The global packing tape market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 4.8% from 2023 to 2033. According to Future Market Insights (FMI), the market is anticipated to expand from US$ 22.8 billion in 2023 to US$ 36.5 billion by 2033, driven by increasing demand for secure and efficient packaging solutions.
Market Expansion Driven by E-Commerce Sector Growth
The surge in the e-commerce sector is a primary driver of the packing tape market’s rapid growth. As e-commerce continues to flourish globally, there is a growing need for safe and reliable packaging solutions to ensure the secure transit of goods. Packing tape plays a crucial role in meeting this demand by providing strong and durable sealing solutions for packages.
With the increasing adoption of e-commerce by businesses and consumers alike, the demand for packing tape is expected to remain high, driving market growth over the forecast period. Additionally, the market offers a wide range of creative designs and materials, making it adaptable to various industries and applications.
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Opportunities in Environmentally Friendly Packaging
Growing consumer awareness of environmentally friendly and cost-effective packaging presents lucrative opportunities for the packing tape market. As consumers prioritize sustainable products and packaging solutions, manufacturers are exploring eco-friendly alternatives to traditional packing materials.
Furthermore, the rise in disposable income levels globally enhances the demand for high-quality packaging products, contributing to market expansion. The adoption of low-cost, flexible packaging and the quick curing time of sealing and strapping tapes also present attractive commercial options for businesses across industries.
Key Drivers of Market Growth:
- Rise of E-commerce Sector: The burgeoning e-commerce sector has emerged as a primary driver for the packing tape market, with increasing demand to secure and preserve shipments for safe transit. As online retail experiences rapid growth, the need for reliable packing solutions escalates, propelling market growth.
- Economic Expansion: Economic growth, particularly in the e-commerce realm, has contributed significantly to the uptick in demand for packing tapes. The quick development in purchasing products via e-commerce platforms has surged, necessitating robust packaging solutions to meet consumer expectations.
- Versatile Applications: Packing tapes find versatile applications across various industries including food and beverage, automotive, and e-commerce. Their unique characteristics such as strong adhesion, transparency, and resistance to aging and high temperatures make them indispensable in diverse packaging scenarios.
- Brand Promotion: Printing capabilities on packing tapes enable companies to prominently display their logos and names, enhancing brand visibility and facilitating easier identification and stock handling. This aesthetic appeal contributes to the overall demand for packing tapes, driving market growth.
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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
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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
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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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