The carton sealing adhesive tape material market is expected to grow at a compound annual growth rate of 6.11% to reach a market size worth US$46.582 billion by 2027. This market was valued at US$30.749 billion in 2020. Adhesives are a type of synthetic chemical which is used to stick things together. These are the chemicals that are used to keep two surfaces securely connected for a long time. As the name implies, carton sealing tapes are tapes that are used to seal cartons. Carton sealing or packing tapes are pressure-sensitive tapes made up of pressure-sensitive adhesive and fiberglass filaments on a backing material (usually polypropylene or polyester film). On the market, there is a big selection of carton sealing tapes that can be acquired both offline and online.
Analysts anticipate that the market will grow due to the growing demand for carton sealing adhesive tapes in various industries during the forecast period.
The rising use of carton sealing tape in various applications such as food & beverages, electronic parts, consumer goods, cosmetics, packaging, and others, as well as the growth and expansion of the packaging industry, particularly in developing economies, and the expansion of energy production infrastructure in countries such as India and China, are driving the carton sealing adhesive tape market growth. Because so many consumer goods are transported in single parcel shipments, the safety of single parcel shipping has become a real concern for e-commerce enterprises. As a result, these tapes are an excellent solution for these players, as they provide excellent package sealability and closing.
As wholesalers and distributors want more packaged food and beverage items in bulk, the valuation of the carton sealing tape market is rising. The market value of carton sealing tapes will be boosted by growing demands for water-activated carton sealing tapes for industrial and commercial applications, as well as the rapid expansion of the food and beverage sectors. The growth and expansion of the e-commerce business, particularly in developing nations, the rise in customer preferences for retail formats, the ever-increasing worldwide population, and rising personal disposable income are all secondary factors that are driving the carton sealing tape market growth rate. In the long run, increased consumer demand will give prospects for expansion.
Furthermore, to meet future demand, several of the market's leading competitors are actively undertaking research and development efforts that enable them to produce new products. For example, in September 2019, 3M released Scotch High Tack Box Sealing Tape 375+, an industrial or manufacturing tape that may be used for box sealing, splicing, recuperation, and other packaging applications. Monta also developed a new self-adhesive tape, Monta bio pack, in February 2020, which is a sustainable self-adhesive tape made up of a bio-based film and a natural rubber adhesive made up of primarily renewable primary resources.
The fluctuation in raw material prices will damper the market growth at a global level.
Any sort of packaging tape maker must consider the price & availability of raw materials when determining the cost structure for its goods. The market's growth is influenced by the uncertainty and changes in the cost and availability of feedstock. Higher manufacturing costs as a result of rising energy costs are affecting the adhesives business. The growth in raw material prices has also been caused by the continually rising worldwide demand for chemicals and capacity restrictions in the supply of these key chemicals and resin feedstock. The cost of sealing and strapping packaging tapes has increased due to supply limitations of monomers required to create adhesive raw materials such as Piperylene and C9 monomers. As a result, price changes in these raw materials operate as a constraint on this industry.
The water-based technology segment is anticipated to witness an extraordinary market share.
The water-based adhesive tapes market is being driven by a constant growth in demand from the building and construction industry, owing to large development projects in India, Taiwan, and other growing countries. Water-based technology adheres to a wide range of surfaces and is used in a variety of packaging applications. Water-based technology is environmentally safe and does not release any VOCs during formulation, hence the demand for these tapes is growing. The growing demand for water-based adhesive tapes around the world is owing to the aforementioned reasons.
The logistics segment is anticipated to develop at a neck-breaking speed.
Because of advancements in transportation technologies and increased acceptance of flexible packaging choices, the logistics and packaging sector is growing. Carton sealing adhesives tapes are becoming more popular in packing due to their application in sealing heavy-duty goods that require more protection from external barriers. The increasing use of adhesive tapes in the shipping of perishable goods, temperature, and pressure-sensitive commodities to provide more effective transit is driving up adhesive tape demand. The market is also growing due to the rising demand for various adhesive solutions that give better protection against leakage and seepage of solid items or fluids.
According to regional analysis, the Carton sealing adhesive tape market in the Asia Pacific is expected to grow expeditiously.
The region's expanding transportation industry, combined with a growth in online shopping, is expected to enhance the use of carton-sealing packaging tapes. The high economic growth rate in the region is mostly owing to huge investments in numerous industries including automotive, healthcare, electrical and electronics, and building and construction. Several businesses, notably Nitto Denko of Japan and Ajit Industries of India, are building new plants or expanding their existing adhesive tape manufacturing operations. The low cost of production and the potential to better service local rising markets are two advantages of relocating production to the Asia Pacific. The overall value of social logistics climbed 5.9% year on year at base prices to CNY 163.8 trillion in the January 2019 to July 2019 period, according to the National Development and Reform Commission. Furthermore, the volume of industrial product logistics climbed 5.8% to CNY 148.5 trillion years on year.
The carton sealing adhesive tape sector has had a mixed bag of results around the world. The upstream supply chain of carton sealing adhesives was harmed because of trade and transit limitations between countries, as companies had trouble obtaining raw resources such as glue and other chemicals from other companies. However, in some applications, large growth in end-user demand has substantially broadened the reach of this paper packaging. An increase in food packaging with an ever necessity for corrugated packaging in developing e-commerce shipments is two of the primary drivers of the analyzed market that developed from the COVID-19 epidemic. On e-commerce platforms, there has been a significant increase in demand for the packaging of food, medical supplies, and e-commerce shipments.