Global Demand for Double-sided Filament Tapes Gains Traction
Valley Cottage, NY -- (SBWIRE) -- 03/01/2019 -- Effectiveness of packaging solutions continue to be contingent upon the type of strapping tapes or filament tapes being used for reinforcing the shape of corrugated fibreboard boxes.
Almost every other product in the world is likely to get packaged & delivered through ridged fibreboard boxes, compelling the global packaging industry leaders to increase the use of pressure-sensitive tapes for helping these boxes retain their shape during mechanical abrasion. Filament tapes continue to be an integral part of packaging operations such as carton sealing, bundling and strapping. Future Market Insights' analysis of the global filament tapes market indicates that the demand for single-sided filament tapes is presently higher in such packaging operations. However, by the end of 2026, global filament tapes revenues will be equally split by single-sided as well as double-sided filament tapes, implying an upward ascent for the demand for double-sided tapes.
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Future Market Insights recently published its report on the global filament tapes market which estimates that US$ 3,340.8 million revenues were amassed through global sales of filament tapes by 2016. According to the report, the global filament tapes market is expected to register a 7.1% CAGR to reach market value of US$ 6.6 billion by the end of 2026.
Some of the report's crucial research findings project that,
By 2016, more than 1,100 million square meters of 24mm filament tapes were consumed globally. High tensile strength & UV-resistance of filament tapes is expected to procure lucrative opportunities as sealants in production of healthcare & hygiene products
As backing adhesives, plastic films and paper will collectively dominate the global filament tapes market by accounting for over 80% revenue share by 2026-end. Global revenues of filament tapes manufactured with acrylic adhesives will grow at the highest CAGR – 8.4%. Increasing demand for corrugated packaging boxes will significantly boost the growth in demand for filament tapes in the future
In its report, titled "Filament Tapes Market: Global Industry Analysis & Opportunity Assessment, 2016-2026," Future Market Insights further signifies the key challenges faced by filament tapes manufacturers across the globe. Low profit margins, coupled with strict environmental regulations are curbing the potential of companies to expand manufacturing facilities. Undulating prices of raw materials such as foam, plastic films or fabrics is further impacting the growth in production capacity of filament tapes manufacturers. Some of the leading companies manufacturing filament tapes, profiled in this report, include, 3M Company, Tesa Tape Inc., PPM Industries S.P.A., Sekisui TA Industries, LLC, Canadian Technical Tape, Ltd., Intertape Polymer Corp, Inc., Saint–Gobain Performance Plastics, Krush Adhesive Tape, Inc. and Pro Tapes & Specialities Inc.
Automotive Industry – Largest End-user of Filament Tapes
While packaging remains to be the core end-use of filament tapes, the demand for pressure-sensitive reinforcement operations is gaining substantial traction in the automotive industry. Leading automakers are benefitting from the high tensile strength of filament tapes, which is used for welding and painting, and their ability to leave lesser residue after removing from metal surfaces of the automobiles. By 2016, more than US$ 500 million revenues were procured globally from selling filament tapes to automotive industries. These revenues are projected to increase at a CAGR Of 10.2% during the assessment period. Revenues from printing end-user industries will, however, incur a sluggish growth to reach US$ 380 million by 2026-end.
On the basis of applications, the demand for filament tapes will be majorly accounted by carton sealing. With over 40% revenue share, carton sealing will remain the dominant application of filament tapes through 2026, while combined revenues amassed from bundling, sealing and insulation application of filament tapes will account for more than 30% share. The report also expects that filament tape revenues procured from Asia-Pacific excluding Japan (APEJ) will be higher than any other region, exhibiting a value share of more than 35%. Throughout the forecast period, APEJ will remain a leading region in the global filament tapes market, followed by North America and Eastern Europe. These three regions together, are anticipated to bring in revenues worth nearly US$ 5 billion by the end of 2026.
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