Masking and packaging applications of paper tapes are highly sought after across diverse industries. According to a new study by Future Market Insights (FMI), rising demand from healthcare, automobile industries, furniture manufacturing, electronics, and other industries is driving the paper tapes market.
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Some of the leading brands are introducing new features that showcase increased heat and water resistance properties in tapes. Such improvements are helping in overall expansion of the market. The increasing focus on sustainable and advanced packaging solutions has been creating growth opportunities for paper tapes made from natural materials.
FMI’s report on the paper tapes market offers comprehensive overview, covering growth drivers and restraints. Some of the key takeaways from the report are highlighted below.
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Key Takeaways from the Paper Tapes Market Report
- The paper tapes market is expected to grow at 6.4% CAGR between 2020 and 2030
- Rubber based adhesive tapes are finding increasing applications across diverse industries due their low price and better adhesion
- Masking tapes will remain a highly sought-after product within the market
- Demand for paper tapes for packaging will continue to rise through the forecast period
- Sales of paper tapes in building and construction industry will continue to rise
“Paper tapes are considered viable packaging solutions, especially because of their recyclability. They are one-time use products. So when no longer useful, these tapes can be recycled into eco-friendly products. They are usually sold fast and are considered great investment by manufacturers seeking to fulfil packaging needs of consumers” said an FMI analyst.
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COVID-19 Impact Analysis
The COVID-19 pandemic has affected almost all sectors due to which demand for paper tapes has reduced significantly. The lack of goods transportation due to lockdown has decreased the need for paper tapes. Inadequate supply of raw materials too has affected the production. This is expected to cause decline in prices for paper tapes.
While industries such as automotive, packaging, and retail are likely to recover soon from their temporary period of lull, recovery in sectors such as building and construction is likely to be comparatively slower. This might hamper the overall growth of the market to an extent.
Who Is Winning?
The paper tapes market is fragmented with Tier 1 companies accounting for about 40-45% of the overall market. Market players are likely to focus on deriving material from renewable sources to make their products more appealing to consumers. Some of the key players in the market are Intertape Polymer Group Inc., Berry Global Inc., Advance Tapes International, Pro Tapes & Specialities Inc., PPI Adhesive Products, Specialty Tapes Industry, Shurtape Technologies LLC, Atlas Tapes S.A., PPM Industries S.P.A. and Can-Do National Tape.