The Packing Tape Market is experiencing a robust transformation, driven by a compelling 4.8% Compound Annual Growth Rate (CAGR) projected from 2023 to 2033. From its modest progression of 2.3% per annum between 2018 and 2022, the market has burgeoned into a dynamic force, poised to expand from US$ 22.8 billion in 2023 to an impressive US$ 36.5 billion by 2033, as forecasted by FMI.
This remarkable growth narrative is intricately woven with the exponential rise of the e-commerce sector, which has propelled the demand for secure and reliable packaging solutions. As consumers increasingly turn to online shopping, the market benefits from the necessity to ensure safe transit and preservation of shipped goods. The market’s evolution is further enriched by the infusion of creative designs and innovative materials, making it a versatile choice across various industries.
The symbiotic relationship between e-commerce’s momentum and the Packing Tape Market’s surge underscores a compelling tale of adaptability and innovation, where the role of packaging goes beyond utility, becoming a critical driver of seamless and secure global commerce.
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The packing tape market is expected to grow at a sluggish pace, with a CAGR of 2.3% from 2015 to 2021 rising to 4.8% during the forecast period. One of the key aspects that contribute to the packing tape market statistics is the rapid rise in economic growth in the purchasing of products from the E-Commerce platform.
Key point:
- Strong Adhesion: Packing tape is designed to have excellent adhesion, ensuring a secure seal for boxes and packages. It sticks firmly to various surfaces, preventing accidental openings during transit.
- Durability: Packing tape is made from high-quality materials that are resistant to tearing and punctures. It can withstand the rigors of shipping and handling, ensuring that packages remain intact.
- Versatility: Packing tape is suitable for a wide range of applications, including shipping, moving, storage, and packaging. It can be used on different materials such as cardboard, plastic, and metal.
- Ease of Use: Packing tape typically comes with a convenient dispenser, making it easy to handle and apply. The dispenser allows for smooth and efficient sealing, saving time and effort.
- Security: Using packing tape provides a visible sign of tampering. If the tape is broken or damaged, it indicates that the package may have been compromised, ensuring added security and peace of mind.
- Customizability: Packing tape is available in various widths, lengths, and colors. This allows for customization based on specific packaging requirements or branding needs.
- Cost-effective: Packing tape is an affordable solution for packaging needs, offering value for money. It helps reduce the risk of damage to goods during transit, minimizing potential losses.
- Weather Resistance: Many packing tapes are designed to be weather-resistant, offering protection against moisture, humidity, and temperature changes. This ensures that packages remain secure even in challenging environmental conditions.
- Recyclability: Several types of packing tape are recyclable, contributing to eco-friendly packaging practices. Using recyclable tape aligns with sustainability goals and reduces environmental impact.
- Professional Presentation: Packing tape with clear and consistent application enhances the professional appearance of packages. It gives a polished and well-organized impression to recipients, reflecting positively on your brand or business.
One of the primary factors driving the growth of the packing tape market is the use of packaging products in the food and beverage industry. In addition, the expansion of the vehicle industry stimulates demand for packing tapes.
Furthermore, the fluctuation in the cost of raw materials for manufacturing during the pandemic is one of the key reasons impeding the packing tape market analysis. As the packing tape business continues to increase, people are beginning to think more about tapes. As a result, manufacturing companies must enhance their technological skills.
With the slow rise of the packing industries in recent days, the demand for the packing tape is consistent and steady. The adoption of packing tapes in food and beverage items, automotive industries, and E-Commerce industries has contributed to this recent growth.
In the following years, the Asia-Pacific market for packing tape is predicted to grow at the fastest rate. China and India are predicted to have the fastest market growth in the Asia-Pacific region.
Recent Developments:
- In August of 2019, the kite packaging company released four new machine tapes, one of which is 48mm wide and the other is 75mm wide.
- The new kite low noise solvent tape and vinyl tapes were introduced in 2019 by the kite packaging company. Due to the inexpensive cost of these types of containers, cassettes are readily available.
- Monta released self-adhesive tapes made of natural rubber adhesive in February 2020.
- Tesa SE bought FormFormForm Ltd. (UK), a maker of adhesive tapes and self-adhesive systems solutions, in May 2018. Tesa SE’s product portfolio, geographic reach, go-to-market channels, and sectors served were all strengthened as a result of this transaction.
Key Players
- 3M
- Avery Dennison
- Nitto Denko
- Henkel
- Tesa
- Advance Tapes International
- Adhesive Research
- Bostik
- Dow Corning
- Evans
How COVID-19 Impacts The Packing Tape Market?
There are several significant changes that will occur as a result of the COVID-19 pandemic spread in the year 2020. The pandemic’s propagation has had a significant influence on several industries. The pandemic’s emergence has had an effect on the growth of the packing tapes market share.
Owing to the lack of transportation and the scarcity of raw resources, expansion of the packing tape market has been hampered. Even for the E-Commerce sectors, transportation was not an option.
The packing tape market share has also slowed as a result of this. The packing tape market is expected to grow at a sluggish pace, with a CAGR of 2.3 percent from 2015 to 2021, rising to 4.8 percent during the forecast period.
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Key segments
By Type:
- Filament Tapes
- Double-Sided Tapes
- Parcel Tapes
- Light-Duty Packaging Tapes
- Others
By Material Type:
- Acrylic
- Hot Melts
- Others
By Application:
- Food & Beverages
- Chemical
- Consumer Goods
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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