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According to the report by GMI, based on adhesion type, the pressure sensitive tapes & labels market is segregated into double sided, adhesive transfer and single sided. Single sided segment is expected to surpass USD 100 billion by the end of 2024, growing at an annual growth rate of over 6.5% in coming years. Low cost and ease of use are some of the key factors for the segment demand in pressure sensitive tapes & labels market.The product domain of pressure sensitive tapes & labels market is divided into labels and tapes. Among these, tapes will generate a revenue of more than USD 100 billion with the annual growth rate of over 6.6% by 2024. Excessive use of the product in myriad end-user domains include food & beverage, logistics, automotive & transportation and others.
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Growth Drivers of Pressure Sensitive Tapes & Labels Market are:
1 Proliferation of the packaging industry
2 High growth in the food & beverage industry
3 Developments in the manufacturing sector
Growth in the packaging sector in developing economies will boost the pressure sensitive tapes & labels market demand through the forecast period. Adoption of innovative marketing techniques in retail sector, growth in online market and change in consumer food preference are the crucial factors behind the packaging sector growth.
These products are widely used for packaging and labelling the edible items, consumer goods, cosmetics, beer labels. Increasing demand for ready-to-eat food, beverages and other edible products in developed countries such as the U.S., Germany, UK, is expected to create huge opportunities for the pressure sensitive tapes & labels market growth by 2024.
Excessive energy consumption, environmental protocols related to solid waste disposal are the key restraining factors for the pressure sensitive tapes & labels market growth in forecast spell. Additionally, volatile organic compound-based adhesives which affects the environment, high temperature required at the time of application is another hindering factor for the industry growth over the forecast period.
Pressure sensitive tapes & labels market is bifurcated by backing material, adhesion tapes, product and end-user. The four major backing materials include polypropylene, polyvinyl chloride (PVC), paper and cloth. Other minor backing materials include polyethylene, foam, metal foil, etc. Among these materials, paper and polypropylene collectively will account for over 65% of the entire market share by the end of the forecast spell.
Browse key industry insights spread across 260 pages with 332 market data tables & 27 figures & charts from the report, “Pressure Sensitive Tapes & Labels Market Size By Backing Material (Polypropylene, Polyvinyl Chloride, Paper, Cloth), By Adhesion Type (Single Sided, Double Sided, Adhesive Transfer), By Product (Tapes, Labels), By End-user (Food & Beverage, Healthcare, Logistics, Automotive & Transportation, General Manufacturing) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pressure-sensitive-tapes-and-labels-market
The major end-user segments include food & beverage, logistics, automotive & transportation, healthcare, construction and general manufacturing. Other minor end-users in pressure sensitive tapes & labels market comprise household (Do it Yourself), office, etc. Among these domains, food & beverage and logistics collectively will hold more than 50% share of the entire segment by the end of forecast timeframe. This is due to the usage of the product for packaging and displaying the information of food, beverage, cosmetics, and other items.
Asia Pacific led by India and China held over 40% share of the entire pressure sensitive tapes & labels market with a CAGR of more than 7% by the end of forecast period. Growth in regional packaging sector, online retailing, coupled with rising demand for packaged food, beverages, and other edible products will be key driving factors behind the colossal share of Asia Pacific region.
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The list of key manufacturers in pressure sensitive tapes & labels market comprises 3M, Avery Dennison, Coveris, Gaska Tape, Scapa Group, LINTEC Corporation, American Biltrite, Fuji Seal International, CCL Industries and others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Organization: global market insights
Website: https://www.gminsights.com/industry-analysis/pressure-sensitive-tapes-and-labels-market
Release ID: 88897769
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