Global Sealing & Strapping Packaging Tapes market, which accrued revenue worth 17.7 (USD Billion) in 2019, will register a CAGR of nearly 4.8% during the period from 2020 to 2026.
Sealing & Strapping Packaging Tapes Market
The global Sealing & Strapping Packaging Tapes market, which accrued revenue worth 17.7 (USD Billion) in 2019, will register a CAGR of nearly 4.8% during the period from 2020 to 2026. The report offers assessment and analysis of the Sealing & Strapping Packaging Tapes market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Sealing & strapping packaging tapes are utilized in myriad packing operations including pallet unitizing, bundling items, and reinforced packaging. In addition to this, the products offer many benefits as they are pressure sensitive. Moreover, these products are flexible strips made up of cloth, paper, metal, plastic, and foam. They are coated on both sides with adhesive and can adhere to myriad substrates through application of less pressure at room temperature.
Market Growth Dynamics
Massive use of sealing & strapping packaging tapes in bundling & pelletizing will boost the growth of the market over the estimated timespan. In addition to this, escalating utility of the product in automotive, sports & apparels, food & beverages, and electronics & electrical sectors will embellish the market trends. Moreover, the sealing & strapping packaging tape provides flexibility along with lightweight.
Furthermore, thriving ecommerce activities and need for effective customer delivery channel due to rising complicatedness in supply chain will proliferate the market demand in the coming years. Apparently, rise in the online as well as offline retail activities has translated into growing popularity and use of sealing & strapping packaging tapes in the recent years. Growing acceptance of low cost products and their fast curing time will contribute significantly towards the market size in the foreseeable future. With the flexible packaging becoming the catch phrase of the twenty-first century, the market is likely to gain momentum over the next decade. The evolution of 3D printing is anticipated to lead to humungous product penetration in new sectors over the next few years.
Asia Pacific To Set Up A Dominant Position in Global Market By 2026
The growth of the business in the sub-continent over the forecasting years can be credited to low labor charges along with easy availability of raw materials at affordable costs in the countries like China and India. Additionally, countries like Vietnam, Taiwan, and Japan are projected to contribute enormously forwards the regional market share over the coming years.
Key players influencing the market growth are The 3M Company, Avery Dennison Corporation, Nichiban, Shrutapes, Scapa Group plc, Mactac, Intertape Polymer Group, Nitto Denko Corporation, Tesa SE, and others.
The global sealing & strapping packaging tapes market is segmented as follows:
Massive use of sealing & strapping packaging tapes in bundling & pelletizing will boost the growth of the market over the estimated timespan.
The CAGR of the industry is expected to be nearly 4.98% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.