The global pressure sensitive tapes and labels market is on a strong growth trajectory, having generated an impressive revenue of USD 90 billion in 2022. With a projected compound annual growth rate (CAGR) of 6% over the forecast period, the market is anticipated to nearly double, reaching a staggering USD 170.85 billion by 2033. This significant expansion is driven by the booming packaging industry, fueled by rising demand from the food packaging sector and the flourishing e-commerce market.
Key Drivers of Market Growth:
- E-commerce Boom: The rapid growth of the e-commerce sector, coupled with the increasing online deliveries of household appliances and consumer goods, is driving demand for pressure sensitive tapes and labels. These products are integral to packaging flexible materials and corrugated boxes, ensuring secure and efficient delivery of goods.
- Diverse Applications: Pressure sensitive tapes and labels are finding widespread application across various industries, including construction, food and beverages, electronic goods, healthcare, and general manufacturing. This broad range of uses is expected to propel product sales and contribute to the market’s expansion.
- Packaging Demand: The growing need for both rigid and flexible packaging solutions is a key factor propelling the market forward. As businesses and consumers alike seek reliable and versatile packaging options, pressure sensitive tapes and labels are becoming increasingly essential.
- Rising Urbanization and Income: The accelerating urban population, coupled with rising per capita income, is creating a strong foundation for market growth. As disposable income increases, so does consumer spending, driving demand for packaged goods and, by extension, pressure sensitive tapes and labels.
- Food and Beverage Sector: The dynamic growth of the food and beverage industry, driven by modern lifestyle adoption, rapid urbanization, and increasing demand for hygienic and packaged food, is expected to significantly contribute to the upward trajectory of the market.
- Material Innovation: The popularization of polypropylene-based materials, known for their excellent physical, mechanical, and chemical properties, is anticipated to boost sales of pressure sensitive tapes and labels. These materials offer enhanced performance and durability, making them a preferred choice for various applications.
- Expanding Application Spectrum: The ever-growing range of applications for pressure sensitive tapes and labels is positively impacting the market’s scope. From healthcare to electronics, these products are becoming indispensable across multiple sectors.
- Pressure Sensitive Adhesives (PSA): The increasing use of PSA tapes and labels as a solution for joining and fastening is another key factor driving market growth. Offering easy usage, advancements in adhesive technology, and a relatively low cost compared to traditional fastening systems, PSA tapes and labels are becoming a go-to choice for many industries.
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.
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.
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By Backing Material:
- Polypropylene
- PVC
- Paper
- Cloth
- Others
By Adhesion:
- Single Sided
- Double Sided
- Adhesive Transfer
By Product:
- Tapes
- Labels
- Linered
- Barcode
- Others
- Linerless
- Barcode
- Others
- Linered
By End User:
- Food and beverage
- Healthcare
- Logistics
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