The global filament tapes market is forecast to witness significant growth, reaching an estimated value of US$10.48 billion by 2033. This upward trend represents a compound annual growth rate (CAGR) of 7.1% over the forecast period, according to a recent industry report by Future Market Insights (FMI).
Germany Poised for Strong Growth:
The report also highlights a positive outlook for the German filament tapes market, predicting a robust yearly growth of 9.2%. This positions Germany as a frontrunner in the Western European filament tapes market, which generated total sales of approximately US$757 million in 2022.
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Market Drivers and Regional Hotspots
- Surging Demand for Corrugated Packaging: The increasing popularity of corrugated boxes as a lightweight and sustainable packaging solution across various industries like automotive, electronics, and food is expected to drive demand for filament tapes used for sealing these boxes.
- Thriving End-Use Industries: Filament tapes find extensive application in the automotive sector for interior and exterior applications due to their high tensile strength and clean removal properties. The automotive industry’s high-growth phase, particularly in the Asia Pacific region, is expected to create significant demand for filament tapes.
- Electronics and Electrical Boom: The booming electronics and electrical goods market in India, coupled with the rise of modern retail formats, necessitates high-quality packaging solutions. Filament tapes are the preferred choice for sealing and bundling applications in this sector, further propelling market growth.
- Stringent Requirements in Healthcare: Filament tapes offer superior resistance to moisture, UV rays, and other environmental elements, making them ideal for packaging healthcare and hygiene products. This factor positions them favorably compared to other sealing tapes in this industry.
- German Market Leads the Way: The filament tapes market in Germany is predicted to witness an impressive growth rate of 9.2% per year during the forecast period. Western Europe, as a whole, is estimated to have generated around US$757 million in filament tape sales in 2022.
Innovation Paves the Way for Future Growth
The future of the filament tapes market appears promising with advancements in tape manufacturing technologies and the introduction of innovative product variants. Manufacturers are focusing on developing tapes with enhanced features, such as even higher tensile strength and improved adhesive properties, to cater to evolving customer needs. Additionally, the expansion of industries like automotive, aerospace, and electronics is expected to create significant future growth opportunities for filament tapes.
This press release highlights the promising outlook of the filament tapes market, emphasizing the key drivers, regional variations, and future growth prospects fueled by innovation.
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Upcoming Trends in the Filament Tapes Industry:
- Increased Demand for Reinforced Packaging: With the rise of e-commerce and online shopping, there is a growing demand for reinforced packaging solutions, driving the adoption of filament tapes in the packaging industry.
- Technological Advancements: Innovations in adhesive technology and manufacturing processes are expected to lead to the development of advanced filament tapes with superior performance characteristics, meeting evolving customer requirements.
- Focus on Safety and Security: Filament tapes are increasingly being used for security sealing applications in various industries such as logistics, transportation, and electronics, driven by the need for tamper-evident and secure packaging solutions.
- Growing Industrial Applications: Filament tapes are finding applications beyond traditional packaging, including construction, automotive, aerospace, and electrical industries, driven by their strength, durability, and versatility.
- Regulatory Compliance and Standards: Compliance with industry standards and regulations, such as FDA approval for food-grade applications and compliance with ASTM standards for packaging materials, will become increasingly important for filament tape manufacturers to gain market acceptance and ensure product quality and safety.
Key Takeaways:
Single-sided tapes account for over 50% share of the overall filament tapes market. However, double-sided tapes are expected to register high incremental opportunity in comparison with single-sided tapes, owing to their multi-functional ability and high-performance characteristics.
Amongst the adhesive types, rubber-based and acrylic-based adhesive types would account for over 70% market share, cumulatively.
As per FMI analysis, carton sealing is a major application of filament tapes, followed by insulation and bundling. Cartons that need to be transported require sturdy packaging to prevent products from getting damaged. Due to the increase in e-Commerce spending and growth of the FMCG sector, the carton sealing application is expected to remain prominent throughout the forecast period.
Automotive and electrical & electronics industries, cumulatively, would maintain their primacy in the filament tapes market. However, due to the impact of the COVID-19 outbreak, growth is anticipated to take a dip in the near term.
Application of filament tapes is likely to surge in shipping & logistics and food & beverages, attributable to increasing shift of customers towards essential goods.
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Market by Category
By Filament Type:
Single Sided Tapes
Double Sided Tapes
By Backing Adhesive Type:
Plastic Film
Polypropylene (PP)
Polyvinyl Chloride (PVC)
Polyethylene (PE)
Polyester (PS)
Others
Paper
Fabric
Foam
By Adhesive Type:
Rubber Based
Natural Rubber
Synthetic Rubber
Acrylic Based
Hot Melt Adhesive
By Width:
12 mm
18 mm
24 mm
36 mm
48 mm
72 mm
96 mm
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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