Sealing & Strapping Packaging Tapes Market Worth $22.1 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 19, 2019 /PRNewswire/ -- According to the new research report "Sealing & Strapping Packaging Tapes Market by Material (PP, Paper, PVC), type of adhesive (Acrylic, Rubber-based, and Silicone), Applications (Carton sealing and Strapping & bundling), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Sealing & Strapping Packaging Tapes Market is projected to grow from USD 17.4 billion in 2018 to USD 22.1 billion by 2023, recording a CAGR of 4.89%. The rising demand for carton sealing tapes in the packaging industry, due to its wide range of applications including carton sealing, bundling, unitizing, pelletizing, and general packaging is projected to drive the demand for sealing & strapping packaging tapes. Furthermore, these tapes are economical alternatives to plastic and metal sealing & strapping tapes, which is further projected to boost its market growth.
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The polypropylene segment is estimated to witness the fastest growth during the forecast period
The polypropylene segment is estimated to be the fastest-growing segment in the market during the forecast period. The Sealing & Strapping Packaging Tapes Market is witnessing a high demand due to the various benefits of polypropylene in sealing & strapping packaging tapes, such as high abrasion, impact-resistant, water-resistant, and high flexibility. In addition, it's a wide range of applications in various end-use sectors for packaging and secure transport of goods and products in the supply chain have also contributed to its high growth.
The carton sealing tapes segment is estimated to account for the largest share in the Sealing & Strapping Packaging Tapes Market in 2018
The Sealing & Strapping Packaging Tapes Market is segmented as carton sealing tapes and strapping & bundling, in terms of application. The carton sealing tapes segment accounted for the largest share in 2018, as it is a widely used packaging tape, which is more economical and can be used over all types of packaging, which includes primary, secondary, and tertiary packaging products. However, the strapping & bundling segment is projected to be the fastest-growing segment in the Sealing & Strapping Packaging Tapes Market, in terms of both value & volume, due to its extensive use in the packaging industry for bundling, pelletizing, and unitizing.
The Asia Pacific region is projected to account for the largest share in the Sealing & Strapping Packaging Tapes Market in 2023
The emerging economies such as China and India in the Asia Pacific region are projected to drive the Sealing & Strapping Packaging Tapes Market. China is projected to account for the largest market share and dominate the Asia Pacific Sealing & Strapping Packaging Tapes Market throughout 2023. In addition, factors such as strong government support, rapid economic development, availability of raw materials, and cheap labor cost are driving the demand for the packaging industry in the region. The growing use of these tapes in the packaging industry is projected to drive the demand for sealing & strapping packaging tapes in emerging countries of Asia Pacific.
The major players include Avery Dennison Corporation (US), 3M Company (US), Nitto Denko Corporation (Japan), Intertape Polymer Group (Canada), Tesa SE (Germany), Scapa Group plc (UK), Shrutapes (US), Nichiban (Japan), Mactac (US), and Wuhan Huaxia Nanfeng Adhesive Tapes (China). Companies have adopted strategies such as new product launches and acquisitions to cater to the increasing demand for these tapes in emerging markets.
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