The Global Packing Tape Market is experiencing a robust transformation, driven by a compelling 4.8% Compound Annual Growth Rate (CAGR) projected from 2023 to 2033. From its modest progression of 2.3% per annum between 2018 and 2022, the market has burgeoned into a dynamic force, poised to expand from US$ 22.8 billion in 2023 to an impressive US$ 36.5 billion by 2033, as forecasted by FMI.
North America is set to lead the global market for packing tape, but the Asia Pacific region, driven by China and India, is expected to exhibit the fastest growth. This surge is attributed to the expanding economy, rising e-commerce sales, and increased investments in the retail sector. Meanwhile, the Middle East and Africa, led by Turkey, are predicted to experience the second-highest growth rate globally in the packing tape market.
This remarkable growth narrative is intricately woven with the exponential rise of the e-commerce sector, which has propelled the demand for secure and reliable packaging solutions. As consumers increasingly turn to online shopping, the market benefits from the necessity to ensure safe transit and preservation of shipped goods. The market’s evolution is further enriched by the infusion of creative designs and innovative materials, making it a versatile choice across various industries.
The symbiotic relationship between e-commerce’s momentum and the Packing Tape Market’s surge underscores a compelling tale of adaptability and innovation, where the role of packaging goes beyond utility, becoming a critical driver of seamless and secure global commerce.
The packing tape market is expected to grow at a sluggish pace, with a CAGR of 2.3% from 2015 to 2021 rising to 4.8% during the forecast period. One of the key aspects that contribute to the packing tape market statistics is the rapid rise in economic growth in the purchasing of products from the E-Commerce platform.
Business Growth Drivers:
- E-commerce Boom: The surge in e-commerce activities fuels demand for packing tape as a crucial packaging solution, driven by increased shipping and logistics needs.
- Global Supply Chain Expansion: The growing complexity and globalization of supply chains contribute to the rising demand for efficient and secure packing solutions, boosting the packing tape market.
- Sustainable Packaging Practices: The increasing emphasis on sustainable packaging solutions prompts a shift towards eco-friendly tapes, aligning with consumer and industry preferences for environmentally conscious options.
- Technological Advancements: Innovations in adhesive technologies and tape manufacturing processes enhance the performance and durability of packing tapes, driving market growth through improved product offerings.
- Rise in Industrial and Manufacturing Activities: Increased industrial and manufacturing activities globally lead to higher requirements for robust and reliable packing solutions, positively impacting the packing tape market.
Business Trends in the Packing Tape Industry:
- Customization and Branding: Companies are leveraging customizable and branded packing tapes to enhance their brand visibility, create a distinct identity, and reinforce their presence in the competitive market.
- Focus on Sustainability Certifications: Businesses are seeking sustainability certifications for their packing tapes, responding to the growing consumer demand for environmentally friendly products and demonstrating corporate responsibility.
- Evolving E-commerce Packaging Standards: The dynamic nature of e-commerce prompts businesses to adapt to evolving packaging standards, influencing the design and specifications of packing tapes to meet changing industry requirements.
- Rise of Smart Packaging Solutions: The integration of smart packaging technologies, such as RFID tags and QR codes, into packing tape enhances traceability, security, and supply chain management, reflecting a modern trend in the industry.
- Strategic Partnerships and Mergers: Companies in the packing tape market are engaging in strategic partnerships and mergers to strengthen their market presence, expand product portfolios, and capitalize on synergies for sustainable growth.
Recent Developments:
- In August of 2019, the kite packaging company released four new machine tapes, one of which is 48mm wide and the other is 75mm wide.
- The new kite low noise solvent tape 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.
- Monta released self-adhesive tapes made of natural rubber adhesive in February 2020.
- Tesa SE bought FormFormForm Ltd. (UK), 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.
Key Players
- 3M
- Avery Dennison
- Nitto Denko
- Henkel
- Tesa
- Advance Tapes International
- Adhesive Research
- Bostik
- Dow Corning
- Evans
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
- Middle East & Africa
- Europe
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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