Press release
Sealing & Strapping Packaging Tapes Market worth $22.1 billion by 2023 | Leading Players are Avery Dennison Corporation (US), 3M Company (US), Nitto Denko Corporation (Japan), Intertape Polymer Group (Canada), Tesa SE (Germany)
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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 Asia Pacific region is projected to account for the largest share in the sealing & strapping packaging tapes market in 2023
The emerging economies such as China and India in the Asia Pacific region are projected to drive the sealing & strapping packaging tapes market. China is projected to account for the largest market share and dominate the Asia Pacific sealing & strapping packaging tapes market throughout 2023. In addition, factors such as strong government support, rapid economic development, availability of raw materials, and cheap labor cost are driving the demand for the packaging industry in the region. The growing use of these tapes in the packaging industry is projected to drive the demand for sealing & strapping packaging tapes in emerging countries of Asia Pacific.
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.
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.
• In September 2018, Scapa acquired Systagenix Wound Management Manufacturing Limited (US). With this acquisition, both the companies entered into an exclusive five-year manufacturing & supply agreement. With this acquisition, the company would be able to strengthen its product portfolio and cater to the increasing demand, thereby growing its geographic penetration.
• In May 2018, Tesa SE acquired the FormFormForm Ltd. (UK), a manufacturer of adhesive tapes and self-adhesive systems solutions. This acquisition strengthened Tesa SE’s product portfolio, geographical reach, go-to-market channels, and the industries it served.
• In February 2017, Shurtape Technologies, LLC, a leading producer of adhesive tapes, acquired Syntac Coated Products, LLC (US), a designer and manufacturer of specialty adhesive coated products.
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