The strapping tapes market is poised to witness a moderate CAGR of 4.4% during the years 2022 to 2032. Over this projection period, the strapping tapes market share is estimated to reach a net worth of US$ 33.4 Billion, improving from the current valuation of US$ 21.7 Billion in the year 2022.
The packaging sector has expanded significantly over the last few years. The packaging tapes market is being driven by innovation as producers constantly create new, cutting-edge tapes to gain a competitive edge. Additionally, the fact that these tapes are an affordable substitute for plastic and metal strapping may draw customers away from other types of strapping, expanding the market for strapping tapes’ products’ sales.
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Strapping Tapes Market Summary-
Over the past few years, packaging industry has witnessed a substantial growth. Innovation is driving the packaging tapes market as manufacturers are frequently developing new and innovative tapes to have a competitive edge.
Strapping tapes are being increasingly accepted by the various manufacturers of food & beverages and electronics manufacturer for its important properties like sealing heavy boxes and bundling of unpacked products.
Other advantages associated with strapping tapes are that it provides good shear and initial adhesion, provides longer package life due to the presence of filaments and adhesions, and allows printing and illustrations to be seen through tape.
Strapping tapes keeps cartons and boxes from moving in transit and reinforces packaging bearing significant weight. These tapes are best suited for palletizing, unitizing, bundling and color coding etc.
Strapping tapes: Market Dynamics
Strapping tapes market is expected to grow at a healthy CAGR over the forecast period primarily driven by the growth in automotive sector and electrical sector. In addition, the growing usage of strapping tapes in sports equipments further fuels the growth in the strapping tapes market.
The features such as convenience to use, multi functionality, resistant to tears, easy removability without marks etc. drives the demand in the strapping tapes market. Furthermore, these tapes are an economical alternative to plastic and metal strapping, which might attract the users of other form of strapping and can result in an expanded customer base and hence can further drive the growth in the strapping tapes market.
Even though these tapes are very effective for heavy packaging purpose, however, they are considered as one of the costliest tapes which can be a restraining factor in the growth of the strapping tapes market. Further, the recent technological advancements in manufacturing and increased competition from alternate tapes can act as hindrances in the strapping tapes market.
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Strapping tapes Market: Regional Outlook
Geographically, the global strapping tapes market is divided into five regions North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). Asia Pacific is expected to dominate the growth in the strapping tapes market, primarily due to huge demand in developing economies like India and China and also because of lower manufacturing cost in these economies.
Further, these developing countries are experiencing a steady growth in food & beverages and electronics industry that is expected to make a huge impact on the strapping tapes market. The low manufacturing costs in developing countries are due to easy availability of raw materials and cheap labor.
Europe is expected to witness above average growth rate, primarily due to rising preference of sports in various countries such as Germany, France, UK and Italy etc. North America is also expected to experience an average growth in the strapping tapes market.
However, the developed regions are expected to grow less aggressively in comparison to Asia Pacific, due to shift in production from developed economies to Asia Pacific. Latin America and MEA are expected to experience a moderate growth in the strapping tapes market.
Strapping Tapes Market: Key players
Some of the key players in the global strapping tapes market are 3M, Global Packaging, Inc., Shurtape Technologies, LLC, TART, Müroll GmbH, Rapid Packaging Systems Ltd., Can-Do National Tape etc.
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments such as application, material, printing technology and geographies.
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Strapping tapes: Market Segmentation
The global strapping tapes market is segmented on the basis end user, distribution channel, material type, adhesive type
Based on the end user the global strapping tapes market is segmented into:
- Food & Beverages
- Electronics
- Furniture
- Kitchen appliances
- Automotive
- Oil & gas
- Others (Toys, Metal working etc.)
Based on the material type the global strapping tapes market is segmented into:
- Polypropylene
- Polyester
- Polyethylene
- Others
Based on the adhesive type the global strapping tapes market is segmented into:
- Natural rubber
- Synthetic rubber
- Modified synthetic rubber
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