Printed Tape Market To Reach USD 44.56 Billion By 2027 with 5.8% CAGR: Reports and Data
Printed tape finds applications for the printing of logos and names, along with the packaging for companies, which are present in the industry, which is leading to higher product penetration in many sectors. Manufacturers have now shifted to software-centric technologies, which has led to the printing of enhanced quality tapes with multicolor printing. Growing innovations have also led to high precision rapid printing, which has led to larger market growth.
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Fluctuations in the raw material prices lead to reduced demand for the product. Also, the product requires high capital investment in the form of equipment and components used in production, which leads to a higher overall cost, thus acting as a restraint for the market. Also, a longer time is required for drying, which leads to a longer time for packaging, thereby hampering the market growth.
The COVID-19 impact:
Due to the COVID-19 Pandemic, many countries have implemented lockdowns, due to which the majority of the industries have been shut down temporarily. The industries where printed tape finds applications, such as food and beverage and consumer durables, have not been operating or are experiencing a reduced demand in the current situation. Due to this, there is a reduced demand for printed tape, as well.
It is expected that when the situation becomes normal again, and the industries start operating again, the demand for printed tape will rise again. Also, some of the manufacturers which are not operating currently, are involved in innovations, so that they can capture a larger market size when the industries start operating again, which will lead to a higher demand for the new products and hence will lead to increased market size.
Growing technological advancements in the product are expected to lead to a higher demand for it. Printing Tapes are known to increase the aesthetic appeal of products, which also leads to a surge in demand for the product. Apart from that, an increase in demand for sustainable printing, due to increasing awareness about the environment is driving the demand of the market.
Growth in certain industries, like the food and beverage industry, which uses the product extensively, is also leading to a growth of the market.
Packaging and printing regulations across various regions and industries pose a challenge for certain segments of the printed tape market, which can lead to a decline in the demand for those segments. Also, raw material prices keep on fluctuating, which can lead to some companies not venturing into the business, along with the added disadvantage of high initial investment to enter the market.
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Further key findings from the report suggest
• Flexography is forecasted to grow at a CAGR of 6.0% in the forecast period. The primary reason behind this is the benefits that flexography offers, such as being able to be applied on any non-absorbent substrate in a wide variety of colors. However, flexography is unable to print intricate artwork, which can hamper the growth of the segment.
• Printed Tapes find extensive applications in hazard safety and barricading. Newer technologies used in printed tapes allow multicolor and dual-color tapes, which help in denoting various types of dangers and signals in colors specific to the hazard. Due to this, the demand for hazard safety applications and road making is expected to grow high during the forecast period.
• Natural Rubber Carton Sealing Tape is likely to grow at a rate of 5.6% over the forecast period. The product contains long-polymer chains, which when mixed with resin, provides an extremely flexible adhesive, which gives high strength adhesion. Also, natural rubber can stay flexible even at low temperatures, which is expected to lead to an increased demand for the product.
• North America occupied the third-largest market share of over 20.0% in 2019. The primary reason for this is the growing demand for packaging, along with new technologies that print intricate artwork. The countries present in the region, such as the US contribute the largest to the market share, in terms of revenue, due to extensive applications in transportation and logistics.
• Gravure held a significant market share in 2019. This is because of the properties of gravure printing, such as outstanding print quality, along with high printing speed. It uses a simple printing process, the flexibility of printing machine structures, and an accurate ink use, which is why it is popular among the manufacturers.
• Key participants include 3M, Windmill Tapes, Bron Tapes, Kilby Packaging, Print-O-Tape, Fabo s.p.a., Supertape, Le Mark Group, Dalpo sp. z.o.o., and Shurtape Technologies, LLC, among others.
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For the purpose of this report, Reports and Data have segmented into the global Printed Tape market on the basis of product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
• Acrylic Catron Sealing Tape
• Hot Melt Carton Sealing Tape
• Natural Rubber Carton Sealing Tape
Technology Outlook (Revenue, USD Billion; 2017-2027)
• Screen Printing
• Digital Printing
Application Outlook (Revenue, USD Billion; 2017-2027)
• Food and Beverage
• Consumer Durables
• Transportation and Logistics
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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