Sealing & Strapping Packaging Tapes Market worth $22.1 Billion by 2023 - MarketsandMarkets

 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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3M Company (US) and Intertape Polymer Group (Canada) are leading players in Sealing & Strapping Packaging Tapes Market

The sealing & strapping packaging tapes market is growing rapidly due to the growing applications in the packaging market globally. Factors such as the increasing demand for sealing & strapping packaging tapes from the Asia Pacific region and a wide range of applications in the packaging industry have largely contributed to the growth of the sealing & strapping packaging tapes market. The sealing & strapping packaging tapes market is segmented on the basis of material, type of adhesive, applications, and region. The strapping & bundling segment is projected to witness significant growth due to the technological advancements and innovations in the packaging industry. According to MarketsandMarkets, the global market for sealing & strapping packaging tapes, in terms of value, is projected to reach USD 22.1 billion by 2023, at a CAGR of 4.89%.

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The growth of the sealing & strapping packaging tapes market was largely influenced by acquisitions, new product launches, investments, and agreements in the past five years. The years 2015-2018 witnessed a large number of acquisitions by top players in the market. Expansions, new product launches, and agreements have also formed an essential part of the strategies adopted by key market players, which has contributed to their growth in the emerging markets. The major players include companies such as 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).

Table of Contents

1 Introduction (Page No. - 16)

   1.1 Objectives of the Study

   1.2 Market Definition

   1.3 Market Scope

   1.3.1 Regional Scope

   1.3.2 Periodization Considered

   1.4 Currency Considered

   1.5 Unit Considered

   1.6 Stakeholders

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Sealing & Strapping Packaging Tapes Market worth $22.1 billion by 2023

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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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.

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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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