iCrowdNewswire Jan 22, 2021 5:00 AM ET
The Global Packaging Tapes Market is growing persistently. The market growth attributes to the spurting rise in the e-commerce and organized retail sector. Besides, the growing usage of packaging tapes across various industries, alongside the burgeoning packaging sector worldwide, drive market growth. Also, rising developments of high-performance packaging tape materials foster the growth of the market. Moreover, rapid increase in the economy and food & beverage industry escalates the growth of the market.
According to Market Research Future (MRFR), the global packaging tapes market is projected to garner exponential traction by 2023, posting an impressive CAGR during the review period (2018-2023). Augmenting demand from the consumer goods industry, alongside the rapid industrialization, boosts the growth of the market. Besides, increasing the consumption of packaging tapes for extensive applications in the packaging, electrical, and electronics sectors accelerate the market growth excellently.
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Additionally, factors such as the increase in urbanization and DIY projects influence the growth of the market. Besides, substantial R&D investments to drive innovations in tape materials, manufacturing techniques, and product developments foster the growth of the market. Consumers today are positively influenced by solutions using recycled content in plastic.
Rising developments of environmental packaging solutions using sustainable solutions increase market sales. On the other hand, price volatility and the demand-supply gap in raw materials required for production are the key factors anticipated to impede market growth.
Global Packaging Tapes Market – Segments
MRFR has segmented the market into four dynamics;
By Type : Filament Tapes, Double-Sided Tapes, Parcel Tapes, Light-Duty Packaging Tapes, and others.
By Material: Acrylic, Hot Melt, and others.
By Application: Food & Beverages, Chemicals, Consumer Goods, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Packaging Tapes Market – Regional Analysis
The Asia Pacific region dominates the global packaging tapes market. The largest market share attributes to the increasing demand from across the end-use industries. Besides, the continually rising consumption of packaging tapes and the burgeoning packaging industry in the region drive the regional market growth. Moreover, upsurge in demand in developing countries such as India, China, and Japan due to the growing food & beverages and consumer goods industry escalate the market demand. The APAC packaging tapes market is projected to retain its dominance throughout the estimated period.
North America stands second in the global packaging tapes market. The market growth is driven by the rapidly growing e-commerce industries in the region. Additionally, increased investments in the organized retail sector drive market growth. Also, well-established markets in Canada and Mexico contribute to the regional market growth, majorly. Besides, the increasing demand from the shipment & courier companies in the region accelerates the market sales in the region. The packaging tapes market in North America is expected to create a substantial revenue pocket during 2018-2023.
The Europe packaging tapes market holds a sizable share in the global packaging tapes market. Factors such as the burgeoning packaging, led by the food & beverage and consumer goods sectors, drive the regional market significantly. Moreover, the rapid industrialization impacts market growth positively. Furthermore, rise in productivity, R&D investments, and disposable income in demographics drive regional market growth. The European packaging tapes market is anticipated to grow at an impressive CAGR during the assessment period.
Global Packaging Tapes Market – Competitive Analysis
Highly competitive, the global packaging tapes market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players incorporate strategic initiatives, such as mergers & acquisitions, collaborations, expansion, and product/technology launch. Matured players make substantial investments in innovation/R&D, brand building, and form strong relationships with customers to maintain their position in the morning.
Manufacturers operating in the market strive to deliver innovative solutions that can improve the packaging process in businesses worldwide. Also, industry players apply the science of adhesion and technologies to help consumers improve the packaging.
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Players leading the packaging tapes market include H.B. Fuller Company, 3M, Avery Dennison Corporation, Nitto Denko Corporation, Henkel AG & Co. KGaA, Advance Tapes International, Bostik SA, Adhesives Research Inc., Dow Corning Corporation, Franklin International, Evans Adhesive Corporation, Ltd., Lord Corporation, and Intertape Polymer Group, among others.
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Keywords: Packaging Tapes, Packaging Tapes Market, Packaging Tapes Industry, Global Packaging Tapes, Packaging Tapes Market Forecast, Packaging Tapes Market Analysis