The 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″, 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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♦ Recent Developments
- In November 2018, Intertape Polymer Group acquired the control of a 29% stake for USD 9.9 Million in Powerband (India). Acquiring a controlling interest in Powerband in 2016 provided the company with additional capacity for acrylic carton-sealing tapes in a low-cost manufacturing region to export these competitively-priced tape products to North America and Europe. Since then, having the overseas asset has enabled IPG to expand its market share in North America and negotiate better terms on raw materials for the US production of similar packaging tapes.
Asia Pacific to dominate the market during the forecast period.
China was the largest market for sealing & strapping packaging tapes, globally. The Asia Pacific market is projected to grow at the highest CAGR from 2018 to 2023. The key factors driving the growth of the Asia Pacific sealing & strapping packaging tapes market include the booming packaging industry in countries such as China, India, Vietnam, Indonesia, and Japan, cheap labor cost, and availability of domestically produced raw materials. In addition, the growing demand for sealing & strapping packaging tapes in China, Japan, and India is driving by the ever-increasing awareness of sustainable and economical packaging, and rising disposable income is expected to create opportunities for the sealing & strapping packaging tapes market in the region.
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By Application,
- Carton Sealing Tapes
- Strapping & Building
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