According to the FMI analysis report, the global demand for packing tape market is expanding rapidly and is expected to witness a 4.8% CAGR from 2023 to 2033. With this growth trajectory, the overall market value could soar from US$ 22.8 billion in 2023 to an astonishing US$ 36.5 billion by 2033.
The adoption of packing tapes is hindered by environmental changes, posing challenges for product protection during shipping due to unpredictable climatic shifts. Fluctuations in raw material costs during the pandemic further complicate market analysis, prompting increased consideration for packing tape solutions amidst global growth. Consequently, industrial firms are urged to enhance technological capabilities to meet evolving demands.
Under such pressures, packing tape manufacturers are compelled to enhance product features to instill customer confidence. There is a growing demand for UV-resistant and lightweight tapes, reflecting market expectations for improved performance and sustainability.
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Key Takeaways from the Global Packing Tape Market Study Report by FMI
- The overall market is projected to witness an absolute dollar growth of nearly US$ 14 billion over the next ten years.
- The sales of packing tapes in North American countries were higher until 2022, and it dominated the global market with a sizeable revenue share.
- Germany is the leading producer and supplier of packing tapes for many European regional markets. However, the demand for packing tapes in the United Kingdom is poised to grow more during the forecast years.
- The demand for packaging tapes in Asia Pacific countries is expanding rapidly, with the rise in commercial and industrial activity and the increasing e-commerce industry.
Competitive Landscape for the Packing Tape Market Players
3M, Avery Dennison, Nitto Denko, Henkel, Tesa, Advance Tapes International, Adhesive Research, Bostik, Dow Corning, and Evans are some top players in this market. These leading market players are striving to diversify their consumer base and seize new chances by entering regional markets with developing industrial and commercial sectors. They also hold a competitive edge in the market gained by integrating cutting-edge technology into the manufacturing process to increase production efficiency and product quality.
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With the growing demand for eco-friendly packing tapes, new market players entering this sector should make investments in sustainable materials and procedures. Furthermore, for manufacturers with operations in both international and regional markets, diversification of packing tape is expected to offer many attractive opportunities. Innovative packaging tape variants, such as specialty tapes for specific industry sectors and eco-friendly alternatives, might draw in a larger clientele.
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
- The Middle East & Africa
- Europe
About Future Market Insights Inc. (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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