The global printed tapes market is expected to reach USD 39.79 billion by 2025, according to a new report by Grand View Research, Inc. Growing utilization of the tapes for branding and marketing purposes is expected to bolster growth over the forecast period.
The demand for printed tapes is expected to witness significant growth on account of the growing demand in food & beverage and for branding and promoting new products and for increasing consumer awareness. In addition, the growing use of printed tapes in road marking & hazard safety application is expected to have a positive impact on the market.
The growing use of various taping materials including polypropylene and polyvinyl chloride (PVC) coupled with availability of different types of adhesives to suit specific application needs is expected to have a positive impact on the industry over the next eight years. In addition, increasing used of different types of printing inks is expected to aid the market growth.
The use these tapes for packaging application aids in classifying the products during transit. Furthermore, the use of various printing technologies has assisted in multicolor printing on the tapes, which in turn has bolstered the use of the product in transportation and logistics and hazard safety applications.
Further key findings from the report suggest:
• Polypropylene accounted for the largest revenue share in 2016 with 45% of the overall revenue share. High strength, clarity, moisture, chemical & heat resistance offered by the material is expected to augment the use of the polymer for printing over the next eight years.
• Digital printing is expected to be fastest growing technology with a CAGR of around 7.0%. Cost effective solutions coupled with improved printing quality offered by the technology is expected to drive the digital printing technology market.
• UV curable ink is expected to witness substantial growth over the next eight years. Ease in printing coupled with rapid curing nature of the inks is expected to be the key aspect for increasing adoption of UV inks for printing applications over the forecast period.
• Hot melt carton sealing tapes accounted for the largest revenue share in 2016 with 47% of the overall revenue share. Increasing use in industrial as well as packaging applications is expected to have a positive impact on the demand for hot melt carton sealing tapes.
• Food & beverage technology accounted for the 43% of the revenue share in 2016 and is expected to continue its domination over the next eight years. The growing use printed tapes in branding and promotional activities in the industry is expected to drive demand.
• Asia Pacific accounted for 45% of the revenue share in 2016. High growth opportunities in China and India coupled with increasing import-export activities in the region is expected to drive the demand over the projected period.
• 3M, Le Mark Group, Kilby Packaging and Bron tapes are expected to be the major players in the industry. Different printing technologies coupled with technical services provided by the printers are the two major strategies adopted by the key players in the market.