The sealing & strapping packaging tapes market is growing rapidly due to the growing applications in the packaging market globally. Factors such as the increasing demand for sealing & strapping packaging tapes from the Asia Pacific region and a wide range of applications in the packaging industry have largely contributed to the growth of the sealing & strapping packaging tapes market. The sealing & strapping packaging tapes market is segmented on the basis of material, type of adhesive, applications, and region. The strapping & bundling segment is projected to witness significant growth due to the technological advancements and innovations in the packaging industry. According to MarketsandMarkets, the global market for sealing & strapping packaging tapes, in terms of value, is projected to reach USD 22.1 billion by 2023, at a CAGR of 4.89%.
The growth of the sealing & strapping packaging tapes market was largely influenced by acquisitions, new product launches, investments, and agreements in the past five years. The years 2015-2018 witnessed a large number of acquisitions by top players in the market. Expansions, new product launches, and agreements have also formed an essential part of the strategies adopted by key market players, which has contributed to their growth in the emerging markets. The major players include companies such as Avery Dennison Corporation (US), 3M Company (US), Nitto Denko Corporation (Japan), Intertape Polymer Group (Canada), Tesa SE (Germany), Scapa Group plc (UK), Shrutapes (US), Nichiban (Japan), Mactac (US), and Wuhan Huaxia Nanfeng Adhesive Tapes (China).
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The 3M Company (US) held a leading position in the global sealing & strapping packaging tapes market in 2018. The company has maintained its leadership position through its strong distribution networks across the Asia Pacific, the Middle East & Africa, Europe, and the Americas. The 3M Company is among the leading manufacturers of sealing & strapping packaging tapes for many of the markets it serves. It is primarily engaged in offering a broad spectrum of products including adhesives, bonding materials, coatings, and specialty materials. The company operates with production sites in 70 countries worldwide and offers products and solutions to customers in approximately 200 countries including the Americas, the Asia Pacific, Europe, and the Middle East & Africa. This has enabled the company to cater to the untapped market and widened its geographical reach.
Intertape Polymer Group (Canada) is also among one of the global providers of innovative and sustainable packaging solutions for a better, safer, and healthier lifestyle. The company innovates and offers sealing & strapping packaging tapes solutions for various applications. It has adopted strategies such as acquisitions to gain a competitive advantage in the market. In November 2018, Intertape Polymer Group (IPG) acquired the outstanding control of 29% stake for USD 9.9 million in Powerband. Acquiring a controlling interest in Powerband in 2016, which provided the company with an additional capacity for acrylic carton-sealing tapes in a low-cost manufacturing region with the goal of exporting these competitively-priced tape products to North America and Europe. This has enabled IPG to expand its market share in North America and negotiate better in terms of raw materials for the US production of similar packaging tapes. This helped Intertape Polymer Group to expand its geographical reach, for seizing new projects, strengthening its products & services portfolio, and cater to the untapped markets.
Sealing & Strapping Packaging Tapes Market by Material (PP, Paper, PVC), type of adhesive (Acrylic, Rubber-based, and Silicone), Applications (Carton sealing and Strapping & bundling), and Region - Global Forecast to 2023
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