NEWARK, Del, June 19, 2023 (GLOBE NEWSWIRE) -- The tapes market is expected to experience significant growth, with a projected value of US$ 78.5 billion in 2023, increasing to US$ 126.6 billion by 2033.
The demand for tapes is driven by various factors, including the need for protective packaging to ensure damage-free transportation. However, fluctuations in raw material costs have negatively impacted the business operations of market players.
Pressure-sensitive tapes are particularly popular and are expected to record a CAGR of 4.9% from 2023 to 2033. The building and construction industry is a key end-user, contributing to the expansion of the global tapes market, especially with the high consumption of masking tapes.
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- China holds a leading position in the market, accounting for nearly one-fifth of the global value share, with increasing demand for protective and secure packaging during import and export.
- The Asia Pacific region, driven by the growing building and construction sector, shows impressive growth potential for the tapes market.
- The demand for pressure-sensitive tapes is high due to their unique characteristics, such as remaining viscous and sticky, allowing them to adhere to surfaces even when wet.
- The wide acceptability and increasing applications of pressure-sensitive tapes, particularly in the Asia Pacific region, contribute to their strong demand and overall market growth.
Pressure-sensitive tapes dominate the global tapes market, holding a share of nearly 62.03%. These tapes create strong adhesive bonds between different materials and are in high demand across various industries.
The building and construction industry is the leading end-user of tapes and is expected to maintain its dominance throughout the forecast period. The automotive sector also presents significant opportunities for double-sided tape manufacturers, with expected growth at a CAGR of 6.1% through 2033.
China is a key player in the tapes market, benefiting from economies of scale, cheap labor, and technological advancements. The region holds almost 50% of the global tapes market, and collaborations between companies and the Global Tape Forum are driving further growth.
Germany, known for its innovation and sustainable development, represents 3.7% of the European tapes market and shows potential for significant growth, particularly in the automotive sector.
North America is a key contributor to the tapes market, with a strong presence across industries such as packaging, construction, automotive, and electronics. Technological advancements, infrastructure development, and the presence of key tape manufacturers contribute to North America's prominence in the market.
India is also an influential market, experiencing a growth rate of 6.7%. The country's expanding industrial sectors, infrastructure development, and entry of leading tape manufacturers contribute to the rising demand for tapes in India.
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Recent Developments:
Tiarco, LLC, a wholly-owned subsidiary of Textile Rubber and Chemical Company, Inc., purchased H.B. Fuller Company's surfactants, thickeners, and dispersants business in July 2019 for US$ 71 million. The revenues from the transaction may be used to sharpen the company's emphasis on highly specialized adhesive solutions.
Berry Global paid US$ 6.5 billion to RPC Group Plc in July 2019. Berry Global became a leading global supplier of value-added protective solutions and one of the leading plastic packaging firms as a result of the purchase.
Tesa's subsidiary plant Sparta LLC completed a US$ 20 million expansion of its production plant in April 2018. It began production of strapping tapes and acrylic adhesives to improve its position in North America.
Major Companies Profiled:
- 3M Company
- Nitto Denko Corporation
- Avery Dennison Corporation
- Berry Global Group Inc.
- Saint Gobain Corporate
- Sonoco Products Company
- Intertape Polymer Group Inc
- Shurtape Technologies, Llc
- PPM Industries SpA
- Pro Tapes & Specialities Inc
- Kruse Adhesive Tape, Inc
- ADH Tape
- tesa SE Group
- Atlas Tapes SpA
- Sicad SpA
Key Segmentation:
By Tape Type:
- Pressure-Sensitive Tapes
- Masking Tapes
- Duct Tapes
- Filament Tapes
By Material Type:
- Paper
- Plastic
- Metal Foil
By End Use:
- Automotive
- Electric & Electronics
- Building & Construction
- Pharmaceutical & Medical Devices
- Food & Beverages
- Defense/Aerospace
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Table of Content (ToC):
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Explore Trending Reports in the Packaging domain:
Hydrocolloid Tapes Market Size: Hydrocolloid bandages have gained immense popularity as they can be applied to nearly all age groups and especially for people experiencing mild to moderate seepage. The convenience of using it without the need for supervision in homecare settings is fuelling the growth of hydrocolloid tapes.
Filament Tapes Market Share: The filament tapes market size is projected to be valued at US$ 5,276.5 million in 2023 and is expected to rise to US$ 10,477.1 million by 2033. The sales of filament tapes are expected to register a significant CAGR of 7.1% during the forecast period.
Rubber Tapes Market Sales: Increasing sales of rubber tapes for repairing and protecting, along with rising expenditure on regular upkeeping and maintenance of machines and equipment could continue driving the market. In 2022, more than 39% of rubber tapes used were used for repairing and protecting applications.
Packaging Tapes Market Demand: The packaging tapes market is projected to witness a rising growth outlook during the forecast period. A new forecast by FMI anticipates that rigid packaging tape market revenue will rise from 2022 to 2032 and is anticipated to offer a growth opportunity The packaging tapes market is projected to witness a rising growth outlook during the forecast period. A new forecast by FMI anticipates that rigid packaging tape market revenue will rise from 2022 to 2032 and is anticipated to offer a growth opportunity of US$ 45.3 Billion.
Duct Tapes Market Growth: Duct tapes are adhesive tapes that are used for sealing, repairing, waterproofing, strapping, splicing, holding, and used for other household chores but stringent government regulations are focusing on limiting carbon emissions which are declining the growth of the duct tape market over the projection period.
Masking Tapes Market Analysis: The global masking tapes market has been estimated to be worth US$ 4758.83 million in 2022, with a CAGR of 5.20% during the forecast period. The global masking tape market is anticipated to exceed US$7900.55 million by the end of 2032.
BOPP Packaging Tapes Market Outlook: BOPP packaging tapes are among the most cost-efficient and effective components in packaging solutions. Their versatility is making them useful in multiple applications. The basic structure of BOPP packaging tapes comprises a thermoplastic polymer. In other words, BOPP packaging tapes can be used in both - cool and hot temperatures.
Flatback Tapes Market Volume: The FMI team also predicts that the China flatback tapes market would grow by 8.5% year over year during the forecast period, defying initial uncertainty about how the market would perform during a global pandemic. Total flatback tapes sales in Asia Pacific excl. Japan is expected to reach US$ 517.9 million in 2022.
Strapping Tapes Market Value: Demand for strapping tapes is expected to grow at a healthy CAGR over the forecast period, primarily driven by the growth in the automotive sector and electrical sectors. In addition, the growing usage of strapping tapes in sports equipment has further fuelled the growth in the target market.
Gummed Tapes Market Innovation: Overall, the market of gummed tapes is expected to witness immense growth on the back of various benefits offered by gummed tapes such as better product representation, and increased product safety owing to the strong adherence to the products.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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