The global sealing
& strapping packaging tapes market is forecast to reach USD 24.62
Billion by 2026, according to a new report by Reports and Data. An integration
of different market factors are spurring the growth of the market. One of the
mentionable factors in this regards is the growth of the e-commerce industry.
In the functioning of the e-commerce sector, protective packaging plays an
essential role. This type of packaging tapes is known for its traits like
light-weight, flexibility, and high tensile strength, which has resulted in its
increased incorporation in the e-commerce sector.
Furthermore, the availability of
packaging tapes in different grades, some having tensile strength of 600 pounds
per inch of width and the continuous expansion of the packaging and logistics
sector is another mentionable market factor that is supporting the market
expansion. The continuously growing manufacturing industry in different regions
like Asia Pacific, and Europe are also increasing the demand for this type of
packaging tapes. Changing market trend is another aspect that is opening new
avenues of operation for the market. There has been an increasing demand for
eco-friendly products. Such changing preferences opens up avenues for this type
of packaging tapes that are formed of recyclable and biodegradable materials.
In context to region, Europe is
holding a considerable market share. The presence of significant manufacturers
of sealing & strapping packaging tapes in this region and well-established
manufacturing industry contributes to the growth of the market in this region.
Further key findings from
the report suggest
- The sealing & strapping packaging tapes market
held a market share of USD 17.10 Billion in the year 2018. It is projected
to witness a growth rate of 4.5% during the forecast period.
- In regards to Adhesive type, the Acrylic segment is
leading the market that generated the highest revenue of USD 7.70 Billion
in 2018 with a CAGR of 4.8% during the forecast period. The revenue
generated by the Acrylic segment is the result of its traits like break resistance,
elasticity, and transparency that results in its high preference among
end-users.
- In regards to Raw Materials, the Polypropylene (PP)
segment yielded the highest revenue of USD 7.35 Billion in 2018 with the
fastest growth rate of 5.2% during the forecast period. The revenue
generated by the PP segment is consequential of its traits like
impact-resistance, break resistance, and chemical resistance, which
results in its high preference among the manufacturers of packaging tapes
market.
- In context to Application, the Carton Sealing segment
holds the larger market share of 63.0% in 2018 with a growth rate of 3.7%
during the forecast period. The market share occupied by this segment is
attributed to the high demand for carton sealing in different types of
packaging for tertiary, secondary, and primary packaging products.
- In regards to region, Europe holds the second-largest
markets share of 23.0% in 2018 with the second-highest growth rate of 4.9%
during the forecast period. Factors like the presence of significant
manufacturers of sealing & strapping packaging tapes in this region
and well-established manufacturing industry, contribute to the market
share occupied by this region.
- Key participants include 3M Company, Tesa SE, Avery
Dennison Corporation, Nitto Denko Corporation, Scapa Group PLC, Intertape
Polymer Group, Inc., Wuhan Huaxia Nanfeng Adhesive Tapes, Nichiban Co.
Ltd, Mactac, LLC., and CCT Tapes.
To identify the key trends in
the industry, click on the link below: https://www.reportsanddata.com/report-detail/sealing-and-strapping-packaging-tapes-market
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