Demand for Masking and Packaging Tapes on Upward Trend
Masking tapes and packaging tapes collectively account for more than 3/4th of total sales, attributing to their growing usage for a variety of packaging applications. a significant share of global revenues. Masking tapes will retain their top selling title in the global paper tapes market, whereas packaging tapes have lately been gaining higher traction that will push their sales to reach the value of over US$ 2 Bn by this year’s end. On the other hand, consumer & stationary tapes are representing attractive annual growth rate.
Competition Between European and Asian Markets Heating up
Accounting for nearly a fifth of total paper tapes consumption, North America continues to lead the global paper tapes market. However, there are strong chances of Europe outpacing North American market for the first time in 2023 that would further continue through 2029. Furthermore, the market for paper tapes in East Asia will overtake European market during the latter half of the forecast period, in terms of growth rate. South Asia, on the other side, will also exhibit a notable CAGR during projection period, in paper tapes market.
Market Players Eye Healthcare and Pharmaceutical Sectors for Better Returns
Paper tape manufacturers are tapping white spaces in the healthcare and pharmaceutical sectors, where profits worth of over a billion dollar by 2029 end are garnering huge attention. Surgical paper tapes offer umpteen benefits, such as swifter recovery, preserved skin integrity, long-lasting bond, and gentle removal without leaving any residue. Increasing adoption of paper tapes in the healthcare and pharmaceutical industries for efficient handling of wounds and injuries are, thus, creating remarkable opportunities for stakeholders.
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How Growth will Unfold
Nearly a fourth of total sales of paper tapes are currently concentrated in the building & construction sector, which are set to reach US$ 2.5 Bn over the next decade. Market players are also targeting the retail & logistics sector, where paper tapes are used for light and heavy-duty applications. Sales of paper tapes in this end-use category will witness a sudden hike in revenues in 2021, particularly in developed regions. Furthermore, demand growth in the automotive industry also appears positive.
FREQUENTLY ASKED QUESTIONS ABOUT PAPER TAPES MARKET
What factors are driving the demand for gummed paper tapes?
An increasing inclination towards online shopping and growing environmental concerns about using plastics along with a rise in the adoption of sustainable packaging has spurred the demand for gummed paper tapes.
Which is the major restraint hampering the growth of the market?
Volatile prices of the raw materials used for manufacturing paper tapes continue to create a hindrance in the market growth.
Which is the most preferred adhesive tape by end-use industries?
Rubber-based adhesive tapes are highly preferred by end-use industries, owing to their high peel strength, affordability, versatility, and good electrical and thermal insulation power.
Which application area of paper tapes is experiencing the highest growth?
Use of paper tapes for masking and packaging accounts for relatively higher sales, while growing application in labeling, decorating, and framing is expected to result in increased market share.
Which sectors are manufacturers tapping for new growth opportunities?
Manufacturers are tapping opportunities in retail & logistics and building & construction sectors. In the building and construction sector, paper tapes are extensively used in window attachments, bonding of door panels, and mounting of glass panels.
What are the key focus areas of manufacturers for market consolidation?
Key players are seeking opportunities in developing countries in APAC that can help in strengthening their market positions. Furthermore, product innovation and R&D for more eco-friendly materials continue to be the key focus areas of the manufacturers that will support them in expanding their customer base.
PAPER TAPES MARKET TAXONOMY
The global paper tapes market is segmented in detail to cover every aspects of the market and present a complete market intelligence approach to readers.
- Masking Tape
- Packaging Tape
- Consumer & Stationary Tape
- Rubber-based Adhesive
- Acrylic-based Adhesive
- Silicon-based Adhesive
- General Use
- Tabbing & Splicing
By End Use
- Building & Construction
- Retail & Logistics
- Aerospace & Defense
- Electronic & Electrical
- General Industries
- North America
- Latin America
- South Asia
- East Asia