FILAMENT TAPES MARKET: KEY INSIGHTS
- Single-sided tapes continue to see greater sales; double-sided tapes to firm their grip in market value.
- Acrylic-based adhesive types would remain the preferred choice among end users; rubber-based adhesive types to fade gradually.
- Carton sealing remains key application area of filament tapes, followed by insulation and bundling.
- Manufacturers continue to target automotive and electrical & electronics industries for lucrative returns.
- Adoption of filament tapes likely to surge in automotive use cases.
- Asia Pacific excluding Japan (APEJ) represents the most worthwhile share in the global filament tapes market; North America and Western Europe to reflect growth potential.
Filament Tapes Market Outlook
The global filament tapes market is anticipated to record an impressive growth across the forecast period (2020-2030). Extensive usage of filament tapes is due to its most versatile usage in industries such as food packaging to mere office administration.
With the shift in production from developed economies such as Europe and North America to developing economies, regions such as the Asia Pacific foresees lucrative growth prospects in the filament tapes market.
However, the economic downturn together with the strict government regulation and rules on filament tape is limiting the market growth. Since filament tapes are produced from polythene material as well as polyvinyl chloride (PVC) and they are harmful in nature and are likely to impact the filament tapes market expansion. For instance, strict FDA regulations and EU regulations limiting the usage of dangerous chemical substances such as PVC have prompted growing demand for naturally sustainable products.
Market players are putting a higher emphasis on the development of advanced grade backing material for filament tapes. In addition, players in the market are taking efforts to advance products with superior aesthetics and environment-friendly characteristics to attain a competitive advantage. Market players are engaging in merger and acquisition to expand their market impression and boosts their distribution channels. For instance,
In Feb 2020, Intertape Polymer Group(IPG) took over Nortech Packaging, a supplier and manufacturer of automated packaging machines for palletizing, case packing, and cartoning applications. The acquisition is anticipated to expand IPG’s product line packaging into technologies that are increasingly vital to automation in packaging. Automation system service and design are significant capabilities in growing markets such as e-commerce.
Switzerland-based Monosuisse Group acquired the filament division of Germany-based Bedea GmbH. The acquisition by Monosuisse is poised to help Bedea to carry on its flourishing growth as a segment of an internationally operating group.
KEY FACTORS SHAPING FILAMENT TAPES MARKET
e-Commerce and Industrial Growth for FMCG to Boost Sales of Filament Tapes
Rapid growth in e-Commerce retailing is expected to fuel the demand for filament tapes over the forecast period. Amidst the COVID-19 outbreak, the demand for e-Commerce is likely to grow, which will augment the demand for filament tapes. Major application of filament tapes would be carton sealing, followed by insulation and bundling. Manufactures of filament tapes are coming up with innovative product portfolios to attract customers in order to provide better packaging solutions to packaging companies.
Due to the growth in E-commerce and growth in the FMCG sector, cartons that need to be transported would need strong packaging to prevent products from getting damaged. Other sectors such as the automotive industry and consumer goods industry have been highly affected by the outbreak of COVID-19, and therefore, the market CAGR would be comparatively lower in the year 2020.
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High Tensile Strength and Convenient Application Likely to Augment Use of Filament Tapes
Filament tapes are used for interior and exterior applications, and are preferred due to their tensile strength as compared to glue or twine. Multi-functional use, easy removability, and convenient application can further expand the customer base, which will drive the growth of the filament tapes market. Filament tapes are used for heavy packaging due to their strength and tear resistant properties, which makes them convenient for usage in automotive, FMCG, and building & construction industries.
Filament tapes are the preferred choice of OEMs, as they can also be used for bulk packaging. Growth in the end uses of filament tapes is likely to surge in shipping and logistics and food and beverages, as these tapes are preferred by brand owners and service providers to strap and bundle packages together, which enables bulk shipments.
FILAMENT TAPES MARKET: STRUCTURE ANALYSIS
As per FMI analysis, the filament tapes market is characterised by the presence of a few key players.
- 3M Company, Intertape Polymer Inc., and Saint Gobain Performance Plastics Corporation have been identified as the top players in the global filament tapes market, who account for more than 20% of the global market.
- Tier 2 players such as Tesa Tape Inc., Sekisui Chemical Group, and Shurtape Technologies, along with others players, cater to the demand for filament tapes in the market.
- Tier 3 players such as Folsen, Guangzhou Weasy Adhesive Products Co., Euro Tapes Pvt. Ltd., and Cosmos Tapes & Labels Private Limited form a major part of the market structure.
- Predominant trends in the global filament tapes market are strategic mergers & acquisitions. Key players are focusing on expanding their footprint in emerging countries, and for this, they are acquiring local players to minimize operational costs and enlarge their distribution channels.
- Therefore, market players are partnering and collaborating with large players to tap potential markets across the globe. This enhances cost efficiency by reduction in shipping costs, and also builds the reputation of domestic manufacturers.
On the basis of region, the global filament tapes market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is estimated to dominate the global filament tapes market in terms of both, value and volume. However, North America & Europe are also anticipated to witness steady growth during the forecasted period.
- Base Year - 2019
- Historical Period - 2015 - 2019
- Forecast Period - 2020 - 2026
- Market Value in 2019 - US$ 3.9 Bn
- Segments Covered - Filament Type, Adhesive Type, Width, Backing Adhesive Type, Application, End Use, and Region
- Regions Covered - North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East & Africa
- Key Companies - 3M, Intertape Polymer Corp, Inc., Tesa Tape Inc., Canadian Technical Tape, Ltd., Saint-Gobain Performance Plastics, Sekisui TA Industries, LLC, Pro Tapes & Specialties Inc, PPM INDUSTRIES S.P.A., Cosmos Tapes & Labels Private Limited, Euro Tapes Pvt. Ltd., Shurtape Technologies, LLC, Guangzhou Weasy Adhesive Products Co., and Folsen.
- Growth Drivers
- High demand from automotive and electronics & electrical industries
- Burgeoning e-Commerce ecosystem, globally
- Upswing in infrastructure development projects
Single-sided Filament Tapes to Lose Market Share
Single-sided filament tapes continue to fetch greater investments of shareholders, and would attain a valuation of US$ 3 Bn towards the end of the predefined timeframe. However, the revenue share gap between single-side and double-sided filament tapes is likely to shrink over the years ahead. Benefits such as multi-functional ability and high performance aspects of double-sided tapes are resulting in their broader adoption. Market players are thus shifting their attention towards these filament tapes.
APAC - Hub of Investment Opportunities
Asia Pacific (APAC) continues to generate greater total returns to shareholders (TRS) - over 40% of overall market value. Cost-effective manufacturing techniques, owing to abundance of raw materials and cheap workforce, are influencing manufacturers to invest in APAC. China and India majorly represent the regional filament tapes market. Going forward, North America and Western Europe will also offer opportunities of growth and profitability, with the market in the latter growing at a stellar pace.
e-Commerce and FMCG Industries to Sustain Revenue Development
Amidst the coronavirus (COVID-19) pandemic, e-Commerce and fast-moving consumer goods (FMCG) industries are experiencing staggering growth, which would bode well for the filament tapes market, especially in carton sealing applications. Manufacturers of filament tapes are developing innovative product portfolios in order to enhance their consumer base and offer better packaging formats to packaging innovators.
Cartons that require transportation would need sturdy packaging to avoid the damaging of products. Although the COVID-19 pandemic is putting a strain on the filament tapes market, growth of the e-Commerce and FMCG sectors will propel market progress.
How Growth will Unfold
Supported by top-line growth of e-Commerce and FMCG industries, manufacturers would glean better profit margins from carton sealing applications. Cartons requiring transportation need strong packaging formats in order to prevent the products from getting compromised.
By 2023, carton sealing tapes would register over US$ 2 Bn revenue. Moving on, market players are also uncovering new revenue lines in sealing and insulation applications. Together, both these use cases would capture around one-third of total market stack.
Filament Tapes Market Report Scope
Historical Data Available for
US$ Mn for Value and Units for Volume
Key Regions Covered
North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East & Africa (MEA)
Key Countries Covered
U.S, Canada, Mexico, Brazil, Peru, Chile, Poland, Germany, Italy, Spain, United Kingdom, Nordic Region, Benelux, Rest of Europe, China, India, Japan, Korea, Indonesia, Malaysia, Singapore, Taiwan, Thailand, Rest of South Asia, Australia, New Zealand, GCC, Turkey, South Africa, and Rest of MEA
Key Segments Covered
Filament Type, Adhesive Type, Width, Backing Adhesive Type, Application, End Use, and Region
Key Companies Profiled
Market Overview, Key Market Trends, Key Success Factors, Demand Analysis, Market Background, COVID-19 Analysis, Segmental Analysis, Regional Profiling, Market Structure & Competition Analysis
Customization & Pricing
FILAMENT TAPES MARKET TAXONOMY
The global filament tapes market is segmented in detail to cover every aspect of the market and present complete market intelligence to the readers.
- Single-sided Tapes
- Double-sided Tapes
- Natural Rubber
- Synthetic Rubber
- Hot Melt Adhesive
- 12 mm
- 18 mm
- 24 mm
- 36 mm
- 48 mm
- 72 mm
- 96 mm
Backing Adhesive Type
- Plastic Film
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polyester (PET)
- Carton Sealing
- Shipping & Logistics
- Building & Construction
- Food & Beverages
- Electrical & Electronics
- Healthcare & Hygiene
- Oil & Gas
- General Industrial
- Consumer Goods
- North America
- Latin America
- South Asia
- East Asia