The tapes and labels are extensively used in packaging of boxes, bottles, and folding purposes which is boosting its adoption and likely to propel growth of the tapes and labels market. Additionally, from past few years, the manufacturers are using the tapes and labels for advertisements purposes which is again fuelling growth of the global tapes and labels market.
In addition, the growing research and development activities in order to product improvement are propelling growth of the market. Some of the players operating in the market are increasingly taking part in to acquisition, mergers, and collaboration. The key player – Dow Packaging and Specialty Plastics are working together to improve and launch the product named ROBOND PS-7735. Launch of these products expected to offer lucrative opportunities over the forecast period.
What are the other applications of the tapes and labels in the end-use industries?
The tapes and labels has extensive applications in the food & beverages, automotive & transportation, health care, and logistics. These are used in the injection, mounting, and component marking. Also, these tapes have extensive applications in automotive, lift, construction, and resealing activities. Due to growing advancement in the products, the tapes and labels are increasingly used in web material production and processing and transportation and renewable energy sources.
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One of the prominent application of the tapes and labels are found in the electronics industry. In the industry, tapes and labels are used for packing the tablets, smartphones, and notebooks. These extensive application of the tapes and labels are fuelling growth of the global tapes and labels market.
What are the trends observed in the tapes and labels market that are inducing growth of the tapes and labels market?
A primary trend observed in the tapes and labels market is growing preference and uptake of sustainable and specialty pressure-sensitive tapes. Demand for the durable and sustainable biodegradable pressure-sensitive tapes is growing owing to environmental concerns coupled with first preference for environmentally friendly products from consumers. Specialty pressure-sensitive and temperature-tolerative tapes can undergo decomposition in to carbon dioxide, water, or biomass. Emergence of the advanced material is leading to offer lucrative opportunities over the forecast period. Additionally, growing R&D expenditure is supporting growth of the tapes and labels market.
Which is region is expected to remain dominant in terms of demand and consumption?
Developing regions in the Asia Pacific dominated the global market for tapes and labels and is expected to remain dominant over the forecast period. This growth is attributable to the presence of the leading players coupled with growing industries in the region. The emerging countries such as India and China are expected to account for the leading share in the overall market for tapes and labels. Rising demand for FMCG products are fuelling growth of the global tapes and labels market.
Some of the key players operating in the tapes and labels market include Avery Dennison Corporation, Scapa Group, 3M Company, Lintec Corporation, and MACtac. These players are increasingly taking part in the R&D activities for offering the advanced products.