Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Packaging Tapes Market by Tape Type (Pressure-Sensitive Tape, Masking Tape, Duct Tape, Filament Tape, and Others), Material Type (Plastic, Paper, Metal Foil), End Use (E-Commerce, Food and Beverages, Retail, and Others), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The E-Commerce Effect on Packaging Demand
The latest insights into the global packaging tapes market point towards a healthy growth trajectory, with the market projected to achieve a value of $112.2 billion by 2032, from its current size of $78.5 billion in 2023. Analysts attribute this robust growth to a compound annual growth rate (CAGR) of 4.0% over the forecast period from 2023-2032. A key factor fuelling the market expansion is the exponential growth of the e-commerce sector, which has ramped up the demand for high-quality packaging tapes to ensure product security during shipping. This growth is being magnified by the continuous innovations by manufacturers aimed at improving tape strength, adhesive quality, and sustainability.
Industry Growth Propelling Tape Demand
Packaging tapes are integral in the operations of diverse industries including food and beverages, electronics, and automotive, all of which require reliable packaging solutions for product protection. As these industries continue to flourish, they feed into the escalating demand for specialized packaging tapes that cater to sector-specific requirements such as temperature resistance and durability.
Sustainability: A New Market Directive
Another significant trend impacting the global packaging tapes market is the mounting emphasis on environmental sustainability. The developing preference for eco-friendly packaging has inspired the creation of recyclable, biodegradable packaging tapes. These sustainable options meet consumer and business demand for green packaging solutions and are anticipated to influence future market dynamics substantially.
Market Segmentation Highlights
Notable findings in the market segmentation reveal that duct tape holds the largest share due to its adaptability across a multitude of applications. On the material front, plastic tapes predominate, favored for their affordability and resistance to various environmental factors. When dissected by end-use, the e-commerce sector stands out as the most significant contributor to the market growth given its broad reach and the convenience it offers consumers.
Regional Market Insights
Regionally, the Asia Pacific market dominates the global scene. Factors such as rapid urbanization, a burgeoning middle-class population, and strategic trade positioning have materially influenced this dominance. The region's ongoing economic development presents significant opportunities for the packaging tapes market.
Companies Featured
- 3M Company
- ADH Tape
- H.B Fuller company
- Intertape Polymer Group Inc.
- LORD Corporation (Parker Hannifin Corporation)
- Nitto Denko Corporation
- PPM Industries S.p.A.
- Scapa Group Ltd. (Mativ Holdings Inc)
- Shurtape Technologies LLC
- Tesa SE Group (Beiersdorf AG)
For more information about this report visit https://www.researchandmarkets.com/r/xb8ebv
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