According to the FMI analysis report, the global demand for packing tape market is expanding rapidly and is expected to witness a 4.8% CAGR from 2023 to 2033. With this growth trajectory, the overall market value could soar from US$ 22.8 billion in 2023 to an astonishing US$ 36.5 billion by 2033.
Prior to this boom, the industry saw slower growth, with a CAGR of 2.3% each year between 2018 and 2022. By the end of the year 2022, sales of packing tapes surged with growing demand for hygienic packaging, reaching a market value of US$ 21.8 billion.
The packing tape market is experiencing robust growth, driven by increasing global trade activities and the rising demand for efficient packaging solutions across various industries. Packing tapes are essential for securing shipments, enhancing product protection, and ensuring safe transit. The market has seen substantial expansion due to advancements in adhesive technologies, which improve tape durability and adhesion strength, thereby meeting the stringent packaging requirements of diverse goods ranging from electronics to pharmaceuticals.
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Moreover, the e-commerce boom has significantly boosted the demand for packing tapes, as online retailers rely heavily on secure and reliable packaging materials to fulfill customer orders promptly and safely. This trend is expected to continue driving market growth as consumers increasingly opt for online shopping.
Furthermore, sustainability initiatives are influencing market dynamics, with a growing preference for eco-friendly packing tapes made from recyclable materials. Manufacturers are innovating to develop biodegradable and compostable options, aligning with global environmental regulations and consumer preferences.
Key Takeaways from the Global Packing Tape Market Study Report by FMI
- The overall market is projected to witness an absolute dollar growth of nearly US$ 14 billion over the next ten years.
- The sales of packing tapes in North American countries were higher until 2022, and it dominated the global market with a sizeable revenue share.
- Germany is the leading producer and supplier of packing tapes for many European regional markets. However, the demand for packing tapes in the United Kingdom is poised to grow more during the forecast years.
- The demand for packaging tapes in Asia Pacific countries is expanding rapidly, with the rise in commercial and industrial activity and the increasing e-commerce industry.
Competitive Landscape for the Packing Tape Market Players
3M, Avery Dennison, Nitto Denko, Henkel, Tesa, Advance Tapes International, Adhesive Research, Bostik, Dow Corning, and Evans are some top players in this market. These leading market players are striving to diversify their consumer base and seize new chances by entering regional markets with developing industrial and commercial sectors. They also hold a competitive edge in the market gained by integrating cutting-edge technology into the manufacturing process to increase production efficiency and product quality.
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With the growing demand for eco-friendly packing tapes, new market players entering this sector should make investments in sustainable materials and procedures. Furthermore, for manufacturers with operations in both international and regional markets, diversification of packing tape is expected to offer many attractive opportunities. Innovative packaging tape variants, such as specialty tapes for specific industry sectors and eco-friendly alternatives, might draw in a larger clientele.
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
- The Middle East & Africa
- Europe
About Future Market Insights Inc. (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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