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The paper tapes market is expected to cross a US$ 6 Bn in 2020. As per a recent FMI report, the coronavirus outbreak is expected to have a negative influence on the paper tapes market in the short term. The temporary suspension of operations in end user verticals such as automotive and building & construction industries hurt demand for paper tapes throughout the duration of lockdowns.
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"The rapid rise in demand for paper tapes in industrial painting applications for cars, two-wheelers, and aircraft in recent years are a major factor contributing to the sales of paper tapes in masking applications. Niche applications in packaging are also gaining traction with materials improvements aiding growth for the foreseeable future," says the FMI analyst.
Paper Tapes Market - Important Takeaways
Masking tapes are a fast-growing segment supported by demand in temporary protection and painting applications.
Packaging applications of paper tapes are rapidly gaining ground in light and heavy-duty formats, owing flexibility characteristics suitable for retail and pharma product offerings.
Europe is likely to surpass North America as a leading paper tapes market owing to major increase in adoption rates in the building industry.
Paper Tapes Market - Driving Factors
High convenience of use and improvements in durability are key characteristics that are propelling the adoption of paper tapes.
Sustainability initiatives taken up in the packaging sector supports the application of paper tapes.
Light-weight characteristics of paper tapes bolster adoption in automotive and packaging sector applications.
Paper Tapes Market - Leading Constraints
Low awareness about potential applications of paper tapes in industrial settings is hampering market growth.
Volatility of prices of raw materials is a key challenge for paper tapes market players.
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Expected Impact on Market by Coronavirus Outbreak
The paper tapes market is likely to be negatively influenced by the coronavirus pandemic. Suspension of automotive production and construction projects to ensure worker safety, will result in reduced demand for paper tapes in the near term. However, as new applications in the packaging industry emerge, the paper tapes market will witness a steady recovery as lockdown restrictions are lifted.
Competition Landscape
Some of the top players operating in the paper tapes market are Vibac Group S.p.A., 3M Company, Shurtape Technologies, Nitto Denko Corp., Tesa Tapes, Berry Global Inc., and Intertape Polymer Group. Market players are pushing to leverage sustainability initiatives in the packaging industry to bolster sales. For instance, 3M is pushing paper tape offerings for e-commerce packaging applications with online retailers.
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More on the Report
FMI's provides in-depth insights on the paper tapes market. The market is segmented in terms of product (masking tape, packaging tape, consumer & stationary tape, and others), adhesive (rubber-based, acrylic-based, and silicon-based), feature (single sided and double sided), application (masking, packaging, general use, and tabbing & splicing) and end use (building & construction, automotive, retail & logistics, aerospace & defense, healthcare, electrical & electronics, and general industries) across seven key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/paper-tapes-market
Release ID: 89002226
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