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(AsiaNewsWire.Net, April 17, 2021 ) Printed Tape Market size is forecast to reach $38.4 billion by 2026, after growing at a CAGR of 5.9% during 2021-2026. Printed tapes can help in spotlighting company, product or logo and can be also used as an alternative for printed cartons in tapes, owing to the printed tape market is witnessing an increase in demand. These printed tapes are hot melt and have fast adhesive strength of synthetic rubber even in lower temperatures as compared to acrylic adhesive, which is more resistant to aging and UV radiation. However, it also gives free professional design assistance, alignments, and quality checks at every step which makes the seller feel protective towards their product and avoids black-marketing. Growing public interest towards printed tapes for packaging will further enhance the overall market demand for Printed tape during the forecast period.
The worldwide spread of the COVID-19 pandemic has disrupted the trade balance and drawing more e-commerce attention worldwide. The standardized lockdown rules across the world and the growing hesitation among consumers to go outside and shop for essential goods have tilted the nations towards e-commerce but even after the shutdown of package delivery, the market for printed tapes market has restrained.
Printed Tape Market Segment Analysis - By Material
Polypropylene segment holds a significant share in the printed tape market in the year 2020 and is expected to grow at a CAGR of 5.5% during the forecast period. The most common printed adhesive tapes are made of polypropylene foil. These are adhesive tapes with wider usage than cheaper tapes made of PVC and are ideal for light to medium weight cardboard consignments. As a standard, the tapes are made with acrylate adhesive and they are highly tacked and firmed, but they are not suitable for temperatures that are too high or too low. The recommended application temperature is 18-21°C. So, owing to the wider use of polypropylene tapes than other tapes, the demand for printed tape will grow.
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Printed Tape Market Segment Analysis - By application
Branding has been the primary market for printed tape market in the year 2020 and is expected to grow at a CAGR of 6.3% during the forecast period. This has major marketing benefits such as distinguishing brand and increasing its visibility. The spotlight is put on the company from the moment a cardboard box or crate, leaves any workplace to the time it reaches to the customer. A custom printed packaging tape can carry important handling information as well as branding and can also act as an effective anti-tamper measure. Printed tape that is broken or resealed is instantly identifiable. Printed tape can give a good impression to customers, highlighting the professionalism of business and giving them confidence. Hence branding using the printed tapes has become one of the market driving aspects for the printed tapes.
Printed Tape Market Segment Analysis - By Geography
APAC has a significant growth in the printed tape market in the year 2020 and is expected to grow at a CAGR of 6.1% during the forecast period. China is the major country in this region. Various types of materials are used in a printed tape i.e such as polypropylene, PVC and various other plastic materials. According to the Plastics Europe, in the year 2019 almost 360 million tonnes plastics are produced around the world, in which China was the largest producer of plastic. Whereas Asia holds 51% of the global plastics production in which only China account for 30%. Therefore, with the growing production and consumption of plastics in APAC, the demand for printed tape is expected to grow in this region.
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Printed Tape Market Drivers
Growing Packaging Industry
Printed tapes are largely used in the packaging industry owing to its huge demand and with the rise in the packaging industry, the demand for printed tape is expected to grow. According to the Flexible Packaging Association, the flexible packaging industry had $31.8 billion in sales in the United States in 2018 in which food (retail and institutional), accounting for about 59% of shipment.
Reduces Cost for Carton
Printed tapes help in branding the company. So, there is no need to carry large inventories of various printed cartons of the same size instead of that they can buy plain cartons and use different printed tapes for identification. Printed tapes even provide lightweight packaging, reinforcing, splicing & sealing, bubble-less lamination, and logo branding for better appeal & identification. Hence printed tapes are preferred over printed cartons.
Printed Tape Market Challenges
Various operations used in manufacturing of plastic and pulp or paper tape products releases various compounds into the environment, that can pollute the water and air. And even the plastic tapes, which are non-decomposable. So, they pollute the environment harshly. So, the growing pollution with printed tape might restrain the market growth in the upcoming years.
Printed Tape Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Printed tape market. Major players in the Printed tape market are 3M, Adh Tape, Bron Tape, Bsk Print, Dalpo Sp ZOO, Easitape, Fabo S P A, Hstm, Kilby Packaging, Le Mark Group, Shurtape Technologies, Llc, among others.
In October 2019, 3M has completed the acquisition of Acelity, Inc. and its KCI subsidiaries worldwide for a total enterprise value of approximately $6.7 billion. Acelity is a leading global medical technology company focused on advanced wound care and specialty surgical applications marketed under the KCI brand.
In October 2019, Alex Lee, Inc. has completed its acquisition of W. Lee Flowers & Co., a wholesale and retail grocery company based in Scranton, S.C.
Asia-Pacific has a significant growth in the printed tape market owing to increasing demand from applications such as branding, die packaging and others.
Printed tape works as an alternative and reduces of cartoon printing, this is likely to aid in the market growth of printed tape.
Printing tapes also helps in printing messages to ensure, goods are handled correctly in transit, this increases the customer confidence and will increase the market demand for printed tape in the near future.
Growing environmental concerns with plastic tapes will create hurdles for the printed tape market.
Related Reports :
A. Double Sided Tape Market
B. Adhesive Tapes Market
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