The retail and office adhesive tape market is estimated to increase at a CAGR of 4.87% to reach a market size of US$6.361 billion in 2027, from US$4.560 billion in 2020.
Retail and office adhesive tapes are designed for products in retail stores and retail packaging for applications in construction, electrical, automotive, food packaging, and many more, in addition to office use. The rising number of SMEs globally is further fueling the market demand with the growing number of new offices and the construction of new office spaces. The demand will further escalate due to the increasing packaging and order delivery requirements needed to be fulfilled by retail outlets. The North American and European regions will have a significant share in the market due to a high number of small, medium, and large enterprises in the region and a high number of retail outlets.
APAC to hold a notable share during the forecast period
The Asia-Pacific market will see exciting growth opportunities due to the rising retail industry with the construction of new supermarkets, hypermarkets, convenience stores, and retail outlets in shopping malls in the region. The growing research and development in the adhesive tapes market are escalating the applicability and adding new features in adhesion properties as per the evolving market demands which are propelling the market growth in the forecast period. Furthermore, global expansion in the electrical and electronics, construction, and healthcare industries, among other industries, will result in boosting the market demand for these tapes in the forecast period.
The growing trend of retail packaging coupled with a rise in retail sales is augmenting the market growth for retail adhesive tapes in the forecast period.
Retail packaging, an integral part of marketing, is offering strong growth prospects for the retail adhesive tape market in the forecast period and in the upcoming years. This is because packaging in retail sales utilizes brilliant designs for offering customers the best packaging experience. Also, with the increasing trend for personalized packaging, this assists in providing information and engaging customers and helps in brand enhancement, further providing an impetus for the retail tapes market to proliferate in the forecast period. Retail packaging also contributes to prolonging the shelf-life of products, further putting an impact on adding store locations for the retailers. In many cases, to trigger impulse buying among customers, manufacturers are adopting continuous innovations as a strategy and offering a variety of packaging solutions in addition to providing quality print for driving brand impact and maximizing sales. The packaging also offers customers custom-specific requirements with detailed information in addition to providing protection. With changing living conditions and the adoption of modern lifestyles, customers are preferring packaging solutions that are environmentally safe. Hence, this is putting pressure on the manufacturers for bringing in innovations and develop eco-friendly packages.
At present, retail packaging is segmented into four types of retail packaging, listed as follows: custom, flexible, rigid, and recycled retail packaging.
Custom Retail Packaging: custom retail packaging is designed in a unique manner for products having irregular shapes and formations. This type of packaging assists in increasing brand awareness, hence, making them stand out in the market. Customization of products helps in the creation of a distinctive end-user experience, giving a business advantage in terms of functional and aesthetic packaging aspects. Also, this is made fit for use as per the customer’s demand. Hence, this, in turn, defines customized colour themes, shapes, sizes, and volumes of the commodities, further ensuring that products packed have minimal movement and avoid damage at the time of being transported to the desired location.
Flexible Retail Packaging: This type of packaging is used for products that lose their shape when they are opened. Such packaging is applicable in the food industry for the packaging of food products and for fast-moving goods. This type of packaging allows the combining of products and also assists in easy handling during transportation. Flexible packaging provides an outstanding market presentation layout which narrates the product story, thus, allowing it to ship with confidence.
Rigid Retail Packaging: This type of packaging is helpful in the packaging of solid products. These include most of the domestic items, in addition, to the heavy goods for shipping.
Recycled Retail Packaging: This type of packaging mainly utilizes recycled materials, which include glass and plastics commonly utilized by consumers. Hence, modern recycling techniques are used for the creation of fine packaging materials. These are considered eco-friendly and avoid harmful impacts on the environment, thereby promoting sustainability.
With fueling construction activities, especially in the developing economies of the world, the market is expected to thrive in the forecast period.
With the burgeoning construction activities, rapid urbanization, and evolving needs of consumers, the market for retail packaging is expected to fuel the rising demand for speciality construction tapes in retail stores. Also, with the rising need for construction to be carried out on a large scale, the scope for high retail adhesive tape market growth lies in the emerging economies of the world. The tapes are in high demand in custom retail packaging owing to the need for tapes in large volumes to meet the rapid construction demand. Additionally, with technological advancements and innovations, the market is expected to be fueled by advancements in the construction sector, giving rise to the development of advanced products required in construction activities. Hence, robust retail packaging is required resulting in a reduction in time-to-market. Furthermore, the retail packaging tapes for the construction of new roads and highways in addition to improved healthcare facilities and better health infrastructure, are adding to the market growth in the forecast period. Moreover, with increased infrastructure expenditure and spending, the market holds strong growth prospects in the repair and renovation of the old infrastructure, fueling the market’s growth in the forecast period and in the coming years.
Most of the retail outlets and businesses were shut down owing to the restrictions of COVID-19. Due to government restrictions and industry-wide shutdowns particularly in construction, automotive, electrical, and more such industries, the demand for retail and office adhesive tapes was low during the pandemic. However, the post-pandemic market growth for the commodity adhesive tapes market is positive owing to the reopening of economies and worldwide trade activities. For instance, as per World Bank data, the exports of goods and services were 26.3% of GDP in 2020. The exports rose to 29.1% in 2021. Thus, indicating a positive growth prospect for the commodity adhesive tape market in the forecast period.
Frequently Asked Questions (FAQs)
Q1. What will be the retail and office adhesive tape market size by 2027?
A1. The retail and office adhesive tape market is projected to reach a market size of US$6.361 billion by 2027.
Q2. What is the size of the global retail and office adhesive tape market?
A2. Retail and Office Adhesive Tape Market was valued at US$4.560 billion in 2020.
Q3. What are the growth prospects for the retail and office adhesive tape market?
A3. The global retail and office adhesive tape market is projected to increase at a CAGR of 4.87% over the forecast period.
Q4. Which region holds the largest market share in the retail and office adhesive tape market?
A4. The North American and European regions will have a significant share in the retail and office adhesive tape market due to a high number of small, medium and large enterprises in the region and a high number of retail outlets.
Q5. What factors are anticipated to drive the retail and office adhesive tape market growth?
A5. The rising number of SMEs globally is further fueling the retail and office adhesive tape market demand with the growing number of new offices and the construction of new office spaces.
tesa SE - A Beiersdorf Company
Intertape Polymer Group
Shurtape Technologies’ Engineered Solutions Group
Gergonne (A part of Gergonne Group)
Nitto Denko Corporation
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