The global splicing tapes market is holding firm, with a projected value of US$968 million by 2032. This growth, fueled by a CAGR of 4.8%, reflects the continued importance of these specialized tapes across various industries.
Market on the Rise (Source: Future Market Insights):
- With a current market valuation of US$603 million (2022), the splicing tapes industry is anticipated to develop steadily during the following ten years.
This upward trend builds upon a solid foundation, with the market already reaching US$575 million at the end of 2021.
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Paper Reigns Supreme:
- The market for splicing tapes is expected to grow due to the growing usage of paper as a backing material.
Paper and paperboard packaging is essential to many industries, including paper and printing, packaging, food and beverage, and personal care, which means there is always a need for splicing tapes.
Beyond Paper:
- Splicing tapes find valuable applications in the electrical and electronics sectors as well.
- Offering resistance to various elements, including saline water, steam oils, and chemicals, these tapes prove ideal for tasks like repairing electrical cables, pipes, and cellular towers.
Regional Leaders:
- The U.S. emerges as a major player in the splicing tapes market, accounting for nearly 18% of the market share in 2022. This dominance is attributed to a thriving manufacturing industry and continuous technological advancements.
- China, on the other hand, is expected to be the largest and fastest-growing market in the Asia Pacific region. This growth is fueled by China’s position as the world’s leading producer of pulp and paper products, along with ongoing advancements in its packaging industry.
Industry Trends:
- Shift towards Eco-friendly Materials: There is a noticeable trend in the splicing tapes market towards the use of eco-friendly and sustainable materials. Manufacturers are increasingly focusing on developing tapes with reduced environmental impact, meeting the growing demand for sustainable solutions across industries.
- Rapid Adoption of Smart Manufacturing Practices: The integration of smart manufacturing practices, including automation and data analytics, is influencing the splicing tapes market. Smart manufacturing enhances production efficiency, and splicing tapes are becoming an integral part of automated assembly processes.
- Customization and Specialty Tapes: The market is witnessing a trend towards customized and specialty splicing tapes to meet specific industry requirements. Tailored solutions, such as tapes designed for high-temperature applications or specific substrates, are gaining popularity among end-users.
- Growing Importance of E-commerce Channels: The splicing tapes market is experiencing a shift in distribution channels, with a growing emphasis on e-commerce. Online platforms provide a convenient and efficient way for buyers to access a wide range of splicing tapes, fostering market growth.
- Emphasis on Research and Development: Ongoing research and development activities in the splicing tapes sector are driving innovation. Manufacturers are investing in R&D to develop tapes with enhanced properties, improved adhesion, and compatibility with diverse materials, keeping pace with evolving industry needs.
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Key Takeaways:
- The paper tape segment is expected to account for ~60% of demand share during the forecast period, creating an incremental opportunity of US$ 571.6 Mn in 2032.
- Based on application, manufacturing segment will expand at a CAGR of 4.3% over the assessment period.
- China splicing tapes market is poised to expand at a CAGR of 4.3% during the forecast period.
- South Asia is anticipated to be the most attractive region for the splicing tapes during the forecast period. This is attributed to the increasing penetration of splicing tapes in paper, tube & core industries.
- Rubber is a popular resin in the splicing tapes market and is predicted to grow at a CAGR of 4.4% between 2022 and 2032.
Key Companies Profiled
- 3M Company
- Windmill Tapes and Labels Ltd
- Bron Tapes, Inc.
- Le Mark Group
- Intertape Polymer Group
- Irplast S.p.A.
- Shurtape Technologies
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Global Splicing Tapes Industry by Category
By Backing Material Type:
- Paper Tissue
- Polyester
- Non-Woven
By Resin Type:
- Acrylic
- Rubber
- Silicone
By Application:
- Manufacturing
- Packaging
- Paper & Printing
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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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