The global strapping tapes market is on track to experience moderate yet consistent growth, with an expected compound annual growth rate (CAGR) of 4.5% from 2023 to 2033. According to recent projections, the industry’s market value is anticipated to climb from USD 22.7 billion in 2023 to an impressive USD 35.2 billion by the end of the forecast period.
With the packaging industry undergoing rapid transformation, strapping tapes are emerging as a key player. Driven by continuous innovation, packaging tape manufacturers are introducing new and advanced products to meet the evolving needs of diverse industries.
As a cost-effective alternative to plastic and metal strapping, strapping tapes provide a compelling option for industries seeking high-quality, sustainable packaging solutions. This cost advantage is expected to attract a wider customer base, further propelling the market’s growth trajectory.
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The automotive and electrical sectors stand out as primary drivers of demand for strapping tapes, with increased use in various industrial applications. Additionally, the rising incorporation of strapping tapes in sports equipment is further boosting market expansion.
Key Takeaways
- By 2033, the strapping tapes market in the United Kingdom is likely to expand, with a CAGR of 3.1%.
- In 2022, the United States significantly expanded in the strapping tapes market with a share of 15.7%.
- The strapping tapes market was considerably growing, with a size of USD 21.7 billion in 2022.
- The strapping tapes sector expanded at a CAGR of 3.1% from 2018 to 2022.
- By 2033, China’s strapping tapes market is projected to expand, with a CAGR of 5.9%.
- By 2033, India’s strapping tapes market is projected to develop with a CAGR of 6.4%.
- Japan’s strapping tapes industry expanded significantly, with a 9.5% CAGR in 2022.
- The Strapping tapes industry in Australia expanded significantly, with a 2.2% CAGR in 2022.
- In 2022, the polypropylene segment dominated the market, with a share of 40.5%, based on material type.
- In 2022, the acrylic-based segment dominated the market, with a share of 39.7%, based on adhesive.
Competitors Winning Strategies
These leading industry players run their enterprises using well-known brands, a broad selection of products, and a significant geographic presence in several areas. Moreover, they continually work to demonstrate a high level of innovation and use cutting-edge technology to get a competitive advantage in the sector and bolster their position in the market.
Key Players of the Market
- 3M Company
- Global Packaging, Inc.
- Shurtape Technologies, LLC
- TART
- Müroll GmbH
- Rapid Packaging Systems Ltd.
- Can-Do National Tape
Recent Developments
- Avery Dennison inaugurated its new production facility in India in April 2022 to consolidate its manufacturing chain for meeting the demand for strapping tapes in Asia Pacific countries.
- Nitto Company acquired Bend Laboratories in June 2022 to integrate its key technologies with Bend’s sensor device technology.
- In July 2019, Tiarco, LLC, a fully-owned subsidiary of Textile Rubber and Chemical Company, Inc., paid US$ 71 million for the surfactants, thickeners, and dispersants division of H.B. Fuller Company. The transaction’s proceeds might be utilized to further the company’s focus on highly specialized adhesive solutions.
- Scotch High Tack Box Sealing Tape 375+, an industrial packaging tape used for box sealing, splicing, recuperate, and other packaging purposes, was made available by 3M in September 2019.
Key Segmentations
By Material Type:
- Polypropylene
- Polyester
- Polyethylene
- Others
By Adhesive Type:
- Natural rubber
- Synthetic rubber
- Modified synthetic rubber
- Others
By End User:
- Food & Beverages
- Electronics
- Furniture
- Kitchen appliances
- Automotive
- Oil & gas
- Toys
- Metal Working
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- 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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