The strapping tapes market is predicted to be worth US$ 22.7 billion in 2023 and rise to US$ 35.2 billion by 2033.
Over the past few years, the packaging industry has witnessed substantial growth. Innovation is driving the packaging tapes market, as manufacturers are frequently developing new and innovative tapes to have a competitive edge. Furthermore, these tapes are an economical alternative to plastic and metal strapping, which might attract the users of another form of strapping and result in an expanded customer base and hence further drive the market growth.
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These substances also release volatile organic compounds while being processed. Thus, various organizations have either limited or prohibited the use of such chemicals in consideration of the health risks linked with them.
To safeguard people and the environment at large from any harm brought on by the use of chemicals, the European Union, for instance, passed the registration, evaluation, authorization, and limitation of Chemicals (REACH) legislation in December 2006.
Key Takeaways
- By 2033, the strapping tapes market in the United Kingdom is likely to expand, with a CAGR of 3.1%.
- In 2022, the United States significantly expanded in the strapping tapes market with a share of 15.7%.
- The strapping tapes market was considerably growing, with a size of US$ 21.7 billion in 2022.
- The strapping tapes sector expanded at a CAGR of 3.1% from 2018 to 2022.
- By 2033, China’s strapping tapes market is projected to expand, with a CAGR of 5.9%.
- By 2033, India’s strapping tapes market is projected to develop with a CAGR of 6.4%.
- Japan’s strapping tapes industry expanded significantly, with a 9.5% CAGR in 2022.
- The Strapping tapes industry in Australia expanded significantly, with a 2.2% CAGR in 2022.
- In 2022, the polypropylene segment dominated the market, with a share of 40.5%, based on material type.
- In 2022, the acrylic-based segment dominated the market, with a share of 39.7%, based on adhesive.
Competitors Winning Strategies
These leading industry players run their enterprises using well-known brands, a broad selection of products, and a significant geographic presence in several areas. Moreover, they continually work to demonstrate a high level of innovation and use cutting-edge technology to get a competitive advantage in the sector and bolster their position in the market.
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Recent Developments:
- Nitto bought Bend Labs in June 2022, intending to fuse Bend’s expertise in sensing devices with Nitto’s global customer base and essential technologies, such as flexible printed circuit technology and adhesive technology.
- Kite Packaging introduced four new machine tapes in August 2019; they come in two widths: 48 mm and 75 mm. Also, the firm unveiled new Kite low-noise solvent tape and vinyl tape, both branded with the Kite logo and less expensive than the company’s prior low-noise and vinyl tapes.
- In February 2020, Monta introduced a new self-adhesive tape called monta pack, made of a bio-based film and a natural rubber adhesive mostly made of renewable primary ingredients.
Key Segments
By Material Type:
- Polypropylene
- Polyester
- Polyethylene
- Others
By Adhesive Type:
- Natural rubber
- Synthetic rubber
- Modified synthetic rubber
- Others
By End User:
- Food & Beverages
- Electronics
- Furniture
- Kitchen appliances
- Automotive
- Oil & gas
- Toys
- Metal Working
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights Inc. (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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