The global pressure sensitive tapes and labels market is predicted to register a CAGR of 6% over the forecast period, as per FMI’s analysis. The industry’s market size is anticipated to rise from US$ 95.40 billion in 2023 to US$ 170.85 billion by 2033.by 2033.
The pressure sensitive tapes and labels are gaining traction owing to their convenience of use and low costs compared to traditional fastening solutions. Due to the surging facility expansion projects and packaging marketing techniques, the application of labels and tapes is expected to rise.
In addition to this, the usage of pressure sensitive adhesives is steadily expanding among scientists, engineers, and other industrial consumers, as a result of their premium-quality load-bearing properties. Such qualities make them suitable for applications that include heavy weights.
The key driving factor supporting the manufacturers of pressure sensitive tapes and labels is the flourishing food and beverage sector. Food and beverage producers are placing more significance on food nutrition and the preservation of packaged foods as health concerns are escalating among consumers.
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Food manufacturers are relying more on pressure sensitive labels and tapes to ensure product integrity as high-grade packaging techniques reduce the risk of food contamination and prolong the shelf life of the product.
Pressure sensitive tapes are gaining preference in load-bearing applications. The pressure sensitive tapes need low pressure to stick to surfaces, unlike other tapes that need solvent, heat, or water to stick to surfaces. Engineers have been widely relying on these tapes for numerous purposes owing to their strong bonding and load-bearing properties. Due to the technological advancement in these adhesives, scientists, engineers, and regular consumers are finding this tape more convenient to use than the traditional fastening solutions. Such factors, in turn, are projected to boost market growth over the forecast period.
Key Highlights:
- China market is expanding at a significant pace, in terms of CAGR, over the forecast period. The huge potential of the packaging industry in the country is elevating the market expansion. Additionally, the robustly growing healthcare infrastructure is projected to augment market development.
- The market growth in the United States can be attributed to the proliferating packaging and food and beverage industry in the country. Such developments in the market are a result of convenience, evolving consumer preferences, and improved lifestyles.
- The United Kingdom pressure sensitive tapes and labels market is being aided by the growing preference for tapes as opposed to adhesives. Additionally, the growing concern for health and wellness has also propelled the demand for packaged food products, thus supporting the regional market.
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New Market Developments Stirring the Competition Landscape
- In May 2022, Amcor officially announced the extension of its Sligo, an Ireland-based healthcare packaging facility to serve North American and European customers. Such initiatives are projected to spread the general manufacturing of PSA labels and tapes for healthcare packaging applications.
- In June 2017, AVERY DENNISON CORPORATION acquired Yongle Tape Company Ltd. (China), which is a manufacturer of specialty tapes and associated products in the industrial sector. With this acquisition, the company widened the product portfolio of the Healthcare and Industrial Materials business division of AVERY DENNISON CORPORATION.
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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