The global market for sealing & strapping packaging tapes is projected to grow from USD 17.4 billion in 2018, to reach USD 22.1 billion by 2023, at a CAGR of 4.89%
NEW YORK, Feb. 27, 2019 /PRNewswire/ -- The growing demand from the packaging industry to drive the market for sealing & strapping packaging tapes
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The global market for sealing & strapping packaging tapes is projected to grow from USD 17.4 billion in 2018, to reach USD 22.1 billion by 2023, at a CAGR of 4.89%. Strategies such as product innovation are driving the sealing & strapping packaging tapes market, as manufacturers are focusing on developing new and innovative tapes to have a competitive edge. Sealing & strapping packaging tapes are widely accepted by various end-user industries due to its key properties such as sealing heavy boxes and bundling of unpacked products. Other advantages associated with the use of sealing & strapping packaging tapes include good shear strength, better adhesion property, longer shelf life, due to the presence of filaments & adhesive, and allows printing & illustrations to be seen through the tape. Sealing & strapping tapes used while packaging cartons and boxes help during transport and strengthens the packages bearing significant weight. This tape is best suited for carton sealing, palletizing, unitizing, bundling, general packaging, and color coding. Thus, the demand for sealing & strapping packaging tapes is projected to grow at a CAGR of 4.89% globally during the forecast period. Emerging markets such as countries in the Asia Pacific region have led to an increase in the application of sealing & strapping packaging tapes for packaging products. Stringent regulations for reshaping the adhesive-based packaging tapes market is a major restraint for the sealing & strapping packaging tapes market.
The acrylic segment is projected to grow at the highest CAGR during the forecast period
The rubber-based segment is projected to grow at the highest rate between 2018 and 2023.This adhesive provides excellent resistance to oxidation and protection in various temperature conditions and UV radiation.
It also provides color stability, exceptional anti-aging properties, a good balance of adhesion & cohesion, excellent water resistance, high peel, tack, and shear strength. Rubber-based type of adhesive is extensively used in the packaging industry for manufacturing secure & sustainable packaging tapes.
The Asia Pacific region is projected to record the fastest growth during the forecast period
The Asia Pacific region is projected to be the fastest-growing market during the forecast period, followed by North America.In the Asia Pacific, China is projected to be the largest consumer for sealing & strapping packaging tapes, followed by Japan.
However, India, with its growing packaging, construction, automotive, and healthcare industries is projected to drive the sealing & strapping packaging tapes market in the Asia Pacific region. The growing inclination toward sustainable and secure packaging solutions is projected to impact the sealing & strapping packaging tapes market growth in India.
Breakdown of primaries
Primary interviews were conducted with a number of industry experts to collect data related to different aspects of sealing & strapping packaging tapes. The distribution of primary interviews is as follows:
• By Company Type: Tier 1 – 40%, Tier 2 – 25%, Tier 3 – 35%
• By Designation: C-level – 35%, Directors – 30%., Others – 35%
• By Region: Asia Pacific – 45%, North America – 25%, Europe – 20%, South America – 5 %, Middle East & Africa– 5%
The various suppliers of sealing & strapping packaging tapes and related products in the report are as follows:
1. Avery Dennison Corporation (US)
2. 3M Company (US)
3. Nitto Denko Corporation (Japan)
4. Intertape Polymer Group (Canada)
5. Tesa SE (Germany)
6. Scapa Group plc (UK)
7. Shrutapes (US)
8. Nichiban (Japan)
9. Mactac (US)
10. Wuhan Huaxia Nanfeng Adhesive Tapes (China)
Research Coverage:
The report defines, segments, and projects the sealing & strapping packaging tapes market size on the basis of material, type of adhesive, application, and region. The study analyzes competitive developments such as partnerships, agreements, acquisitions, expansions & investments, and new product launches or technological advancements in the sealing & strapping packaging tapes market.
This report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the sealing & strapping packaging tapes market comprehensively and provides the closest approximation of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. This report will help stakeholders understand the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand their competitors and gain more insights into their position in the business.
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