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.
Prior to this boom, the industry saw slower growth, with a CAGR of 2.3% each year between 2018 and 2022.
The packing tape market has witnessed significant growth over the years, primarily driven by the expanding e-commerce industry and the increasing need for efficient packaging solutions across various sectors such as food and beverage, retail, logistics, and manufacturing. As businesses strive for streamlined operations and cost-effective packaging solutions, the demand for packing tape continues to surge. Additionally, the rise in international trade and globalization has further propelled the market growth, as packaging plays a crucial role in ensuring the safe transit of goods.
Furthermore, advancements in adhesive technologies have led to the development of high-performance packing tapes, enhancing their durability, strength, and versatility. The growing awareness regarding sustainable packaging practices has also influenced market dynamics, with eco-friendly and recyclable packing tapes gaining traction among environmentally conscious consumers and businesses.
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Although different packing tape products offer promising opportunities, growing concern over environmental issues could significantly influence the market trends in the coming days. So, the recyclable and eco-friendly packaging tape sales are projected to increase as people and businesses become more aware of their environmental effects. Likewise, price changes for the raw materials used to make packing tape may affect the overall cost and product pricing.
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
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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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