Expanding packaging sector likely to boost pressure sensitive tapes & labels market size by 2024
Driven by rapidly growing demand for effective packaging solutions, the pressure sensitive tapes & labels market is expected to grow substantially by 2024. Pressure sensitive tapes & labels are extensively used for the packaging and labelling of consumer goods like cosmetics, beer labels and edible items. There is a growing demand for ready-to-eat foods, beverages and other edible items in developed countries like the U.S., UK and Germany. Changing consumer food preferences, rising online shopping and use of innovative marketing techniques in the retail sector could stimulate the pressure sensitive tapes & labels industry growth.
To cater to rising demand, manufacturers of pressure sensitive tapes & labels are introducing new products and solutions. For example, in 2019, leading tapes manufacturer, Avery Dennison Performance Tapes launched its new Lamination Adhesives Portfolio, consisting of laminations which preserve critical messages and instructions on durable labels, for use in the packaging of electronics and computers, automotive, outdoor power equipment and durable goods. With such advancements, Global Market Insights, Inc., suggests that the pressure sensitive tapes & labels market may grow over USD 150 billion by 2024.
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Based on product, the market is divided into tapes and labels. Of these, the tapes segment is expected to garner over USD 100 billion, and an annual growth rate of more than 6.6% by 2024. Pressure sensitive tapes find immense application across sectors such as food & beverages, automotive & transportation, logistics and others.
Range of backing materials used for making pressure sensitive tapes & labels include polyvinyl chloride, paper, polypropylene and cloth. Out of these, polypropylene and paper-based tapes and labels segments are anticipated to jointly register over 65% of the total market share.
Elaborating on adhesion type, the pressure sensitive tapes & labels market is divided into single sided, double sided and adhesive transfer tapes and labels. Given to ease of use and low cost of single-sided tapes and labels, estimates suggest that the segment may rise over USD 100 billion, with an annual growth rate of above 6.5% by 2024.
As per end-use, the market is bifurcated into major segments such as logistics, automotive & transportation, food & beverages, construction, general manufacturing and healthcare, along with minor segments like household and office. Displaying information regarding products like cosmetics, food, beverages and other items is vital in the logistics and food & beverages sector. Reports enumerate that these sectors could collectively contribute to over 50% of the market share.
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Globally, major companies operating in the pressure sensitive tapes & labels market include Coveris, 3M, American Biltrite, CCL Industries, Gaska Tape, LINTEC Corporation, Avery Dennison, Scapa Group and Fuji Seal International. These organizations are undertaking various business strategies such as new product launch, technology development, mergers, acquisitions and collaborations, among others. Adding to this, in 2016, LINTEC Corporation revealed plans to acquire MACtac Americas LLC, a U.S. based manufacturer and distributor of printing pressure sensitive labels and adhesive films.
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