The security tape market, valued at USD 4.9 billion in 2023, is projected to grow to USD 5.1 billion by 2024. By 2034, it is expected to reach USD 6.9 billion, reflecting a compound annual growth rate (CAGR) of 3.1% over the forecast period.
Security tape is in high demand since it is primarily used for packaging protection in the packaging sector to prevent unwanted access to the final product and secure the asset as a legitimate product. Furthermore, increased security tape sales can be linked to the ability to customise security tapes according to the print as required by the end user.
The security tape market forecast is influenced positively by the package security given by the addition of a serial number and a QR code.
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What is the Competition Landscape in the Security Tape Market?
- 3M Company,
- Protectaseal Ltd.,
- Securitypack co. ltd.,
- Terakom Enterprises Inc..
- Horizons, Inc.,
- Amck Industries Corporation,
- SHEP Company, Inc.,
- TN Tapes,
- Seal King Industrial Co., Ltd.,
- TamperSeals Packing (RU) Co., Ltd.,
- Hira Holovision
are some of the major players in the security tape market.
Players in the market are adopting various strategies such as product launches, mergers & acquisitions, partnerships, collaborations, etc. thereby bringing about emerging trends in the security tape market.
Global Security Tape Market: Dynamics
Security tape market is driven by the outperformance in the packaging industry. The technological advancement in security tapes such as tamper evident tape and gummed tape with the feasibility of anti-tampering seal protection to the package is driving the security tape market.
Potential factor such as for deterring theft and the genuine asset is protected from the security tapes and rising the application of security tapes in the packaging industry. Moreover, the adhesive used in security tape penetrates with the carton material to form a permanent bond which cannot be resealed after removal is another potential factor to the growth of security tape.
Features like dusty environment, hot and cold temperature and high humidity doesn’t affect the security tape and survives the other climatic conditions which add a potential factor to the rise of security tapes. The smart presentation through security tapes is relatively higher than pressure sensitive tape or standard adhesive tape.
Owing to security tape doesn’t require multi-layer on the package which reflects neatness and customized print with a company logo or brand logo initiate low-cost opportunity to promote the company or the brand and is another potential factor the boosts the security tape market growth. The gummed paper type or water activated tape is fully recyclable and is biodegradable adds another potential advantage to growth of security tape being environmental friendly
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Global Security Tape Market: Region Wise Outlook
The global security tapes market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa (MEA). The driving factor such as unique tamper evident properties is expected to support growth in the global security tape market over the forecast year.
North America holds a dominant position in the global security tape market owing to developed packaging industry in the region which requires security tape to meet and surpass the unauthorized access to the product. Europe holds second major share in the global security tape market is owing to the speed up in packaging with the security tape and primary advantage of protection to the packaging.
Moreover, demand for tamper evident technologies continues to grow at a higher rate in the region increasing the growth factor in the region. Thus the developed region in North America and Europe will witness healthy CAGR during the forecast period.
What is the Growth Outlook for the North America Security Tape Market?
By 2022, North America security tape market is anticipated to amass a share of 21% on account of developed packaging industry in the region which requires security tape to meet and surpass the unauthorized access to the product.
The growth in this area can be attributed to the existence of significant end-use industries, including freight and logistics, pharmaceuticals and healthcare, food and beverage, aviation and others. Tamper evident seals that ensure the highest level of product safety and consumer convenience are likely to be preferred by nations like the US and Canada that host numerous industrial and production facilities, expanding the security tape market size.
Key Segments Profiled in the Security Tape Market Survey
By Type:
- Void/Tamper evident tape
- Gummed tape
By Material:
- Paper
- Plastic
By Adhesive:
- Permanent adhesive
- High/low temperature performance adhesive
- Reversible Thermochromic inks
By Application:
- Pharmaceutical products
- Chemicals
- Spare part
- Luxurious goods
- Electrical and Electronic goods
By End Use:
- Government & Defense
- Retail
- Food & Beverage
- Healthcare
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About Future Market Insights, Inc.
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