The global packing tape market is poised for substantial growth, with an anticipated Compound Annual Growth Rate (CAGR) of 4.8% from 2023 to 2033, according to insights from Future Market Insights (FMI). The market, valued at US$ 22.8 billion in 2023, is projected to surge to US$ 36.5 billion by 2033, reflecting a significant uptick in demand and innovation within the industry.
Previously, the packing tape market experienced modest growth, registering a 2.3% annual increase from 2018 to 2022, culminating in a market size of US$ 21.8 billion in 2022. However, the landscape has since evolved, offering a diverse array of creative designs and materials that cater to a wide range of industries, fueling market expansion.
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Key Drivers of Market Growth:
- Rise of E-commerce Sector: The burgeoning e-commerce sector has emerged as a primary driver for the packing tape market, with increasing demand to secure and preserve shipments for safe transit. As online retail experiences rapid growth, the need for reliable packing solutions escalates, propelling market growth.
- Economic Expansion: Economic growth, particularly in the e-commerce realm, has contributed significantly to the uptick in demand for packing tapes. The quick development in purchasing products via e-commerce platforms has surged, necessitating robust packaging solutions to meet consumer expectations.
- Versatile Applications: Packing tapes find versatile applications across various industries including food and beverage, automotive, and e-commerce. Their unique characteristics such as strong adhesion, transparency, and resistance to aging and high temperatures make them indispensable in diverse packaging scenarios.
- Brand Promotion: Printing capabilities on packing tapes enable companies to prominently display their logos and names, enhancing brand visibility and facilitating easier identification and stock handling. This aesthetic appeal contributes to the overall demand for packing tapes, driving market growth.
The consistent and steady demand for packing tapes across industries underscores their integral role in modern packaging solutions. The market’s growth trajectory remains promising, supported by ongoing innovations and evolving consumer preferences.
Key point:
- Strong Adhesion: Packing tape is designed to have excellent adhesion, ensuring a secure seal for boxes and packages. It sticks firmly to various surfaces, preventing accidental openings during transit.
- Durability: Packing tape is made from high-quality materials that are resistant to tearing and punctures. It can withstand the rigors of shipping and handling, ensuring that packages remain intact.
- Versatility: Packing tape is suitable for a wide range of applications, including shipping, moving, storage, and packaging. It can be used on different materials such as cardboard, plastic, and metal.
- Ease of Use: Packing tape typically comes with a convenient dispenser, making it easy to handle and apply. The dispenser allows for smooth and efficient sealing, saving time and effort.
- Security: Using packing tape provides a visible sign of tampering. If the tape is broken or damaged, it indicates that the package may have been compromised, ensuring added security and peace of mind.
- Customizability: Packing tape is available in various widths, lengths, and colors. This allows for customization based on specific packaging requirements or branding needs.
- Cost-effective: Packing tape is an affordable solution for packaging needs, offering value for money. It helps reduce the risk of damage to goods during transit, minimizing potential losses.
- Weather Resistance: Many packing tapes are designed to be weather-resistant, offering protection against moisture, humidity, and temperature changes. This ensures that packages remain secure even in challenging environmental conditions.
- Recyclability: Several types of packing tape are recyclable, contributing to eco-friendly packaging practices. Using recyclable tape aligns with sustainability goals and reduces environmental impact.
- Professional Presentation: Packing tape with clear and consistent application enhances the professional appearance of packages. It gives a polished and well-organized impression to recipients, reflecting positively on your brand or business.
One of the primary factors driving the growth of the packing tape market is the use of packaging products in the food and beverage industry. In addition, the expansion of the vehicle industry stimulates demand for packing tapes.
Furthermore, the fluctuation in the cost of raw materials for manufacturing during the pandemic is one of the key reasons impeding the packing tape market analysis. As the packing tape business continues to increase, people are beginning to think more about tapes. As a result, manufacturing companies must enhance their technological skills.
With the slow rise of the packing industries in recent days, the demand for the packing tape is consistent and steady. The adoption of packing tapes in food and beverage items, automotive industries, and E-Commerce industries has contributed to this recent growth.
In the following years, the Asia-Pacific market for packing tape is predicted to grow at the fastest rate. China and India are predicted to have the fastest market growth in the Asia-Pacific region.
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Recent Developments:
- In August of 2019, the kite packaging company released four new machine tapes, one of which is 48mm wide and the other is 75mm wide.
- The new kite low noise solvent tape and vinyl tapes were introduced in 2019 by the kite packaging company. Due to the inexpensive cost of these types of containers, cassettes are readily available.
- Monta released self-adhesive tapes made of natural rubber adhesive in February 2020.
- Tesa SE bought FormFormForm Ltd. (UK), a maker of adhesive tapes and self-adhesive systems solutions, in May 2018. Tesa SE’s product portfolio, geographic reach, go-to-market channels, and sectors served were all strengthened as a result of this transaction.
Key Players
- 3M
- Avery Dennison
- Nitto Denko
- Henkel
- Tesa
- Advance Tapes International
- Adhesive Research
- Bostik
- Dow Corning
- Evans
How COVID-19 Impacts The Packing Tape Market?
There are several significant changes that will occur as a result of the COVID-19 pandemic spread in the year 2020. The pandemic’s propagation has had a significant influence on several industries. The pandemic’s emergence has had an effect on the growth of the packing tapes market share.
Owing to the lack of transportation and the scarcity of raw resources, expansion of the packing tape market has been hampered. Even for the E-Commerce sectors, transportation was not an option.
The packing tape market share has also slowed as a result of this. The packing tape market is expected to grow at a sluggish pace, with a CAGR of 2.3 percent from 2015 to 2021, rising to 4.8 percent during the forecast period.
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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
- Middle East & Africa
- Europe
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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