NEWARK, Del, July 01, 2024 (GLOBE NEWSWIRE) -- The global cold storage tape market value reached USD 628 million in 2023, with a 3.1% CAGR forecasted for the forecast period. The market is expected to grow from USD 645 million in 2024 to USD 871 million in 2034.
The pharmaceutical industry, in countries like India, China, and the United Kingdom, is also generating demand for these adhesive tapes. The globalization of trade and the proliferation of e-commerce in developing economies have also increased the demand for adhesive tapes in the cold storage sector.
The global floral industry, particularly in countries with robust hospitality sectors, is a significant consumer of these tapes, as they are used for maintaining the aesthetics and quality of flowers during transportation and storage.
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Governments and private players are investing in cold chain infrastructure, requiring high-quality tapes for proper sealing and labeling. Modern-day tapes are easily customizable, accelerating their adoption in the industrial landscape.
The industry, however, faces challenges in integrating advanced cold storage tapes into existing infrastructure, particularly for small-scale businesses, due to traditional synthetic tape designs and the high cost of biodegradable tapes compared to plastic and polyester alternatives.
“Companies should innovate with advanced materials like eco-friendly options, tailor solutions for specific industries, and emphasize quality, reliability, and durability to stand out. Providing comprehensive customer support and embracing sustainability throughout the product lifecycle is also crucial to gaining a competitive edge”, says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- Cold storage tapes with thicknesses of up to 50 microns dominate the global market with a share of 37% in 2024.
- Based on the end user, the pharmaceuticals segment leads the cold storage tape market with a share of 48% in 2024.
- The cold storage tape market in India is anticipated to grow at a CAGR of 6.7% through 2034.
- The cold storage tape market in China is estimated to rise at a 3.9% CAGR through 2034.
- The cold storage tape market in Thailand has the potential to increase at 4.7% CAGR through 2034.
- The United States cold storage tape market is predicted to rise by 2.1% CAGR through 2034.
- The cold storage tape market in the United Kingdom is very likely to grow at a CAGR of 2.6% through 2034.
Competitive Landscape
With established businesses having a significant presence in the market, there is intense rivalry in the cold storage tape market. These major companies are the primary source of adhesive tapes for the pharmaceutical, food and beverage, chemical, and healthcare sectors. With reduced profit margins and a devoted customer base, there is little to no room for new competitors. These companies' innovations have a significant impact on the industry because of their strong research and development initiatives.
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Key Players in the Cold Storage Tape Industry
- Lineage Logistics
- Americold Logistics
- United States Cold Storage
- NewCold
- Nichirei Logistics Group
- Emergent Cold LatAm
- Interstate Warehousing
- Frialsa Frigorificos
- Constellation Cold Logistics
- Superfrio Logistica Frigorificada
- FreezPak Logistics
- Conestoga Cold Storage
- Congebec Logistics
- METCOLD Supply Network Management
- RLS Partners
- Friozem Armazens Frigorificos
- Magnavale
- Confederation Freezers
- Trenton Cold Storage
- Nor-Am Cold Storage
Recent Developments:
- Distribution Solutions Group announced in March 2023 that it has acquired Hisco, broadening its focus to industrial technology and merging with TestEquity to improve services and market reach.
- For Bonduelle's plant-based goods, Constantia Flexibles and ExxonMobil introduced reusable freezer films in June 2024. Multi-material films were replaced with a mono-material polyethylene solution, which improved a variety of vegetables' recyclability and packaging durability.
Key Segments of the Cold Storage Tape Industry:
By Thickness:
The cold storage tape market is segmented based on thickness, with options including tapes up to 50 microns, tapes ranging from 51 to 100 microns, and tapes above 100 microns.
By Applications:
In terms of application, cold storage tapes are utilized across various sectors such as food and beverages, personal care and cosmetics, pharmaceuticals, chemicals, and other industrial applications.
By End User:
Based on end-user, the market is classified into food and beverages, personal care and cosmetics, pharmaceuticals, chemicals, and other industrial sectors.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
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Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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The cold seal packaging market size expects a considerable valuation bump, from US$ 20.00 billion in 2024 to US$ 34.17 billion in 2034.
The global cold formed blister foil market is expected to garner a valuation of US$ 7.4 billion by exhibiting a CAGR of 5.9% in the forecast period 2023 to 2033.
The global thermal tapes market is projected to reach US$ 1,774.0 Mn by 2032, increasing at a CAGR of 4.7% throughout the forecast period.
The filament tapes market size is expected to rise to US$ 10,477.1 million by 2033. The sales of filament tapes are expected to register a significant CAGR of 7.1% during the forecast period.
The global cold chain packaging market is set to continue to expand at a CAGR of 14.8% between 2023 and 2033. The market is likely to be valued at US$ 103.7 billion in 2033.
The global flatback tape market size is anticipated to be worth US$ 2.0 billion by 2034. According to the estimates, the market is projected to clock a 5.5% CAGR until 2034.
About Future Market Insights (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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