Market Analysis: Global Sealing & Strapping Packaging Tapes Market
Sealing & strapping packaging tapes market is expected to rise to an estimated value of USD 24.79 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the increased usage of the product from a wider application area.
Market Definition: Global Sealing & Strapping Packaging Tapes Market
Sealing packaging tapes are adhesive tapes that are utilized to seal the cartons and corrugated boxes. These tapes generally compose of pressure-sensitive adhesive present on the backing material that has high level of shear strength capable of handling heavy loads.
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Strapping tapes are high-strength adhesive tapes providing large-scale tensile strength due to its production method which involves utilizing pressure-sensitive adhesives on a backing material made of fiberglass filaments and PVC or PP films. The grading of these tapes depend on their tensile strength and their sizing.
• Increasing usage of packaging products from the developing regions of the world due to a surge in e-commerce industry is expected to positively affect the growth of the market
• Widespread adoption and preference of these tapes due to the comfort of usage; this factor is expected to drive the growth of the market
• Longer duration of shelf-life and better adhesion strength are characteristics fostering growth of the market value
• Increasing prices of the product due to a surge in pricing of raw materials; this factor is expected to restrain the growth of the market
• Presence of strict compliances regarding the usage of adhesive-based tapes is expected to hamper growth of the market
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Global Sealing & Strapping Packaging Tapes Market Segmentation:
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
o Ethylene Vinyl Acetate
By Adhesive Type
• Carton Sealing
• Strapping & Bundling
• North America
• South America
o Rest of South America
o United Kingdom
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Middle East and Africa
o South Africa
o Saudi Arabia
o United Arab Emirates
o Rest of Middle East and Africa
Key Developments in the Market:
• In November 2018, Intertape Polymer Group announced that they had completed the acquisition of the remaining share of Powerband Industries, based in India for approximately USD 9.9 million. This acquisition will enable Intertape to service their consumers in the North American and European market for packaging tapes. This will also enable them to expand their geographical presence in the location as well as worldwide due to the low-cost manufacturing facilities acquired along with the company.
• In February 2017, Shurtape Technologies, LLC announced that they had acquired Syntac Coated Products, LLC. This acquisition will establish a combined organisation providing a variety of adhesive offerings and solutions to the several applicable end-users. It will also enable further innovations due to the expertise of both the companies in offering specialised tape solutions, expanding the production and commercialization capabilities to better serve the global consumers.
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Global Sealing & strapping packaging tapes market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of sealing & strapping packaging tapes market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Sealing & Strapping Packaging Tapes Market
Few of the major competitors currently working in the global sealing & strapping packaging tapes market are Avery Dennison Corporation; 3M; Intertape Polymer Group; NITTO DENKO CORPORATION; tesa SE - A Beiersdorf Company; NICHIBAN Co., Ltd.; Shurtape Technologies, LLC; Mactac Americas; Ajit Industries Pvt. Ltd.; Advance Tapes International; Cantech; Industrias TUK, S.A. de C.V.; Berry Global Inc.; Adhesives Research, Inc.; Stick Tapes Private Limited; Can-Do National Tape; Euro Tapes Private Limited (Unit Of Euro Technologies); UltraTape; U Pack; Xinxiang Yongsheng Packaging Materials Technology Co., Ltd. and RAJAPACK Ltd among others.
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