The packing tape market is expected to escalate at a CAGR of 4.8%, from USD 22.8 billion in 2023 to USD 36.5 billion through 2033. Owing to the lack of transportation and the scarcity of raw resources, expansion of the packing tape market has been hampered. Even for the E-Commerce sectors, transportation was not an option. The packing tape market share has also slowed as a result of this.
With the slow rise of the packing industries in recent days, the demand for the packing tape is consistent and steady. The adoption of packing tapes in food and beverage items, automotive industries, and E-Commerce industries has contributed to this recent growth.
One of the primary factors driving the growth of the packing tape market is the use of packaging products in the food and beverage industry. In addition, the expansion of the vehicle industry stimulates demand for packing tapes.
Furthermore, the fluctuation in the cost of raw materials for manufacturing during the pandemic is one of the key reasons impeding the packing tape market analysis. As the packing tape business continues to increase, people are beginning to think more about tapes. As a result, manufacturing companies must enhance their technological skills.
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Market Segmentation:
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
Key Market Players
- 3M
- Avery Dennison
- Nitto Denko
- Henkel
- Tesa
- Advance Tapes International
- Adhesive Research
- Bostik
- Dow Corning
- Evans
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Key Takeaways
- The market for packing tape is expected to be valued at US$ 36.5 billion by 2033.
- The packing tape market is predicted to develop at a CAGR of 4.8% due to creative designs and product innovations.
- The packing tape market was valued at US$ 21.8 billion in 2022.
- The Acrylic segment of the packing tape market, which falls under the material type category, is expected to grow at a CAGR of 3.8% through 2033.
Competitive Outlook of the Global Packing Tape Market:
The market players develop an array of products that cater to the needs of numerous surgical applications, such as cardiovascular disorders and organ failures. The majority of market competition is built on delivering innovative and efficient services. The data shows how rivals earn from the market for packing tape.
The key cause for this is the expansion of their manufacturing businesses. They use a variety of approaches and strategies to obtain the correct value for growth. They are also utilizing mergers and collaboration with other companies so that they can finish enormous projects in a short amount of time.
In August 2019, the kite packaging company released four new machine tapes, one 48mm wide and the other 75mm wide.
The new kite low-noise solvent and vinyl tapes were introduced in 2019 by the kite packaging company. Due to the inexpensive cost of these types of containers, cassettes are readily available.
The Monta released self-adhesive tapes made of natural rubber adhesive in February 2020.
Tesa SE bought Form Ltd. (United Kingdom), a maker of adhesive tapes and self-adhesive systems solutions, in May 2018. Tesa SE’s product portfolio, geographic reach, go-to-market channels, and sectors served were all strengthened as a result of this transaction.
Shurtape Technologies, LLC, a prominent adhesive tape maker, purchased Syntac Coated Products, LLC (United States), a creator and manufacturer of specialist adhesive-coated products, in February 2017.
Scapa bought Systagenix Wound Management Manufacturing Limited in September 2018. (United States). Due to this transaction, both companies engaged in an exclusive five-year production and supply arrangement. With this acquisition, the company may be able to expand its product portfolio, meet rising demand, and expand its geographic reach.
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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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