Packaging Tapes Market is set to enjoy a market valuation of US$ 120.1 Bn by 2032
The global packaging tapes market is expected to attain a market size of US$ 71.7 Bn in 2021 and register a CAGR of 4.8%% to reach US$ 120.1 Bn by 2032, according to research from Future Market Insights. By the end of 2022, the top 3 nations are expected to control 30–35% of the global packaging tapes market, according to estimates of market revenues.
Market segments for plastic packing tapes include material, tape type, and end use. According to the material category, plastic is anticipated to occupy the largest share of the global market for packaging tapes due to its advantages such as toughness, waterproof design, sustainability, recyclable nature, and affordability.
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Key Companies Profiled
- Nitto Denko 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
Historic Market Outlook for Packaging tapes market
The global packaging tapes market is expanded at a CAGR of 4.8 % during the historic period and reached US$ 71.7 Bn in 2021 from US$ 58.6 Bn in 2015.
The packaging tapes market is expanding due to higher demand from the shipping and logistics industry. It is used in wrapping the product during transportation. It is used by companies for branding purposes as well. The packaging tapes provide damage protection from external force. Based on the tape type segment, packaging tapes are segmented as pressure-sensitive tapes, masking tapes, and filament tapes. End-use industry manufacturers prefer packaging tapes over others, owing to their high flexibility and ease of applicability. These packaging tapes are the ideal choice for packing and sealing heavier and overfilled cartons, which brought about a significant change in the way goods are packaged and shipped.
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How does Plastic Material Generate a Positive Growth Outlook for Packaging Tapes Market?
Based on the material segment, plastic material is anticipated to hold around 45% of the market value share during the forecast period. It is expected to grow at a 5.5% CAGR during 2022-2032.
Plastic material offers various valuable features such as water-resistant properties, cost-effectiveness, and moisture resistance. Plastic material is used significantly in the packaging industry. In the automotive and electrical industry, plastic material is widely used electrical & electronics industry due to it provides flexibility, heat resistance, and protection against any climatic change.
Which End Use is projected to Increase Demand for Packaging Tapes?
The shipping and logistics industry has driven significantly the packaging tapes market. It is projected to grow 1.8X during the forecast period.
Packaging tapes have an everlasting adhesive that works in both hot and cold temperatures and works finest when cartons are sealed for transferring goods from one place to another or storing them in a warehouse. Shipping tapes manufacturers use a hot melt adhesive that makes it more durable over a short time. Packaging large cartons with utmost safety to deliver globally, with speed, to cover the loss from being damaged, packaging tapes having a great opportunity to grow in shipping and logistic segment. These factors will create higher demand for the packaging tapes.
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Packaging Tape Market by Category
By Material, Packaging Tape Market is Segmented as:
- Metal Foil
By Tape Type, Packaging Tape Market is Segmented as:
- Pressure-Sensitive Tape
- Masking Tape
- Duct Tape
- Filament Tape
- Other Packaging Tapes
By End Use, Packaging Tape Market is Segmented as:
- Electric and Electronics
- Building and Construction
- Shipping & Logistics
- Other Consumer Durables
By Region, Packaging Tape Market is Segmented as:
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa