According to the current analysis of Reports and Data, the global Splice Tape for Packaging Market was valued at USD 564.5 Million in 2020 and is expected to reach USD 667.2 Million by 2028, at a CAGR of 2.10%. The study covers splicing tapes, a sticky paper like substance used to join the end of a web or roll of a material to the beginning of a web or roll of another new material to make the manufacturing process continual which in turn prevents rethreading the new roll through the machine or press, saving valuable down time.
Rising printing and labeling industry, growth of digitization, rise in number of electronic manufacturers, significant focus of splice tape companies on development of better technology, availability of public as well private funds for research, and favorable regulatory scenario, are some of the key factors propelling market growth in the industry. However the environmental regulations related to the production of reliable paper could act as a major restraint to the market. The market in the developed countries, in regions such as Europe and North America, is expected to decline in the near future, owing to the stagnant nature of their markets. These factors may further hamper the market during the forecast period.
Top Companies Operating in the Global Splice Tape for Packaging Market:
Tesa SE (Germany), 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), Intertape Polymer Group, Inc. (Canada), Scapa Group PLC (UK), Shurtape Technologies, PLC (US), ECHO tape (US), and Adhesive Research, Inc. (US)
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Further key findings from the report suggest
- Splice Tape for Packaging Market is growing at a CAGR of 2.8% in Asia Pacific followed by North America and Europe, with 2.1% and 1.9% CAGR, respectively. Rise in paper packaging and labeling is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, the acrylic resin type dominated the market accounting for 29.1% of the revenue market share and is also projected to maintain its dominance during the forecast period due to its constant technological advancements and its high adoption by industrialists
- On the basis of end use, the electronic segment is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 3.2%
- On the basis of end use, paper packaging segment dominated the market holding 41.3% of the market share
- Asia Pacific dominates the market, expecting to account for the 43% of the market share. China is the largest manufacturer of splice tapes in the world
- The environmental regulations related to the production of repulpable paper could act as a major restraint to the market likely to hinder the market growth during the forecast period.
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Splice Tape for Packaging Market Segmentation
By Resin Type (Revenue in USD Million; Volume in Tons, 2018-2028)
- Acrylic
- Rubber
- Silicone
- Others
By Backing Material (Revenue in USD Million; Volume in Tons, 2018-2028)
- Paper/Tissue
- Pet/Polyester
- Non-Woven
- Others
By Application (Revenue in USD Million; Volume in Tons, 2018-2028)
- Paper Printing
- Electronics
- Packaging
- Labeling
- Others
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