The global pressure sensitive tape industry is projected to reach over USD 69.26 billion over the forecast period. This factor can be majorly attributed to growing demand for corrugated materials used in packaging owing to their property of high resilience and protection. There is a rising demand for corrugated boxes primarily in developing countries including India, Brazil, and China which is expected to trigger market expansion.
Demand for carton sealing tape segment is projected to experience growth on account of rising apprehensions concerning environmental friendly packaging solutions due to stringent government rules and regulations. Also, consumption of the product has observed a significant growth in the past few years owing to its compatibility with various sterilization forms and non-toxic nature. New growth opportunities are expected in this industry in the foreseeable future on account of the introduction of eco-friendly recovery technologies that are highly efficient and are used widely in the adhesive coating.
In 2014, demand for the product was 41.44 billion square meters at the global level. Emerging economies namely Malaysia, India, Saudi Arabia, Vietnam, China, and Mexico are expected to witness substantial market gains by volume owing to growth in the construction industry.
Construction & building are to grow at a CAGR of 5.9 % over the forecast period. Demand for the segment is expected to have a positive impact in MEA resulting from increasing foreign direct investments in hospitality, construction and real estate along with the development of commercial and residential offices. The market demand is projected to reach over 65.29 billion square meters over the next seven years.
A key driver in the masking tape industry is the growing consumption pattern from automotive and construction sector owing to properties including holding power, improved moisture resistance, better conformability and instant adhesion. Masking tape is therefore estimated to witness significant volume gains at a CAGR of 6.1% over the forecast period.
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Further key findings from the study suggest:
- North America is expected to account for nearly 20.0% of global share revenue owing to growing up gradation and building activities in the US and infrastructure development in Mexico and Canada. Furthermore, growth in the US food & beverages sector is expected to make way for new avenues and opportunities for corrugated box packaging thereby impacting carton sealing tape market.
- Asia Pacific demand, in 2014, was 20.36 billion square meters and is likely to emerge as the fastest growing regional market at a CAGR of 7.0% over the forecast period as a result of growing construction industry in the wake of population growth, government infrastructural plans, and urbanization. Ample availability of raw materials including PVC and polypropylene in China is projected to propel the market from 2015 to 2022.
- Pressure sensitive tape industry is fragmented with the presence of various companies including Lintec, 3M, teas SE and Nitto Denko Corporation. They together constituted over 20.0% of the global market share in 2014. New launches include a product development by Saint-Gobain in April 2014. It is a double-sided acrylic tape with high performance, NORBOND A7300, and NORBOND A7200. In August 2015, Shurtape launched flatback paper tape which had a strong hold, moisture & humidity resistance.
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