The United States filament tape market is poised for robust growth, with a projected 8.1% CAGR. The thriving building and construction industry, highlighted by the industry’s significant GDP contribution and substantial construction spending, makes the U.S. a highly attractive market for filament tapes. Residential construction spending alone reached approximately US$ 551 billion in 2019.
The global filament tapes market is projected to reach a value of US$ 10,477.1 million by 2033, with a significant CAGR of 7.1% during the forecast period. The increasing demand for corrugated box packaging is expected to drive the growth of the filament tape market.
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The carton sealing tapes segment holds a potential share in the market due to the rising demand for lightweight and durable packaging solutions in industries such as automotive, electronics, and food.
Filament tapes offer high tensile strength and excellent adhesive properties, making them a preferred choice for sealing and securing corrugated boxes during transportation.
The automotive industry, particularly in the Asia Pacific region, is also a significant contributor to the growth of the market.
The tape is widely used in automotive applications for its strength and residue-free removal. Additionally, India’s packaging and tape industry is witnessing growth driven by the electronics and electrical packaging sectors.
Filament tapes are preferred in sealing and bundling applications in these segments. The healthcare and hygiene industry also contributes to the demand for filament tapes due to the need for high-end packaging and protection against moisture, UV rays, and other environmental factors.
The single-sided tapes segment holds a substantial share of the market, accounting for around 52% in 2022. The growing demand for double-sided tapes is expected to increase market share due to their improved high-performance characteristics and multifunctional abilities.
Regarding backing adhesive, the plastic film segment is experiencing significant growth of 7.5%, driven by factors such as high tensile strength and preference in the automobile sector.
The acrylic-based adhesive is the leading segment among other adhesive types. It is fueled by its better aesthetics, high-quality bond to plastics and metals, and secure bonds between oily or contaminated surfaces. The acrylic-based adhesive is witnessing a growth of 9.1% during the analysis period.
India is an influential market for filament tapes, witnessing a growth rate of 8.0% in the forecast period. The country’s growing economy, expanding industrial sectors, and infrastructure development contribute to the demand for filament tapes.
China, known for tape production, experiences a market growth of 7.5%, with technological advancements and collaborations shaping the adhesive industry.
Germany, holding a market share of around 4.0% in Western Europe, benefits from the increasing growth of the electrical and electronic industry in the region.
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Competitive Landscape
Companies in the filament tapes market have engaged in mergers and collaborations to enhance their product portfolios, expand their distribution networks, and tap into new market opportunities. By joining forces, companies can pool their resources and capabilities, enabling them to offer a comprehensive range of filament tape products and cater to the diverse needs of customers across various industries.
3M sells See Scotch Filament Tapes, including continuous fibers reinforcing the carrier to make it stronger, withstand damage, and prevent tears from migrating.
Tesa SE introduced a new line of premium filament tapes with fiberglass reinforcing in October 2018. The novel filament tapes are durable when standard strapping tapes are insufficient to sustain heavy weight, high abrasion levels, or excessive shear force.
Amidst the COVID 19 pandemic, the e-Commerce industry is likely to grow at an unprecedented pace, which is expected to augment the growth of the filament tapes market. On the flip side, industries such as automotive and consumer goods have been highly affected by the pandemic. As such, growth of the global filament tape market is expected to be relatively slow in 2020
“Key manufacturers of filament tapes are focusing on product innovation and technological integration that can allow at-scale production, resulting in quality products at a lower cost. This is likely to attract customers, as it balances cost and value. Organizations are also partnering and collaborating with other players in the market to penetrate deeper into untapped regions. This will enhance brand value and increases market competitiveness in the filament tapes market.”
Key Takeaways:
Single-sided tapes account for over 50% share of the overall filament tapes market. However, double-sided tapes are expected to register high incremental opportunity in comparison with single-sided tapes, owing to their multi-functional ability and high-performance characteristics.
Amongst the adhesive types, rubber-based and acrylic-based adhesive types would account for over 70% market share, cumulatively.
As per FMI analysis, carton sealing is a major application of filament tapes, followed by insulation and bundling. Cartons that need to be transported require sturdy packaging to prevent products from getting damaged. Due to the increase in e-Commerce spending and growth of the FMCG sector, the carton sealing application is expected to remain prominent throughout the forecast period.
Automotive and electrical & electronics industries, cumulatively, would maintain their primacy in the filament tapes market. However, due to the impact of the COVID-19 outbreak, growth is anticipated to take a dip in the near term.
Application of filament tapes is likely to surge in shipping & logistics and food & beverages, attributable to increasing shift of customers towards essential goods.
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Market by Category
By Filament Type:
Single Sided Tapes
Double Sided Tapes
By Backing Adhesive Type:
Plastic Film
Polypropylene (PP)
Polyvinyl Chloride (PVC)
Polyethylene (PE)
Polyester (PS)
Others
Paper
Fabric
Foam
By Adhesive Type:
Rubber Based
Natural Rubber
Synthetic Rubber
Acrylic Based
Hot Melt Adhesive
By Width:
12 mm
18 mm
24 mm
36 mm
48 mm
72 mm
96 mm
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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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