Wilmington, Delaware, United States, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The raffia tapes market was estimated to have acquired US$ 431.2 million in 2022. It is anticipated to register a 4.8% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 657.6 million.
Businesses are utilizing sustainable packaging techniques more frequently to lessen their carbon impact and satisfy customer demand for green products. Utilizing eco-friendly packaging materials, like raffia tapes, may help reduce costs and boost a company's reputation.
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Global Raffia Tapes Market: Key Players
According to the most recent raffia tapes market survey, companies are investing considerably in rigorous research and development initiatives to gain a competitive edge in the global market. To broaden their product offers in domestic and international markets, businesses are aggressively forming partnerships. Product innovation is the primary raffia tapes marketing strategy employed by companies.
The following companies are well-known participants in the global raffia tapes market:
- Thrace Group
- Cesur Packaging Co.
- Jiangxi Longtai New Material Co., Ltd.
- Raffia Source Co.
- Shanghai Well May Industrial Co., Ltd.
- Saudi Yarn and Knitting Technology Factory
- Kalyani Polymers Pvt. Ltd.
- FUESERS GARNE GMBH
- Yiwu Yaoling Crafts Co., Ltd.
- Huagusite Plastic Products (Shandong) Co., Ltd.
- Foshan Yuhe Paper Products Co., Ltd.
- Zhenjiang Rongfa Plastic Products Co., Ltd.
Key developments in the global raffia tapes market are:
- RecoSTAR PET, a brand-new, high-tech ribbon stretching machine, was introduced by Starlinger in 2019. The machine is an environmentally friendly and long-lasting solution for producers since it can create premium raffia ribbons using recycled PET material.
- Lohia Corp introduced optima-1050, an innovative raffia ribbon drawing line, in 2020. It can produce raffia ribbon having a maximum width of 1,050 mm at a rate of up to 1,000 kg per hour. The machine is an appealing option for producers because of its great efficiency, minimal power consumption, and simplicity of maintenance.
Key Findings of Market Report
- Raffia tape and other packaging supplies are in higher demand as a result of the expansion of the industrial sector in emerging nations.
- Low labor costs and vast consumer bases are driving an increase in manufacturing activity in India and China.
- A review of the demand for raffia tapes indicates that the growth of international trade agreements as well as partnerships is driving up demand for raffia tapes.
Market Trends For Raffia Tapes
- Reusable tapes are a sustainable substitute for conventional tapes which are single-use and not recyclable since they may be used again.
- Raffia tapes are a preferred option for reusable tapes because of its durability, strength, and flexibility. They are simple to apply and take off and can tolerate repeated application. Raffia tapes can also be recycled.
- The rising desire to decrease waste and growing awareness of sustainability are driving the demand for reusable tapes. Eco-friendly packaging choices to conventional packaging materials are becoming more and more popular with consumers and companies. Reusable tape usage can help businesses lower their long-term environmental effect and packaging expenses.
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Global Market for Raffia Tapes: Regional Outlook
Various reasons are propelling the growth of the raffia tapes market in different countries. These are:
- The rise of the packaging alongside e-commerce industries as well as the move toward environmentally friendly packaging options are expected to make Asia Pacific the world's most significant market for raffia tapes throughout the forecast period.
- The need for raffia tapes in the area is being driven by the rise in packaged goods consumption in India and China, as well as by the countries' enormous populations and expanding economies. In addition, some of the biggest raffia tape producers in the world are located in Asia Pacific.
- To address the rising demand for raffia tapes, several producers are increasing their manufacturing capacity.
- The need for raffia tapes is rising, which is one of the causes behind the expansion in the packaging, agriculture, and construction sectors. The market for raffia ribbons is being fueled by initiatives that include accelerated urbanization, industrialization, and infrastructure development in nations like India, China, and Southeast Asian nations.
- The usage of raffia tape in the area is also anticipated to increase as a result of the increased focus on ecologically friendly and sustainable production processes. The availability of inexpensive labor, supportive government regulations, and the presence of numerous important companies in the area further contribute to the expansion of the Asia Pacific raffia tape market.
Global Raffia Tapes Market Segmentation
- Material Type
- High-density Polyethylene (HDPE)
- Polypropylene (PP)
- Application
- Strapping
- Splicing
- Carton Sealing
- Box Sealing
- Others
- End Use
- Shipping & Logistics
- Building & Construction
- Healthcare
- Electrical & Electronics
- Food & Beverages
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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