The Global packaging industry has shown a number of technological advancements in the last couple of decades. As a result, the industrial tape market is undergoing huge changes and the focus is on offering innovative tape product to various industries. The introduction of pressure sensitive tapes over traditional gummed, water-activated and heat-activated adhesive tapes has provided manufacturers with a wide range of packaging advancements. Generally, the pressure sensitive tapes consist of a pressure-sensitive adhesive that is coated onto a backing material such as plastic, paper, film, cloth or metal foil. The highlight of pressure sensitive tapes is that they can be used on any kind of packaging material without the need for a solvent (such as water) or heat for activation. The cost competitiveness coupled with superior label quality offered by pressure sensitive tapes is expected to encourage a significant growth in the pressure sensitive tape market over the forecast period.
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Pressure Sensitive Tape Market - Market Dynamics:
One of the significant factors contributing to the growth of the pressure sensitive tape market is the rampant growth of corrugated materials used for packaging. Moreover, growing consumption of pressure sensitive tape in the automotive and construction segment is expected to raise the demand for pressure sensitive tape over the forecast period. Furthermore, owing to its properties such as better adhesive holding power, improved moisture resistance, better conformability and instant adhesion, pressure sensitive tape is suitable for all types of packaging material. Characteristics such as compatibility with various sterilization forms and its non-toxic nature will further drive growth in the pressure sensitive tape market over the forecast period.
Ease of entrance in the market has resulted in increasing competition in the global tape market. This has encouraged vendors to introduce new and advanced forms of pressure sensitive tapes like the double sided acrylic tape with high performance. Today, most of the pressure sensitive tape companies are focusing on highly efficient eco-friendly recovery technology for adhesive coating. This is expected to be the next growth opportunity for pressure sensitive manufacturers over the forecast period.
However, the pressure sensitive tape market is a highly fragmented market due to the presence of numerous regional and local players. These manufacturers offer innovative packaging solutions related to tape at price much lower than that charged by multinational players. This has resulted in an intense price war. It is expected that large multinational players will acquire small regional and local players over the forecast period.
Pressure Sensitive Tape Market- Market Segmentation:
Global Pressure sensitive tape market is segmented on the basis of product, backing material, and application. On the basis of product, the pressure sensitive tape market can be segmented into cartoon sealing tape, masking tape, double sided tape, electrical tape, and others. On the basis of backing material, the pressure sensitive tape market can be segmented into polypropylene, paper, PVC, and others. On the basis of application, the pressure sensitive tape market can be segmented into packaging, building & construction, electrical & electronics, automotive, health & hygiene, and others.
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Pressure Sensitive Tape Market - Regional Outlook:
Geographically, the global Pressure sensitive tape market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). The global pressure sensitive tape market is expected to witness a significant CAGR over the forecast period of 2016-2024. Moreover, APAC dominates the global pressure sensitive tape market currently and this trend is expected to continue over the forecast period due to growing construction industry in the wake of population growth, government plan for infrastructure development and urbanization. Apart from this, ample availability of raw materials such as PVC, polypropylene, etc. in China is projected to fuel the demand for pressure sensitive tape market in the APAC region. North America is expected to follow APAC in pressure sensitive tape market over the forecast period. Rest of the world is expected to show a steady growth during the forecast period.
Pressure Sensitive Tape Market - Major Players:
Some of the major players identified across the globe in the Pressure sensitive tape market are Henkel AG & Co., KGaA, 3M company, The Dow Chemical company, Avery Dennison, Ashland Inc., and H.B Fuller.
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