Packing Tape Market Report

The filament tapes, a high-quality tape used in automotive sectors, are expected to boom the tapes market due to the rising demand for auto motors. According to the data of the International Organization of Motor Vehicle Manufacturers, the global demand for the automotive sector was recorded at 92.7 million in 2023, whereas the sale in 2022 was recorded at 82.8 million, showing a growth of approximately 12% and is expected to grow at a steady pace over the period of time. The increase in demand for packaging tapes has increased due to the increasing demand for securing and preserving the shipments. The shipping industry is booming, as according to the data of the International Energy Agency, the international shipping sector has grown by 5% and is expected to continue at the same pace. Also, approximately 11 billion tons of goods are transported every year, which is approximately 1.5 tons per person per population.

The major challenge faced by packaging tape manufacturers is the emerging and available alternatives available on the market. The emerging alternatives, such as biodegradable films or advanced adhesives, are expected to reduce the demand for packaging tapes. Due to rising awareness regarding the environment and demand for sustainable alternatives, the demand for packaging tape may face challenges as the products that offer environmental care may attract various businesses and consumers away from traditional tapes. Also, technological advances in packaging technology, such as various types of new sealing methods or automated packaging systems, may disturb the market for conventional packaging tapes. The invention in packaging technology and functionality may pose a threat that consumers could shift their preferences away from packaging tape solutions and may adopt the technologically advanced alternatives. Packaging tapes are usually made from materials like polypropylene, rubber-based, and polyethylene adhesives. Fluctuations in the price of these materials may directly affect the overall production cost, in turn affecting market growth.

In November 2022, Bostik unveiled two new tape and label adhesives in India to bolster the manufacturing industry and support the shift towards a circular economy. Bostik had introduced its second cutting-edge solution, Bostik HM2070, a tape adhesive developed to address the increasing demand for sustainable packaging in India's e-commerce industry. The industry was projected to reach US$350 billion by 2030. At the same time, the Indian government had implemented a ban on single-use plastic or plastics with PE films that were less than 75 microns. In August 2024, Shurtape Technologies, LLC, an industry-leading manufacturer of adhesive tape and consumer home and office products, was proud to introduce its Shurtape® Recycled Series Packaging Tapes. The new line consisted of three packaging tapes made from 90% Post-Consumer Recycled (PCR) Polyester, found in Polyethylene Terephthalate (PET) bottles and rigid containers, and were designed to significantly reduce the use of virgin plastic in end-of-line packaging while continuing to provide the durability Shurtape’s packaging solutions were known for.

North America can be considered a lucrative market as packaging tapes are highly used in various industries such as consumer goods, food, pharmaceuticals, and retail, which are experiencing growth and are expected to grow. Thus, all these sectors use a huge amount of packaging taps, which is expected to boom in North America. According to the report of the US Census Bureau in 2023, the annual sales of retail food and beverage stores in the United States were valued at US$ 985.3 billion, whereas the value for 2022 was summed at US$ 961.5 billion. Also, according to the data of the National Council of Textile Organizations United Nations shipment for textiles and apparel valued at US$ 64.8 billion in 2023. Thus, due to the above factors, the market for packaging tapes is expected to boom in the North American region. Also, the Asia Pacific market is considered a promising market as the e-commerce market, according to the data of the International Trade Administration. China is considered the largest e-commerce market globally. The online retail transaction in China has reached more than 710 million digital buyers, and in 2020 the transaction for e-commerce in China reached US$ 2.29 trillion, where it is projected that it will reach the mark of US$ 3.56 trillion in 2024. Also, in 2021, China surpassed the United States in the field of e-commerce by generating a revenue of US$ 1.5 trillion.