market is projected to garner exponential traction by 2030, posting an impressive 4.80% CAGR during the review period (2022-2030). 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.
The packaging tapes market refers to the industry that produces and sells tapes used for packaging and sealing various types of products. Packaging tapes are commonly made of materials such as polypropylene, PVC, and paper, and are available in a variety of sizes, colors, and adhesion strengths.
The demand for packaging tapes is driven by the growth of e-commerce and online shopping, as well as the increase in international trade and logistics. Packaging tapes are widely used in industries such as food and beverage, pharmaceuticals, retail, and manufacturing, and are essential for ensuring product safety and security during transportation and storage.
The global packaging tapes market is highly competitive, with numerous players competing on the basis of product quality, price, and innovation. Some of the leading companies in the market include 3M Company, Avery Dennison Corporation, Nitto Denko Corporation, Tesa SE, and Intertape Polymer Group Inc
Factors that are expected to drive the growth of the packaging tapes market in the coming years include the rise of eco-friendly and biodegradable tapes, the increasing demand for customized and printed tapes, and the adoption of advanced technologies for tape manufacturing and application. However, the market is also facing challenges such as the fluctuation of raw material prices and the increasing competition from alternative packaging solutions.
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Global 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.
Global 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 2022-2030.
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.
Global Packaging Tapes Market - Competitive Analysis
Highly competitive, the packing tape manufacturers Market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players incorporate strategic initiatives, such as mergers acquisitions, collaborations, expansion, and product/technology launch. Matured players make substantial investments in innovation/RD, brand building, and form strong relationships with customers to maintain their position in the morning.
Manufacturers operating in the market strive to deliver innovative solutions that can improve the packaging process in businesses worldwide. Also, industry players apply the science of adhesion and technologies to help consumers improve the packaging.
Major Players:
Players leading the packaging tapes market include H.B. Fuller Company, 3M, Avery Dennison Corporation, Nitto Denko Corporation, Henkel AG Co. KGaA, Advance Tapes International, Bostik SA, Adhesives Research Inc., Dow Corning Corporation, Franklin International, Evans Adhesive Corporation, Ltd., Lord Corporation, and Intertape Polymer Group, among others.
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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