Desire for Flexible Packaging Solutions Boosting Demand for Sealing and Strapping Packaging Tapes is expected to rise at a CAGR of 4.9% from 2024 to 2034 | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The market value for sealing and strapping packaging tape is projected to soar to US$ 37.6 billion by the year 2034. With the continuous expansion of the packaging industry, there is a growing requirement for packaging materials, driving up the demand for sealing and strapping packaging tapes.
NEWARK, Del, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The sealing and strapping packaging tape market is expected to be valued at US$ 23.2 billion in 2024. The market is projected to progress at a CAGR of 4.9% from 2024 to 2034. By 2034, the market value is forecasted to hit US$ 37.6billion.
The burgeoning packaging sector is on the lookout for cost-friendly packaging solutions. Sealing and strapping packaging tape is one such option embraced by industry leaders. The tape is being used for the packaging of material from a wide array of industries, keeping the demand diverse.
The packaging sector’s development is aided by the increase in import and export activities. To ensure the safe travel of the goods, packaging that is flexible but at the same time does not skimp on security is sought. Sealing and strapping packaging tape is one such flexible solution that is being embraced by the industry.
However, the market also has to contend with a few rough edges. The price of the raw materials used in the making of the tape has a tendency to be volatile, making production cycles unreliable and costly. The regulatory standards imposed by authorities also restrict the industry’s growth.
“E-commerce represents a stellar growth avenue for market players. Sales of consumer goods have increased exponentially, boosting the demand for the related packaging products, including sealing and strapping tapes,” says Ismail Sutaria, Principal consultant at Future Market Insights
Key Takeaways from the Sealing and Strapping Packaging Tape Market
The sealing and strapping packaging tape market is projected to be valued at US$ 23.2 billion in 2024.
Paper is the prevailing material for the production of sealing and strapping packaging tapes. The segment is expected to progress at a CAGR of 4.6% from 2024 to 2034.
Acrylic is the predominant adhesive in the market. The acrylic segment is predicted to progress at a CAGR of 4.5%.
South Korea is one of the most promising countries in the market. Over the forecast period, the CAGR for the market in South Korea is estimated to be 7.3%.
China is another Asian country with a bright future in the market. The CAGR for the market in China is predicted to be 5.4% over the forecast period.
The market in the United States is expected to register a CAGR of 5.2% over the forecast period.
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Sealing and Strapping Packaging Tape Market Value, 2024
Competition Analysis of the Sealing and Strapping Packaging Tape Market
The highly competitive nature of the market is characterized by the presence of several small players tussling it out with recognized giants. Improving the toughness of the product is a key area of concern for market players. Some of the prominent companies in the market include 3M Company, Avery Dennison Corporation, Nitto Denko Corporation, and Tesa SE.
Key Players:
3M Company
Avery Dennison Corporation
Nitto Denko Corporation
Tesa SE
Intertape Polymer Group
Recent Developments in the Sealing and Strapping Packaging Tape Market
In September 2023, the 170e water-based acrylic pressure-sensitive carton sealing tapes were made available by the Intertape Polymer Group.
In June 2023, Tesa introduced sustainability-oriented sealing and strapping tapes in the market.
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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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
