Future Market Insights research indicates that the global packaging tapes market is poised for substantial growth, projected to achieve a market valuation of US$ 71.7 billion in 2021 and exhibit a robust Compound Annual Growth Rate (CAGR) of 4.8% to reach US$ 120.1 billion by 2032. The market’s revenues are anticipated to surge, with the top three countries expected to collectively command a substantial 30 to 35% share of the global packaging tapes market by the conclusion of 2022, highlighting their significant influence in driving the overall market dynamics.
Experiencing growth driven by heightened demand from the shipping and logistics sector, the packaging tapes market plays a crucial role in securely wrapping products during transportation. Companies leverage packaging tapes not only for practical purposes but also as a branding tool, contributing to the market’s expansion. These tapes serve as a protective layer, safeguarding products from potential damage caused by external forces, highlighting their multifaceted utility in enhancing both the practical and promotional aspects of packaging across various industries.
With an anticipated Compound Annual Growth Rate (CAGR) of 6.0% from 2022 to 2032, the packaging tapes market is poised for significant expansion, spurred by the rapid growth of the paper industry in India. The surge in demand is propelled by the flourishing Indian paper sector, contributing approximately 5% to global paper production, with per capita paper consumption reaching around 15kg. As indicated by the Indian Paper Manufacturers Association, these factors underscore the substantial demand for the packaging tapes market, creating a favorable growth environment and highlighting the pivotal role of the paper industry in driving the market’s positive trajectory.
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Key Packaging Tapes Market Takeaways and Projections
- The U.S. is expected to lead the North America Packaging Tapes market, projecting the fastest growth in the region between 2022-2032
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2032.
Key Players-
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Packaging Tapes market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
It also provides a list of leading players and recent development in the global Packaging Tapes market. Some of the key players of global Packaging Tapes market are
- Nitto Denko Corporation
- Berry Global Group Inc.
- Saint Gobain Corporate
- Sonoco Products Company
- Intertape Polymer Group Inc.
- Shurtape Technologies, Llc
- PPM Industries SpA
- others
Competitive Landscape
- In September 2022, Tesa developed a new packaging tape with backing material made from recycled post-consumer PET. The company is focusing on sustainability by launching a new product, product includes 70% recycled (PCR) PET and a water-based acrylic adhesive system.
- In July 2022, H.B. Fuller Company has entered a strategic partnership with Enimac to strengthen their e-commerce packaging.
- In May 2022, Avery Dennison has announced an investment of 60 Million euros in capacity expansion in the European region.
Plastic Material Generate a Positive Growth Outlook for Packaging Tapes Market
Within the material segment, plastic is forecasted to command approximately 45% of the market value share throughout the forecast period, displaying a projected 5.5% Compound Annual Growth Rate (CAGR) from 2022 to 2032. Renowned for its water-resistant properties, cost-effectiveness, and moisture resistance, plastic material stands out as a prominent choice in the packaging industry. Its widespread use extends to the automotive and electrical sectors, where it is favored in the electrical and electronics industry for its attributes of flexibility, heat resistance, and protection against climatic changes, underscoring its versatile application across diverse industries.
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Key Segmentations
By Material, Packaging Tape Market is Segmented as:
- Paper
- Plastic
- Metal Foil
By Tape Type, Packaging Tape Market is Segmented as:
- Pressure-Sensitive Tape
- Masking Tape
- Duct Tape
- Filament Tape
- Other Packaging Tapes
By End Use, Packaging Tape Market is Segmented as:
- Automotive
- Electric and Electronics
- Building and Construction
- Healthcare
- Aerospace
- Defense/Military
- Shipping & Logistics
- Other Consumer Durables
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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