The global shipping tapes market is on track to achieve a valuation of US$ 18.1 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 4.3% for the forecast period of 2022 to 2032. Presently valued at approximately US$ 17.6 billion, the market is anticipated to expand significantly to US$ 27.6 billion by 2032, reflecting a growth of 1.6 times. Holding nearly 24% of the global tapes market, valued at around US$ 74.8 billion in 2022, the shipping tapes market plays a substantial role.
Within the shipping tapes sector, the acrylic adhesive segment displayed a year-on-year growth of 3.3% in 2021, while demand for natural rubber adhesives increased by 4.8% between 2020 and 2021, as per FMI findings.
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Considering backing materials, the plastic segment is projected to double its current sales by the end of 2031, with a CAGR of 3.1% during 2020-31. Meanwhile, the paper backing material segment generated a revenue of US$ 9.8 billion in 2021, with an anticipated acceleration in demand due to the dominance of the top 5 providers, who held 15-20% of the global shipping tapes market in 2021.
Increasing demand for third-party logistics providers (3PL) with modern technologies to ensure seamless execution in the supply chain is set to aid growth. Companies are demanding for a novel packaging solution that would bring down their cost and help manage their supply chain efficiently. Throughout the supply chain, shipping tapes help keep the packaged goods intact and safe, which would further boost sales in the market.
The availability of innovative shipping tapes with barcode labels will help to keep track of packages. It is also a fast and reliable option for businesses to collect data and reduce human errors.
It will be helpful in shipping & transportation, product identification, and inventory tracking & management applications. Shipping tapes with barcode labels have proven to be less expensive and can lower the unnecessary cost of a company, which would push growth in the market.
“Owing to rising consumer preference and stringent environmental regulations, demand for eco-friendly and biodegradable shipping tapes has increased. Also, manufacturers are focusing on launching sustainable shipping tapes which is expected to bolster the global shipping tapes market,” comments a FMI analyst.
Security-Driven Packaging Trends in Pharmaceutical and Food Industries to Drive the Shipping Tapes Market
Counterfeiting and low shelf life of products are two major concerns of end users, especially during long distance transits. To ensure safe deliveries, it is essential to adopt secure packaging solutions. Fluctuation in temperature and harsh environmental conditions can contaminate the product. Thus, the need to seal containers is important, which is further encouraging manufacturers to use shipping tapes for sealing their packages.
Pharmaceutical shipments require secure tertiary packaging to ensure that the products arrive undamaged. Many lives are dependent on the packaging that protects drugs during their shipment.
Security in packaging is critical for the pharmaceutical sector. If the shipment does not go as planned, it can harm the patient’s health as pharma products must arrive within the required storage conditions and at the right time. Shipping tapes help in safeguarding the outer packaging and maintaining the integrity of the package, which would drive the market..
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Key Takeaways: Shipping Tapes Market
- As per end use, the e-commerce segment is expected to generate a shipping tapes market share of 24% by 2032 with rising preference among people for online shopping.
- Sales of acrylic adhesives are expected to increase 1.5x the current sales owing to their low cost and wide accessibility in end-use industries.
- South Asia & East Asia are set to be the biggest markets for shipping tapes due to increased shopping through e-commerce platforms.
Adoption of Omni Channel Model by Retailers to Augment the Shipping Tapes Market
Retailing has become more popular with the increasing internet usage worldwide. Online shopping enable people to get their ordered products right at their doorstep.
The retail sector is growing astonishingly as various companies are expanding their stores and opening advanced facilities in untapped areas. The majority of the unorganized retail outlets are gradually merging with big retail supermarkets, hypermarkets, and similar other retail chains.
Many retailers are set to operate on the omni channel model and aim to fit in both online and offline channels. Increasing purchasing power of consumers and rising investment opportunities in the retail sector are driving the demand for shipping tapes.
Competitive Landscape: Global Shipping Tapes Market
Some of the leading companies present in the global shipping tapes market include 3M Company, Intertape Polymer Group Inc., Shurtape Technologies LLC, tesa SE Group, Nitto Denko Corp, Berry Global Group Inc., Scapa Group plc., Bolex (Shenzhen) Adhesive Products Co. Ltd., Vibac Group S.p.a., Ultratape Industries Inc., Shanghai Yongguan Adhesive Productions Corp.,Ltd., Pro Tapes & Specialties, Inc., Maxfel S.R.l, NEUBRONNER GmbH & Co.KG, Loytape Industries SDN.BHD., Papertec, Inc., Windmill Tapes & Labels Ltd., Holland Manufacturing Co. Inc., Avery Dennison Corporation, and American Biltrite Inc.
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Shipping Tapes Market Outlook by Category
By Adhesive Type:
- Natural Rubber
- Acrylic
- Others (Hot Melt, Water-Activated Tape, etc.)
By Backing Material:
- Paper
- Plastic
- Others (Metal Foil, Glass Fiber, etc.)
By End Use:
- Food & Beverages
- Pharmaceuticals
- Building & Construction
- E-Commerce
- Cosmetics & Personal Care
- Electrical & Electronics
- Shipping & Logistics
- Others (Textile, Agriculture, etc.)
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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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