Market Analysis
The Packaging Tapes Market will grow at a favorable CAGR in the forecast period (2020- 2027), in accordance to the new Market Research Future (MRFR) report.
Drivers
Increasing Use in Automotive Industry to Boost Market Growth
The growing need for high-quality tapes like filament tapes in the automotive industry will boost the market growth over the forecast period.
Additional factors fuelling the market growth comprise the booming food service industry that is increasingly deploying tamper-evident sealing tapes that allows food distributors to offer improved safety during delivery, increasing need for high-bond-strength and fast-curing packaging solutions, and the increasing demand for packaging solutions in the different end-use industries like logistics, personal care, and food and beverages.
Key Players
Eminent players profiled in the global packaging tapes market report include 3M, H.B. Fuller Company, Avery Dennison Corporation, Henkel AG & Co. KGaA, Nitto Denko Corporation, Advance Tapes International, Adhesives Research Inc., Bostik SA, Dow Corning Corporation, Evans Adhesive Corporation, Ltd., Franklin International, Intertape Polymer Group and Lord Corporation.
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Opportunities
Ease of Applicability to offer Robust Opportunities
Packaging tapes are user-friendly for their ease of applicability over conventional methods. It is highly preferred for its specific needs like bonding dissimilar materials and reduced vibration.
Restraints
Increase in Raw Material Prices to act as Market Restraint
The increase in raw material price will act as a market restraint over the forecast period.
Challenges
Strict Government Regulations to act as Market Challenge
Strict government regulations to reshape the packaging tapes market may act as a market challenge over the forecast period.
Market Segmentation
The packaging tapes market has been segmented based on type, material, and application.
By type, the filament tapes will lead the market over the forecast period.
By materials, the acrylic segment will dominate the market over the forecast period.
By application, the food & beverages segment will spearhead the market over the forecast period.
COVID-19 Analysis
The rising preference for door delivery services during COVID-19 pandemic has benefitted the demand for packaging tapes. Besides, the growing need for personnel protective equipment and healthcare supplies to curb the virus is also boosting market growth to secure such healthcare shipments.
Regional Analysis
APAC to Precede Packaging Tapes Market
The APAC region will precede the market over the forecast period and at a high CAGR. Rapid economic growth, growing e-commerce industries, increased purchasing power, increased investment in organized retail sector that induces the need for packaging tapes to be used in packaging, increasing disposable income in China and India that has boosted the need for different food products, retail products, and beverages, the booming packaging industry in Japan, Indonesia, Vietnam, India, and China, availability of domestically produced raw materials, and cheap labor cost are adding to the global packaging tapes market growth in the region. Besides, the ever-increasing awareness of economical and sustainable packaging, the developing logistics industry, rise in online shopping, developing e-commerce industry, high-volume consumption of packaging materials, the region being the manufacturing hub of various consumer and industrial goods that is boosting the demand for packaging materials, increasing standard of living, and exponential rise in population are also adding market growth.
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