Pressure Sensitive Tapes and Labels Market to Reach US$ 170.85 Billion by 2033, Fueled by Amplified Growth in Packaging Industry

Posted on 2024-03-18 by Future Market Insights in Advertising, Retail // 0 Comments

The pressure-sensitive tapes and labels market witnessed robust growth in 2022, generating total revenue of US$ 90 billion. Anticipated to rise at a healthy compound annual growth rate (CAGR) of 6% over the forecast period, the market is projected to attain a market revenue of US$ 170.85 billion by 2033. This growth is underpinned by the amplified growth in the packaging industry, driven by surging demand from the food packaging sector and e-commerce goods.

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Key Elements Driving Market Development:

Surging E-commerce Sector: The deepening penetration of the e-commerce sector, along with increased online deliveries of household appliances and consumer goods in flexible packages and corrugated boxes, is catalyzing the demand for pressure sensitive tapes and labels.
Wide Application Spectrum: Pressure sensitive tapes and labels find extensive applications across various end-user sectors such as construction, food and beverages, electronic goods, healthcare, and general manufacturing, contributing to product sales.
Demand for Rigid and Flexible Packaging: Significant demand for both rigid and flexible packaging is expected to propel the market growth of pressure sensitive tapes and labels.
Urbanization and Rising Disposable Income: Accelerating urban population, coupled with rising per capita income, is creating solid ground for market growth as consumers with increased disposable income engage in shopping activities.
Growth of Food and Beverage Sector: The dynamic growth of the food and beverage sector, driven by modern lifestyles, swift urbanization, and rising demand for hygienic and packaged food, is contributing to the upward growth trajectory of the market.
Popularity of Polypropylene-based Materials: The popularization of polypropylene-based materials, known for their excellent physical, mechanical, and chemical properties, is expected to boost the sales of pressure sensitive tapes and labels.
Expanding Application Spectrum: The ever-expanding application spectrum of pressure sensitive tapes and labels is positively impacting the market scope, leading to increased adoption across various industries.
Use of Pressure Sensitive Adhesives (PSA): The use of PSA tapes and labels as a solution for joining and fastening, driven by advancements in adhesive technology and relatively low cost compared to traditional fastening systems, further contributes to market growth.

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Key Highlights:

China market is expanding at a significant pace, in terms of CAGR, over the forecast period. The huge potential of the packaging industry in the country is elevating the market expansion. Additionally, the robustly growing healthcare infrastructure is projected to augment market development.
The market growth in the United States can be attributed to the proliferating packaging and food and beverage industry in the country. Such developments in the market are a result of convenience, evolving consumer preferences, and improved lifestyles.
The United Kingdom pressure sensitive tapes and labels market is being aided by the growing preference for tapes as opposed to adhesives. Additionally, the growing concern for health and wellness has also propelled the demand for packaged food products, thus supporting the regional market.

New Market Developments Stirring the Competition Landscape

In May 2022, Amcor officially announced the extension of its Sligo, an Ireland-based healthcare packaging facility to serve North American and European customers. Such initiatives are projected to spread the general manufacturing of PSA labels and tapes for healthcare packaging applications.
In June 2017, AVERY DENNISON CORPORATION acquired Yongle Tape Company Ltd. (China), which is a manufacturer of specialty tapes and associated products in the industrial sector. With this acquisition, the company widened the product portfolio of the Healthcare and Industrial Materials business division of AVERY DENNISON CORPORATION.

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By Backing Material:

Polypropylene
PVC
Paper
Cloth
Others

By Adhesion:

Single Sided
Double Sided
Adhesive Transfer

By Product:

Tapes
Labels
- Linered
  - Barcode
  - Others
- Linerless
  - Barcode
  - Others

By End User:

Food and beverage
Healthcare
Logistics

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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