Industrial tapes: Key market research findings
- Rise in demand for carton sealing tapes especially for processed food and beverages
- Demand for biodegradable industrial tapes
Technavio has released a new market research report on the global industrial tapes market, which is expected to grow at a CAGR of 6% between 2016 and 2020. The increased demand from China for industrial tape is the primary driver for the growth of this market. The rise in disposable income and boom in the construction, automotive, and food industries have pushed the demand for industrial tape products in this region. APAC dominates the market, accounting for 48% of the total market share.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the interesting trends that this market is witnessing is the rising demand for carton sealing tapes or packing tapes. The carton sealing tapes segment accounted for the largest share of the global industrial tapes market during 2015, especially from the processed food and beverages, pharmaceutical, and medical device manufacturing industries. These tapes ensure that the goods inside the corrugated box are protected during transportation,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
Of late, the market is witnessing growing demand for biodegradable and eco-friendly industrial tapes, owing to environmental regulations and consumer preference toward environmentally friendly products. These industrial tapes can undergo decomposition into carbon dioxide, water, or biomass, and also occupy less landfill space in comparison to ordinary industrial tapes. Moreover, with oil prices fluctuations, which pose a major challenge to the global industrial tapes market, biodegradable polymer is the best alternative, as it is obtained by the polymerization of bio-based raw materials.
The key vendors in the global industrial tapes market include 3M, Ashland, Sika, Merck Group, and Eastman. This market is highly fragmented with the presence of several local and international suppliers. Competition among vendors has intensified in terms of product differentiation, portfolio, and pricing.
A more detailed analysis is available in the Technavio report, Global Industrial Tapes Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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