Press release
Pressure Sensitive Tapes & Labels Market 2020 Growth Projections by Leading Players: Avery Dennison Corporation, 3M, Berry Global Inc., Constantia Flexibles, UPM Raflatac
Pressure Sensitive Tapes & Labels Market
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.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Avery Dennison Corporation
o 3M
o Scapa Group plc
o Berry Global Inc.
o American Biltrite Inc.
o DeWAL
o Gaska Tape Inc.
o LINTEC Corporation
o MACtac LLC
o CCL Industries
o Constantia Flexibles
o COVERIS
o Inland
o Fuji Seal International Inc.
o UPM Raflatac
Asia Pacific led by India and China held over 40% share of the entire pressure sensitive tapes & labels market with a CAGR of more than 7% by the end of forecast period. Growth in regional packaging sector, online retailing, coupled with rising demand for packaged food, beverages, and other edible products will be key driving factors behind the colossal share of Asia Pacific region.
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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.
Based on adhesion type, the pressure sensitive tapes & labels market is segregated into double sided, adhesive transfer and single sided. Single sided segment is expected to surpass USD 100 billion by the end of 2024, growing at an annual growth rate of over 6.5% in coming years. Low cost and ease of use are some of the key factors for the segment demand in pressure sensitive tapes & labels market.
Growth Drivers are -
o Proliferation of the packaging industry
o High growth in the food & beverage industry
o Developments in the manufacturing sector
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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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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