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Press Release: Filament Tapes Market to Surpass US$ 6,985.6 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Filament tapes are primarily used as a packaging adhesive for sealing heavy weight boxes or materials. The filament tapes are waterproof and chemicals resistant which makes it ideal for transporting heavy objects, strengthening plastic materials, packaging bulky cardboard boxes, sealing hazardous materials, and wrapping pipeline and cable. It is classified into low, medium, and high-grade products. It find application across automotive, food and beverage, furniture, consumer goods, specialty vehicle, general industrial, metalworking, military and government, and transportation. The global filament tapes market is estimated to surpass US$ 6,985.6 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 7.1% during the forecast period (2020 to 2027).
Drivers
Rising demand for corrugated box packaging as it gives lightweight packaging solutions for various end-user industries such as automobile, electronics, and food and beverage is projected to foster the market growth of filament tapes. Increasing introduction of advanced filament tapes is also projected to boost market growth over the forecast period. For instance, in October 2018, Tesa SE launched a new range of premium filament tapes with fiberglass reinforcements. The new filament tapes provide durability in cases where regular strapping tapes are not strong enough to withstand very heavyweight, high abrasion levels, or extreme shear force. It is suited for applications in the metal manufacturing and processing industries.
Growing demand for filament tapes from the automotive industry for interior and exterior applications due to its excellent property of holding adhesives for longer times is further expected to foster the market growth of filament tapes. Rising demand for high-quality sealing and tensile strength packaging during transportation for protecting the product from UV rays and moisture is expected to serve as a driving factor to the market growth of filament tapes.
Among region, Asia Pacific held dominant position in the global filament tapes market in 2019, accounting for 35.9% market share in terms of revenue, followed by North America and Europe.
Figure 1. Global Filament Tapes Market Revenue Share (%), By Region, 2019
Market Restraints
Economic downturn coupled with the strict government rules and regulation on filament tape restraining the growth of market. As filament tapes are manufactured from polyvinyl chloride (PVC) and polythene material and they are hazardous in nature and are projected to hinder the market growth of the filament tapes. For instance, According to, stringent EU regulations and FDA regulations restricting the use of harmful chemical substances such as PVC have led to increased demand for environmentally sustainable products.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 4,016.7 Mn |
| Historical Data for: | 2017 and 2018 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.1% | 2027 Value Projection: | US$ 6,985.6 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
3M Company, Intertape Polymer Corp, Inc, Tesa Tape Inc., Canadian Technical Tape, Ltd, Saint-Gobain Performance Plastics, Krush Adhesive Tape, Inc., Sekisui TA Industries, LLC, Pro Tapes & Specialties Inc., and PPM INDUSTRIES S.P.A. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Trends
Increasing adoption of advanced technology such as acrylic adhesive is expected to propel the market growth of filament tapes over the forecast period. Acrylic adhesive is rapidly replacing the traditional liquid and spray adhesives and other bonding and fastener product, as acrylic adhesives used in filament tapes maintain their integrity and stability during processing. This is projected to foster the market growth of filament tapes over the forecast period.
Booming automotive sector is rapidly boosting the demand for filament tapes hence it is projected to fuel the market growth and this can be attributed to the rising focus of manufacturers for reducing the noise from brakes, engine, and other vehicles and automotive manufacture are using advanced thermoplastic and elastomers vinyl as vibration damping materials. High-performance filament tapes are widely used in bikes with these damping materials. This is projected to foster the market growth of filament tapes.
Market Opportunities
Expanding market of filament tapes in emerging economies due to growing demand for automobile and electronic products which include packaging is projected to offer immense growth opportunity to the market of filament tapes. Booming end-user industries across developing regions such as Brazil, Indonesia, Nigeria, and ASEAN countries is further expected to propel the market growth of filament tapes.
Rising adoption of eco-friendly manufacturing processes for developing tapes for reducing the negative impact of the process in the environment is projected to add immense growth opportunity to the market over the forecast period.
Figure 2. Global Filament Tapes Market Revenue Share (%), By Application, 2019
On the basis of application, in 2019, carton sealing segment dominated the global filament tapes market accounting for 39.4% share in terms of volume owing to growing e-commerce and packaging industry.
Global Filament Tapes Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 is spreading rapidly and has affected 210 countries. Effects of virus are felt around the world, however public construction activities have been maintained to some extent. However, the construction activities are expected to halt due to supply chain disruption owing to shortage of materials and sub-contractors. The residential & non-residential sectors, have faced significant supply chain disruptions and many have stopped the projects. This is expected to hamper the demand for filament tapes from construction sector. However, in the long term, i.e. in the next few years, filament tapes are expected to witness a steady demand and the global market is expected to reach US$ 6,985.6 Mn by 2027.
Competitive Section
Key players operating in the global filament tapes market include 3M Company, Intertape Polymer Corp, Inc, Tesa Tape Inc., Canadian Technical Tape, Ltd, Saint-Gobain Performance Plastics, Krush Adhesive Tape, Inc., Sekisui TA Industries, LLC, Pro Tapes & Specialties Inc., and PPM INDUSTRIES S.P.A.
Filament tapes is a pressure sensitive tape which is used for several packaging functions such as closing corrugated fiberboard boxes, building items and reinforcing packages. It is primarily used as a packaging adhesive for sealing heavy weight boxes or materials. The tape is most often used as a closure for corrugated boxes such as a full overlap box and final panel box.
Market Dynamics
Rising packaging industry driving the global filament tape market during forecaste period. According to India Brand Equity Foundation (IBEF), India packaging industry is expected to reach US$ 204.8 billion by 2025 from US$ 50.5 billion in 2019 at 26.7% annually.
Rising production of bio-based adhesives tapes materials by the manufacturer is projected to hinder the market growth of filament because bio-based adhesives require high-capital and this could act as a challenge to the market of filament tapes. Moreover, decreasing the profitability margin of filament tapes manufacturer due to intense competition among producers for low-cost products is also protected to restraint the market growth of filament tapes over the forecast period.
North America region accounted for significant market share in the global filament tapes market owing to rising demand for high-quality sealing and tensile strength packaging during transportation. Filament tapes helps for protecting the product from UV rays and moisture is expected to serve as a driving factor to the market growth of filament tapes. These are the factors driving North America filament tapes market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
* Browse 25 market data tables* and 15 figures* on "Filament Tapes Market” - Global forecast to 2027.
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