Pressure Sensitive Tapes and Labels Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2024
Official sources claim that switch to clear, pressure sensitive labels would soar the brand recognition to new heights in no time. Besides, this novel move would bolster MCC’s aim to help the clients distinguish their brands in highly competitive pressure sensitive tapes and labels market while guiding them to new growth targets in the upcoming years.
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Global Market Insights, Inc., forecasts that pressure sensitive tapes and labels market would register a lucrative growth of USD 150 billion by the end of 2024, in terms of revenue, given its abundant use in various industries, especially the packaging sector.
What makes packaging industry a niche market for pressure sensitive tapes and labels?
Given that technology has been establishing a strong foothold in the packaging sector, it is worthy to note that the development of pressure sensitive tapes and labels market is massively influenced by the transforming trends across the flexible packaging industry. According to statistics by the Flexible Packaging Association, the flexible packaging industry in 2018 recorded nearly USD 31.8 billion sales in the United States, paving way for slew of opportunities for the market players.
This stellar growth comes from the growing population treading towards sedentary lifestyle such as the consumption of packaged food, long working hours, etc. In turn, this has led to an increase in the demand for pressure sensitive tapes and labels, considering the fact that pressure sensitive adhesives stand as a one stop solution to umpteen requirements across the packaging industry.
Asia Pacific: a prominent hub for pressure sensitive tapes and labels industry
Amidst the ongoing intense share battle, Asia Pacific has emerged as an investment hotbed for the pressure sensitive tapes and labels industry majorly on the grounds of penetrating flexible packaging market in the region. This can be credited to the expanding urban population level combined with the developments in consumer lifestyle and retail infrastructure to address the surging demand for packaged food across various economies in the region including China, India, Thailand, and Indonesia. In fact, industry experts claim that India has evolved as one of the rapidly emerging packaging markets in the regional belt.
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As per estimates by IBEF, the flexible packaging in India accounted for nearly USD 28 billion in 2014. Not to mention, this staggering growth augments the demand for sealing materials and adhesives which has undeniably bolstered pressure sensitive tapes and labels market in the region.
Mounting concerns associated with plastic film based PSA tapes to obstruct market growth
Despite the positive growth outlook of this industry, one of the chief restraints deterring the pressure sensitive tapes and labels market growth from packaging application is the alarming concern pertaining to the use of plastic-film based pressure sensitive tapes. Potential concerns related to emission level, life cycle analysis, performance, recyclability, and compatibility of these labels and tapes are prompting industry players to put forth competitive alternatives to these.
However, various industry professionals have stated that using PSA for the closure of corrugated containers does not intervene in the recycling process, ensuring high environment stability and sustainability. Moreover, high demand for corrugated box packaging aligned with strict regulatory reforms have added to the growth prospects of pressure sensitive tapes and labels market size.
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Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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