Global sealing and strapping packaging tapes market size is forecast to grow by USD 4.63 billion during 2019-2023 at a CAGR of 5% with polypropylene segment having the largest market share. Sealing & strapping packaging tapes market analysis indicates growth will be driven by economical and efficient properties. Sealing and strapping packaging tapes industry growth will also be impacted by the increasing demand for eco-friendly products
A key factor driving the growth of the global sealing and strapping packaging tapes market size is that these tapes are economical and efficient. Sealing and strapping packaging tapes are extensively used in industries for packaging, and bundling, as they help ensure safe transit and storage. These tapes are lightweight alternatives to polyester and steel straps and come at a comparatively low cost. The growing preference for sealing and strapping packaging tapes is also attributed to their high strength and toughness. Some of the other key properties of sealing and strapping packaging tapes include high impact resistance, low elongation, and superior break strength. All these factors are expected to increase the demand for packaging tapes, leading to the growth of the market during the forecast period.
As per Technavio, the increasing demand for eco-friendly products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sealing and strapping packaging tapes market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Sealing and Strapping Packaging Tapes Market: Increasing Demand for Eco-Friendly Products
In recent years, there has been a significant increase in preference for environment-friendly sealing and strapping packaging tapes, particularly in developed countries, such as the US, Canada, and Germany. This can be attributed to the fact that this helps manufacturers reduce their carbon footprint. The eco-friendly sealing and strapping packaging tapes are recyclable, biodegradable, and made from recycled materials. These tapes do not contain hydrocarbons or solvents that harm the user or the environment. The use of eco-friendly sealing and strapping packaging tapes also helps in reducing volatile organic compound (VOC) emissions and specific target organ toxicity. Thus, the increasing demand for eco-friendly products is expected to be a key trend that will fuel the growth of the sealing and strapping packaging tapes market worth during the forecast period.
“Apart from the rising demand for eco-friendly products, other factors such as the rise of online retail stores, and consequent growth of the logistics and warehousing industry will have a significant impact on the sealing and strapping packaging tapes market growth during the forecast period,” says a senior analyst at Technavio.
Global Sealing and Strapping Packaging Tapes Market: Segmentation Analysis
This market research report segments the global sealing and strapping packaging tapes market by material (polypropylene, paper, and PVC), and geographic regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the sealing and strapping packaging tapes market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the sealing and strapping packaging tapes market in APAC can be attributed to the rapid growth of several end-user industries such as consumer durables, automotive, and health and personal care. China, Japan, and India are the key contributing countries in APAC.
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Some of the key topics covered in the report include:
Market segmentation analysis
Market size and forecast
Five Forces Analysis
Key leading countries
Market positioning of vendors