APEJ to be Largest Market for Gummed Tapes during 2017-2027
Valley Cottage, NY -- (SBWIRE) -- 10/23/2018 -- Soaring demand for corrugated box packaging and increasing preference for gummed tapes in logistics & shipping sector will fuel growth of global gummed tapes market, according to a new report by Future Market Insights (FMI). FMI's report projects the market to grow at 4.9% CAGR in terms of volume during the forecast period 2017-2027. Sales of gummed tapes are projected to reach nearly 1000 Mn Sq.m by 2017; by 2027-end, the market is estimated to reach 1,605 Mn Sq.m.
Biodegradable Properties of Gummed Tapes to Sustain their Market Growth through 2027
Basic raw materials utilised for production of gummed tapes are paper and adhesives, making it completely biodegradable. The adhesives used for gummed tapes are stable in nature and do not undergo any hazardous reaction. Sealing cartons with self-adhesive tapes is harmful for the environment owing to their weak bonding strength, which results into excessive usage of tapes for secured packaging. This leads to a surge in plastic waste. In contrast, only one strip of gummed tape is required to seal the carton, making it a more resource-efficient option. The aforementioned factors are expected to sustain growth of the global gummed tapes market.
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In contrast, the market growth is expected to be restrained by presence of substitutes including Bopp tapes, pressure sensitive tapes, and self-adhesives for carton sealing. Pressure sensitive tapes offer comparatively higher efficiency than gummed tapes in sealing cartons which carry light-duty products. Development of tamper evident technology in pressure sensitive tapes has led these tapes to gain higher end-user preferences.
Fibre-reinforced Gummed Tapes to Remain Dominant in the Market during 2017-2027
By material type, fibre-reinforced gummed tape is projected to retain its dominance in the market during the forecast period. FMI's report estimates sales of fibre-reinforced gummed tapes to exceed 1000 Mn Sq.m by 2027-end, expanding at 5.4% CAGR. On the contrary, paper gummed tapes are estimated to witness a sluggish expansion through 2027. Based on product type, brown gummed tapes will remain preferred in the market throughout the forecast period. In terms of volume, sales of brown gummed tapes are estimated to expand at around 5% CAGR through 2027.
Starch-based adhesives are expected to witness a slight increase in their market share during the forecast period. This adhesive type segment is expected to be the most lucrative in the market and expand at 5% CAGR through 2027. Based on application type, box & carton sealing is expected to dominate the market during the forecast period, followed by splicing. Demand for gummed tapes in box & carton sealing is expected to reach nearly 1,500 Mn Sq.m by 2027-end.
Shipping & Logistics to be the Fastest Growing End-Use Sector by 2027-end
Demand for gummed tapes by shipping & logistics sector is expected to witness the fastest growth in volume, followed by general industrial and consumer goods sectors. However, in terms of volume, general industrial sector is expected to be the largest end-user in the market during the forecast period. Demand for gummed tapes by general industrial sector is anticipated to exceed 200 Mn Sq.m by 2027-end.
In terms of volume, Asia Pacific Excluding Japan (APEJ) is projected to be the fastest growing market for gummed tapes, followed by Latin America. This region is estimated to remain dominant in the market during the forecast period. Volume demand for gummed tapes by APEJ is estimated to reach around 600 Mn Sq.m by 2027-end. In addition, North America and Middle East & Africa (MEA) are projected to witness parallel expansion at 4.9% CAGR through 2027.
Key players identified in FMI's report include 3M Company, Holland Manufacturing Co. Inc., Intertape Polymer Group. Inc., Shurtape Technologies LLC, Loytape Industries SDN.BHD., Papertec, Inc., LPS Industries LLC, Windmill Tapes & Labels Ltd., Neubronner GmbH & Co., Maxfel S.R.l, ADH TAPE, STA LLC., Hade Heinrich Dorseifer KG, Abco Kovex, Waterproof Corporation Private Limited, Green Packaging Group, Tesglo Pte. Ltd., Guangdong Yue Hui Polytron Technologies lnc, Packsize, NITTO DENKO CORPORATION.
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