Press release
What are the Growth Drivers of Pressure Sensitive Tapes & Labels Market? Constantia Flexibles, Avery Dennison Corporation, 3M, Scapa, Berry Global Inc., CCL Industries, Coveris Group, UPM Raflatac
Pressure Sensitive Tapes & Labels Market
The product domain of pressure sensitive tapes & labels market is divided into labels and tapes. Among these, tapes will generate a revenue of more than USD 100 billion with the annual growth rate of over 6.6% by 2024. Excessive use of the product in myriad end-user domains include food & beverage, logistics, automotive & transportation and others.
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Growth in the packaging sector in developing economies will boost the pressure sensitive tapes & labels market demand through the forecast period. Adoption of innovative marketing techniques in retail sector, growth in online market and change in consumer food preference are the crucial factors behind the packaging sector growth. These products are widely used for packaging and labelling the edible items, consumer goods, cosmetics, beer labels. Increasing demand for ready-to-eat food, beverages and other edible products in developed countries such as the U.S., Germany, UK, is expected to create huge opportunities for the pressure sensitive tapes & labels market growth by 2024.
Excessive energy consumption, environmental protocols related to solid waste disposal are the key restraining factors for the pressure sensitive tapes & labels market growth in forecast spell. Additionally, volatile organic compound-based adhesives which affects the environment, high temperature required at the time of application is another hindering factor for the industry growth over the forecast period.
Pressure Sensitive Tapes & Labels Market of Product by End-user
- Tapes
• Food & beverage
• Healthcare
• Logistics
• Automotive & transportation
• General manufacturing
• Others
- Labels
• Food & beverage
• Healthcare
• Logistics
• Automotive & transportation
• General manufacturing
• Others
Pressure Sensitive Tapes & Labels Market by End-user
• Food & beverage
• Healthcare
• Logistics
• Automotive & transportation
• General manufacturing
• Others
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Pressure sensitive tapes & labels market is bifurcated by backing material, adhesion tapes, product and end-user. The four major backing materials include polypropylene, polyvinyl chloride (PVC), paper and cloth. Other minor backing materials include polyethylene, foam, metal foil, etc. Among these materials, paper and polypropylene collectively will account for over 65% of the entire market share by the end of the forecast spell.
The major end-user segments include food & beverage, logistics, automotive & transportation, healthcare, construction and general manufacturing. Other minor end-users in pressure sensitive tapes & labels market comprise household (Do it Yourself), office, etc. Among these domains, food & beverage and logistics collectively will hold more than 50% share of the entire segment by the end of forecast timeframe. This is due to the usage of the product for packaging and displaying the information of food, beverage, cosmetics, and other items.
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Major manufacturers in the pressure sensitive tapes & labels market include 3M, Avery Dennison Corporation, Scapa Group, American Biltrite, Berry Global, DeWAL, LINTEC Corporation, CCL Industries, MACtac, Constantia Flexibles, Gaska Tape, Inland, UPM Raflatac, Fuji Seal International, and COVERIS.
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