Recent Developments & New Revenue Opportunities in Sealing & Strapping Packaging Tapes Market Industry

The sealing & strapping packaging tapes market is growing rapidly due to the growing applications in the packaging market globally. Factors such as the increasing demand for sealing & strapping packaging tapes from the Asia Pacific region and a wide range of applications in the packaging industry have largely contributed to the growth of the sealing & strapping packaging tapes market. The sealing & strapping packaging tapes market is segmented on the basis of material, type of adhesive, applications, and region. The strapping & bundling segment is projected to witness significant growth due to the technological advancements and innovations in the packaging industry. According to MarketsandMarkets, the global market for sealing & strapping packaging tapes, in terms of value, is projected to reach USD 22.1 billion by 2023, at a CAGR of 4.89%.

Browse?97 market data Tables and?35 Figures spread through?126 Pages and in-depth TOC on "Sealing & Strapping Packaging Tapes Market by Material (PP, Paper, PVC), type of adhesive (Acrylic, Rubber-based, and Silicone), Applications (Carton sealing and Strapping & bundling), and Region - Global Forecast"

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The growth of the sealing & strapping packaging tapes market was largely influenced by acquisitions, new product launches, investments, and agreements in the past five years. The years 2015-2018 witnessed a large number of acquisitions by top players in the market. Expansions, new product launches, and agreements have also formed an essential part of the strategies adopted by key market players, which has contributed to their growth in the emerging markets. The major players include companies such as 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).

The 3M Company (US) held a leading position in the global sealing & strapping packaging tapes market in 2018. The company has maintained its leadership position through its strong distribution networks across

the Asia Pacific, the Middle East & Africa, Europe, and the Americas. The 3M Company is among the leading manufacturers of sealing & strapping packaging tapes for many of the markets it serves. It is primarily engaged in offering a broad spectrum of products including adhesives, bonding materials, coatings, and specialty materials. The company operates with production sites in 70 countries worldwide and offers products and solutions to customers in approximately 200 countries including the Americas, the Asia Pacific, Europe, and the Middle East & Africa. This has enabled the company to cater to the untapped market and widened its geographical reach.

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Intertape Polymer Group (Canada) is also among one of the global providers of innovative and sustainable packaging solutions for a better, safer, and healthier lifestyle. The company innovates and offers sealing & strapping packaging tapes solutions for various applications. It has adopted strategies such as acquisitions to gain a competitive advantage in the market. In November 2018, Intertape Polymer Group (IPG) acquired the outstanding control of 29% stake for USD 9.9 million in Powerband. Acquiring a controlling interest in Powerband in 2016, which provided the company with an additional capacity for acrylic carton-sealing tapes in a low-cost manufacturing region with the goal of exporting these competitively-priced tape products to North America and Europe. This has enabled IPG to expand its market share in North America and negotiate better in terms of raw materials for the US production of similar packaging tapes. This helped Intertape Polymer Group to expand its geographical reach, for seizing new projects, strengthening its products & services portfolio, and cater to the untapped markets.

The sealing & strapping packaging tapes market size is projected to grow from USD 17.4 billion in 2018 to USD 22.1 billion by 2023, at a CAGR of 4.89%. The sealing & strapping packaging tapes market is projected to grow rapidly in parallel to the growth of the packaging market globally. The rising demand for sealing & strapping packaging tapes for a wide range of applications in the packaging industry for carton sealing, bundling, palletizing, and general packaging have largely contributed to the growth of the sealing & strapping packaging tapes market. The sealing & strapping packaging tapes market is segmented on the basis of material, type of adhesive, application, and region.

High growth potential in the emerging Asia Pacific markets is projected to provide new growth opportunities to players in the sealing & strapping packaging tapes. The Asia Pacific region is projected to be the fastest-growing region in the global sealing & strapping packaging tapes market during the forecast period, with China accounting for the largest market share in this region. Developing countries such as China and India are the emerging markets that are witnessing increased adoption of advanced technologies and manufacturing processes in various industrial segments. The growth of the sealing & strapping packaging tapes market in this region is driven by factors such as increasing awareness about secure packaging in the supply chain and the expansion of the e-commerce industry in the region.

The sealing & bundling segment is estimated to be the fastest growing segment in the sealing & strapping packaging tapes market. However, the carton sealing tapes segment accounted for the largest market share of the sealing & strapping packaging tapes market in 2017. This trend is projected to continue in the market during the forecast period, due to various properties such as mechanical & thermal strength, fireproof, moisture & shock resistant, and vibration protection to the product.

On the basis of material, the polypropylene segment is estimated to be the fastest-growing segment, as it has low hydrophilicity and does not allow printing with ink or wetting by adhesives. The polypropylene material is extensively used in the production of sealing & strapping packaging tapes for its wide range of applications in the packaging industry.

The acrylic segment is estimated to be the fastest-growing segment and accounts for the largest market share in the sealing & strapping packaging tapes market. This is attributed to its features such as high abrasion, impact-resistant, water-resistant, high flexibility, and versatile applications. Advancements in this segment are projected to create profitable opportunities for the players to cater to the untapped market.