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Filament Tapes Market Archiving Market Forecast Report 2024-2033 | Share, Overview, and Market Outlook
Filament Tapes Market Archiving Market Forecast
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According to The Business Research Company's, The filament tapes market size has grown strongly in recent years. It will grow from $4.63 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the growth of the packaging industry, post-war industrialization, the shift to plastic packaging, the rise of e-commerce, and increased use in securing heavy goods.
The filament tapes market size is expected to see strong growth in the next few years. It will grow to $6.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing preference for lightweight packaging materials, rise in packaged goods, growing focus on environmentally-friendly packaging solutions, growing use in healthcare, and increasing industrial activities. Major trends in the forecast period include enhanced adhesive technologies, integration of smart technologies, innovations in manufacturing processes, automation in application, and enhanced online marketing strategies.
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Market Drivers and Trends:
The increasing demand for high-performance packaging is expected to propel the growth of the filament tapes market going forward. High-performance packaging refers to solutions designed to provide superior product protection, durability, and functionality. The demand for high-performance packaging is rising due to increasing consumer expectations for product safety and sustainability and stricter regulatory standards across industries. Filament tapes are handy for high-performance packaging due to their strong adhesive properties and reinforced fibers, which provide excellent tensile strength and durability. For instance, in June 2024, according to Dezan Shira & Associates, a China-based multi-disciplinary professional services firm, plastic packaging in Vietnam is expected to grow from 10.07 million tons in 2023 to 15.09 million tons by 2028. Therefore, increasing demand for high-performance packaging is driving the growth of the filament tape market.
Major companies operating in the filament tapes market are focusing on developing innovative solutions such as biobased and solvent-free adhesives to reduce their environmental impact and meet growing consumer demand for sustainable products. Biobased and solvent-free adhesives are environmentally friendly alternatives made from renewable resources and free of harmful chemicals, offering sustainable bonding solutions with reduced environmental impact. For instance, in June 2023, Lohmann GmbH & Co. KG, a Germany-based manufacturer of adhesive tape systems, launched the DuploCOLL ECO adhesive tape portfolio, featuring biobased and solvent-free adhesives designed to enhance sustainability in adhesive applications. This innovative range includes various types of tapes, such as transfer and double-sided scrim tapes, all produced using Lohmann's 100% solvent-free TwinMelt technology, which reduces energy consumption and CO2 emissions. With 50% biobased materials and recyclable liner systems, the ECO portfolio supports circular economy initiatives while providing reliable adhesion to diverse substrates, including recycled materials.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
3M Company, Berry Global Inc., Crown Packaging Corp., Nitto Denko Corporation, H.B. Fuller Company, Tesa Tape Inc., Scapa Group plc, Shurtape Technologies LLC, Viraj Industries Limited, Advance Tapes International, Adhesive Applications Inc., Canadian Technical Tape Ltd., Guangzhou Weasy Adhesive Products Co. Ltd., Justia Inc., Ajit Industries Private Limited, Avon Packaging Limited., Nippon Industries Co. Ltd., Shaktiman Packaging Private Limited, Euro Tapes Private Limited, Paragon Tapes Ltd., PPI Adhesive Products, Cosmos Tapes and Labels Private Limited, Wingtai Tape Inc., AVR Industries Private Limited, Saint-Gobain Performance Plastics Corporation
Filament Tapes Market 2024 Key Insights:
• The filament tapes market size is expected to see strong growth in the next few years. It will grow to $6.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Increasing Demand For High-Performance Packaging Fuels Growth Of Filament Tapes Market
• Biobased And Solvent-Free Adhesives Drive Sustainability
• North America was the largest region in the filament tapes market in 2023
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