The Strapping Tapes Market is poised to witness a moderate CAGR of 4.5% during the years 2023 to 2033. Over this projection period, the strapping tapes industry share is estimated to reach a net worth of USD 35.2 billion, improving from the current valuation of USD 22.7 billion in the year 2023.
Over the past few years, the packaging industry has witnessed substantial growth. Innovation is driving the packaging tapes market, as manufacturers are frequently developing new and innovative tapes to have a competitive edge.
Furthermore, these tapes are an economical alternative to plastic and metal strapping, which might attract the users of another form of strapping and result in an expanded customer base and hence further drive the market growth.
Demand for strapping tapes is expected to grow at a healthy CAGR over the forecast period, primarily driven by the growth in the automotive sector and electrical sectors. In addition, the growing usage of strapping tapes in sports equipment has further fueled the growth in the target market.
| Attribute | Details |
|---|---|
| Strapping Tapes Market CAGR (2023 to 2033) | 4.5% |
| Strapping Tapes Market Size (2023) | USD 22.7 billion |
| Strapping Tapes Market Size (2033) | USD 35.2 billion |
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The market value in 2018 was estimated to be around USD 19.2 billion and reached USD 21.7 billion by 2022.
This rise is a result of the e-commerce industry's recent expansion, due to which the market expanded at a CAGR of 3.1% from 2018 to 2022. The safety of packages becomes a key concern for the companies in the e-commerce sector, as an increasing number of consumer items are shipped in single parcel shipments.
As a result, strapping tapes offer a fantastic remedy for such players by guaranteeing strong package closing and sealability.
There are new developments in biodegradable packaging tapes for sealing and strapping. Due to strict environmental restrictions and changing customer tastes, there has been a surge in the demand for biodegradable and environmentally friendly packaging tapes during the forecast period.
Strapping tapes keep cartons and boxes from moving in transit and reinforce packaging bearing significant weight. These tapes are best suited for palletizing, unitizing, bundling and color coding etc.
Some of the exclusive advantages of strapping tapes that are driving the market:
Other advantages associated with strapping tapes are that it provides good shear and initial adhesion, which provides longer package life due to the presence of filaments and adhesions, and allows printing and illustrations to be seen through tape.
Some of the critical disadvantages limiting the demand for strapping tapes include:
Even though these tapes are very effective for heavy packaging purposes, they are considered one of the costliest tapes, which are the restraining factor for the sales of strapping tapes in local markets.
Furthermore, the recent technological advancements in manufacturing and increased competition from alternate tapes act as hindrances in the strapping tapes sector growth.
The market is observed to be achieving most of the sales of strapping tapes in the adhesive-based tapes section required by almost all end-use verticals. While on the basis of material type, the polypropylene tapes segment held the leading share of 40.5% in 2022.
Strapping tapes are being increasingly accepted by the various manufacturers of food & beverages and electronics manufacturers for their important properties, like sealing heavy boxes and bundling unpacked products. In line with this development, the biodegradable or paper tapes segment is the rapidly growing segment for the strapping tapes business in contemporary times.
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| Countries | Market Share (2022) |
|---|---|
| United States | 15.7% |
| Germany | 4% |
| Japan | 9.5% |
| Australia | 2.2% |
North American countries are expected to grow less aggressively in comparison to the Asia Pacific, due to the shift in production from developed economies to the Asia Pacific. Due to this fact, the United States and Canada are expected to experience moderate strapping tapes industry growth.
Likewise, Europe witnessed an above average growth rate of 30.5% in 2022, primarily due to the rising preference for sports in various countries such as Germany, France, the United Kingdom and Italy.
The Asia Pacific is expected to dominate the growth in the market, primarily due to huge demand in developing economies like India and China, and also because of lower manufacturing costs in these economies.
Furthermore, these developing countries are experiencing a steady growth in the food & beverages and electronics industry that is expected to make a huge impact on the strapping tapes market opportunities as well. The low manufacturing costs in developing countries are due to the easy availability of raw materials and cheap labor.
The global strapping business is largely fragmented owing to the presence of a large number of regional players. In an effort to provide their customers with globally competitive and market-driven product lines, top strapping tape market players are enlarging their existing structures in the retail business model, with an emphasis on the markets of emerging economies.
On the other hand, in response to the growing demand for strapping tapes, many new players have entered the market with their focus on developing advanced materials for taping solutions. These materials with superior properties of shock resistance, high initial tack, and low noise while unwinding have provided start-ups with an edge over existing players.
Recent Developments
The market is forecast to register a CAGR of 4.5% through 2033.
The advantages of strapping tapes, such as convenience, multi-functionality, and resistance to tears, drive market growth.
Sales of strapping tapes in the adhesive-based tapes section are expected to achieve maximum sales.
The United States accounted for 15.7% of the global share in the market in 2022.
Asia Pacific is expected to dominate market growth by 2033.
| Market Value for 2024 | USD 1.3 billion |
|---|---|
| Projected Market Value for 2034 | USD 1.9 billion |
| Value-based CAGR of Market for 2024 to 2034 | 4.1% |
| Market Estimated Size (2023) | USD 5,276.5 million |
|---|---|
| Market Forecasted Size (2033) | USD 10,477.1 million |
| Market CAGR (2023 to 2033) | 7.1% |
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Strapping Tapes Market
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