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 strapping tapes market has been growing steadily over the years. The increasing demand for secure and reliable packaging solutions has driven the growth of this market. Strapping tapes are used in various industries, including construction, manufacturing, logistics, and others. The market for strapping tapes is expected to grow at a significant rate in the coming years due to the growth in these industries.
Strapping tapes are made of fiberglass or polyester filaments, which are embedded in a pressure-sensitive adhesive. These tapes provide superior strength and durability, making them ideal for heavy-duty packaging applications. The strapping tapes market is divided into different segments based on material type, adhesive type, application, and end-user.
Avail Free PDF Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-2790
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.
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 the automotive sector and electrical sector. In addition, the growing usage of strapping tapes in sports equipment further fuels the growth in the strapping tapes market.
The features such as convenience to use, multi-functionality, resistance to tears, easy removability without marks, etc. drive 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 another 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 purposes, however, they are considered 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.
Get In Touch With Our Team For 20% Flat Discount
Market Trends and Growth Drivers
The strapping tapes market has been growing steadily due to several factors. The increasing demand for secure and reliable packaging solutions in various industries is one of the major growth drivers. The growth in e-commerce and online shopping has also contributed to the growth of this market. As more and more consumers prefer online shopping, the demand for secure packaging solutions has increased.
Another trend that has been driving the growth of the strapping tapes market is the shift towards eco-friendly packaging solutions. Many manufacturers are now using eco-friendly materials for packaging, which has increased the demand for biodegradable and recyclable strapping tapes.
Market Challenges
The strapping tapes market faces several challenges that can hinder its growth. One of the major challenges is the volatility of raw material prices. The cost of raw materials used in strapping tapes production, such as polyester and fiberglass, can fluctuate due to several factors, including supply and demand, market conditions, and others.
Another challenge is the growing competition in the market. The strapping tapes market is highly competitive, with several players operating in the market. This makes it difficult for new players to enter the market and compete with established players.
Ask An Analyst @ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-2790
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an 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.
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, Metalworking, 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
Market Opportunities
The strapping tapes market offers several opportunities for growth and expansion. The growing demand for eco-friendly packaging solutions is one of the major opportunities in this market. As more and more consumers and businesses become environmentally conscious, the demand for eco-friendly packaging solutions is expected to grow.
Another opportunity is the development of new and innovative strapping tapes. Manufacturers are investing in research and development to develop new and innovative strapping tapes that offer superior strength, durability, and eco-friendliness. This can open up new avenues for growth and expansion in the market.
Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report! https://www.futuremarketinsights.com/checkout/2790
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, and is headquartered in Delaware, USA. A recipient of the Clutch Leaders Award 2022 on account of a high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
