The global filament tapes market was valued at US$ 4,016.7 million in 2019, according to Filament Tapes Market Report, by Filament Type (Single Sided Tapes, and Double Sided Tapes), by Backing Adhesive Type (Plastic Film, Paper, Fabric, and Foam), by Adhesive Type (Rubber Based, Acrylic Based, and Hot Melt Adhesive), by Width (12mm, 18mm, 24mm, 36mm, 48mm, 72mm, and Others), By Application (Bundling, Strapping, Carton Sealing, Sealing, and Others), By End-use (Building & Construction, Food & Beverages, Electrical & Electronics, Automotive, Healthcare & Hygiene, Printing, Metalworking, Oil & Gas, General Industrial and Consumer Goods) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global filament tapes market is expected to surpass US$ 6,985.6 million by 2027, exhibiting a CAGR of 7.1% during the forecast period (2020-2027). Expanding e-commerce around the globe is another prominent factor expected to augment the market growth of filament tapes. E-commerce is an easy and convenient way of purchasing products that are projected to boost the market of filament tapes. The booming packaging and tape industry due to expanding electronic and electrical packaging industry is another major factor propelling the market growth of filament tapes. Moreover, a growing number of supermarkets, hypermarkets, and convenience stores are compelling the manufacture to provide high-quality products during transportation. Hence, these are the factors expected to boost the market growth of filament tapes.
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Browse 25 market data tables* and 15 figures* on "Filament Tapes Market” - Global Forecast to 2027.
Key Trends and Analysis of the Filament Tapes Market:
- Among regions, Asia Pacific accounted for a significant market share in 2019. Rapidly shifting of production of filament tapes from North America and Europe to the Asia Pacific region is a major trend that has been observed in the market. With more than 35% share of the global market, the Asia Pacific filament tape market is growing more dynamically than its economy. Hence this factor is projected to boost the market growth of filament tape over the forecast period. Growing industrialization in the regions and rising need of manufacturers to enhance the manufacturing facility is expected to serve as a major growth opportunity to the market of filament tape.
- Growing focuses of major players on strategic mergers and acquisitions with other local and regional players in order to increase their product offerings, expand their global footprint and also to minimize operational costs are projected to add immense growth opportunity to the market growth of filament tapes. For instance, in 2015, Intertape Polymer Corp.Inc., invested US$ 27 Mn to acquire RJM Manufacturing, Inc. (TaraTape) and Better Packages, Inc. The acquisition is projected to enhance its product offerings in filament tape and strengthen its water-activated tapes portfolio for the growing electronics market.
Key Takeaways of the Market:
- Among backing adhesive tapes, plastic film segment held largest revenue share of 43.3% in the global filament tapes market in 2019. This attributed to easy availability of plastic at low cost.
- A growing number of partnerships among manufacturers is another major factor that is expected to add enormous growth opportunity to the market of filament tapes. For instance, in August 2019, Toray Advanced Composites (Morgan Hill, Calif., U.S.) and BASF (Wyandotte, Mich., U.S.) have signed a manufacturing and supply agreement focused on the production of continuous fiber-reinforced thermoplastic tapes for the automotive and industrial markets. Toray Advanced Composites produces glass fiber- or carbon fiber-reinforced tapes using BASF’s Ultramid PA6 (polyamide) engineering thermoplastics.
- Major 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..
Global Filament Tapes Market - Impact of Coronavirus (Covid-19) Pandemic
- The COVID-19 pandemic has changed the buying pattern of consumers. Measures such as nationwide lockdown have led panic buying of food and hygiene products. Coherent Market Insights (CMI) have analyzed and estimated changed in the delivery of the products through e-commerce channel. An increase in the orders for medical supplies, household essentials, and food products as compared to the pre-Covid scenario is a major change across category of products on this distribution channel. Carrefour S.A., a retailer, reported 32% increase in the online business in the first two weeks of March 2020 as compared to the same period of the previous month. Amazon Inc. reported 26.6% increase in net revenue in the first quarter of 2020 as compared to first quarter of 2019. All this change and optimistic growth has positively resulted in rising demand for corrugated boxes, cartons, and other packaging products. The risk of interacting with a potential Covid-19 carrier is expected to be one of the major factors, which is expected to continue boosting the sales of essentials and non-essentials, through e-commerce channels, for next 5-8 months, as against the brick and mortal business model. This is expected to increase the demand for filament tapes over the forecast period.