According to the FMI analysis report, the global demand for packing tape market is expanding rapidly and is expected to witness a 4.8% CAGR from 2023 to 2033. With this growth trajectory, the overall market value could soar from US$ 22.8 billion in 2023 to an astonishing US$ 36.5 billion by 2033.
Prior to this boom, the industry saw slower growth, with a CAGR of 2.3% each year between 2018 and 2022. By the end of the year 2022, sales of packing tapes surged with growing demand for hygienic packaging, reaching a market value of US$ 21.8 billion.
Continuous expansion in the commercial and industrial sectors has increased demand for packaging supplies dramatically for dependable and affordable packaging solutions. The globalization of supply chains has led to the use of robust and resilient packaging tapes that can withstand transportation circumstances and preserve product integrity.
There has been a considerable increase in demand for effective and dependable packaging solutions as a result of the e-commerce sector’s explosive expansion. With the growth of online shopping and international trade, packing tape has become essential for protecting goods and keeping packages closed during shipping.
Although different packing tape products offer promising opportunities, growing concern over environmental issues could significantly influence the market trends in the coming days. So, the recyclable and eco-friendly packaging tape sales are projected to increase as people and businesses become more aware of their environmental effects. Likewise, price changes for the raw materials used to make packing tape may affect the overall cost and product pricing.
Key Takeaways from the Global Packing Tape Market Study Report by FMI
- The overall market is projected to witness an absolute dollar growth of nearly US$ 14 billion over the next ten years.
- The sales of packing tapes in North American countries were higher until 2022, and it dominated the global market with a sizeable revenue share.
- Germany is the leading producer and supplier of packing tapes for many European regional markets. However, the demand for packing tapes in the United Kingdom is poised to grow more during the forecast years.
- The demand for packaging tapes in Asia Pacific countries is expanding rapidly, with the rise in commercial and industrial activity and the increasing e-commerce industry.
Competitive Landscape for the Packing Tape Market Players
3M, Avery Dennison, Nitto Denko, Henkel, Tesa, Advance Tapes International, Adhesive Research, Bostik, Dow Corning, and Evans are some top players in this market. These leading market players are striving to diversify their consumer base and seize new chances by entering regional markets with developing industrial and commercial sectors. They also hold a competitive edge in the market gained by integrating cutting-edge technology into the manufacturing process to increase production efficiency and product quality.
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With the growing demand for eco-friendly packing tapes, new market players entering this sector should make investments in sustainable materials and procedures. Furthermore, for manufacturers with operations in both international and regional markets, diversification of packing tape is expected to offer many attractive opportunities. Innovative packaging tape variants, such as specialty tapes for specific industry sectors and eco-friendly alternatives, might draw in a larger clientele.
Key segments
By Type:
- Filament Tapes
- Double-sided Tapes
- Parcel Tapes
- Light-duty Packaging Tapes
- Others
By Material Type:
- Acrylic
- Hot Melts
- Others
By Application:
- Food & Beverages
- Chemical
- Consumer Goods
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
- 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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