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Pressure Sensitive Tapes & Labels Market to amass enormous remuneration via Food & beverage industry

Author : Rahul Varpe | Published Date : 2019-04-15 

Food & beverage is a key end-user industry in the pressure sensitive tapes & labels market. The products are used in the labelling and packaging of food products. High growth in the packaged food industry in developing countries of Asia Pacific along with steady food & beverage demand from saturated markets in developed countries will drive demand for pressure sensitive tapes & labels market till 2024. Automotive & transportation end-user segment will gain by close to 6% CAGR in the forecast timeframe. Growing light weight vehicles demand for increased fuel economy and lesser emissions will increase usage of pressure sensitive tapes for bonding applications in the future.
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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Pressure Sensitive Tapes & Labels Market will surpass USD 150 billion by 2024; according to a new research report. 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.

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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.

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.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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