Packaging tapes: Key market research findings
- APAC dominates the market geographically
- The polypropylene segment accounts for a majority of the market’s revenue
- Key vendors – 3M, Avery Dennison, Henkel, Nitto Denko, and Tesa
Technavio’s market research analysts predict the global packaging tapes market to grow at the CAGR of more than 5% between 2016 and 2020. The growth of the market can be accredited to the reduced cost of procuring raw materials. Crude oil is a raw material used for producing plastic, which is widely used in packaging tapes. Thus, if oil prices continue to fall, the profits earned by vendors in the packaging tapes market will increase and the market will grow. During 2015, the global packaging tapes market was dominated by APAC with a market share of around 44% of the overall market share. The surging demand for retail products, food products, and beverages in this region will drive the growth of the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the packaging tapes segments based on the raw materials.
“The market is currently witnessing an upsurge in the demand for printed packaging tapes. Printed packaging tapes are in high demand because of the need to differentiate products for easy identification and marketing purposes. Most of the demand for printed packaging tapes comes from the food and beverage industry and the consumer durables industry. These two industries account for around 44% of the total demand for printed packaging tapes,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
By 2020, the polypropylene segment will account for more than 58% of the overall market revenue to become the key revenue generating vertical in the global packaging tapes market. Polypropylene is one of the primary resins used as a backing material in packaging tapes, especially parcel tapes. Parcel tapes such as box sealing tapes or packing tapes are used for sealing packages for shipment. Polypropylene provides better flexibility and conformability because of its softness.
The key vendors in the global market include 3M, Avery Dennison, Henkel, Nitto Denko, and Tesa. Vendors in the market are working on technology and expanding production units to increase the production of packaging tapes to meet the increasing demand. For example, Avery Dennison launched a range of bio-based polyethylene label films in October 2015, and it has expanded its production capabilities for producing packaging tapes. The label films are self-adhesive and have a face stock comprising of over 80% renewable content. These labels also allow brand owners to use renewable resources in packaging.
A more detailed analysis is available in the Technavio report, Global Packaging Tapes Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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