The filament tapes market has grown significantly in recent years, and it will expand from $4.63 billion in 2023 to $4.95 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.9%. This growth is attributed to the rise of the packaging industry, post-war industrialization, the shift to plastic packaging, e-commerce growth, and the increasing use of filament tapes for securing heavy goods.
The filament tapes market is expected to grow to $6.56 billion by 2028, with a CAGR of 7.3%. The growth is driven by the increasing preference for lightweight packaging materials, a rise in packaged goods, demand for eco-friendly packaging, and growing industrial activities. Trends include enhanced adhesive technologies, AI-driven smart solutions, and innovations in manufacturing processes.
Major Driver In The Filament Tapes Market
The increasing demand for high-performance packaging is likely to boost the filament tapes market. High-performance packaging is designed for superior product protection and functionality, driven by consumer expectations for safety and sustainability. Filament tapes are favored in high-performance packaging for their strong adhesive properties and durability. According to Dezan Shira & Associates in June 2024, plastic packaging in Vietnam is expected to grow from 10.07 million tons in 2023 to 15.09 million tons by 2028, highlighting the increasing demand for effective packaging solutions that drive filament tape market growth.
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Filament Tapes Market Competitive Landscape
3M Company, Berry Global Inc., Crown Packaging Corp., Nitto Denko Corporation, H.B. Fuller Company, Tesa Tape Inc., Scapa Group plc, Shurtape Technologies LLC, Viraj Industries Limited, Advance Tapes International, Adhesive Applications Inc., Canadian Technical Tape Ltd., Guangzhou Weasy Adhesive Products Co. Ltd., Justia Inc., Ajit Industries Private Limited, Avon Packaging Limited., Nippon Industries Co. Ltd., Shaktiman Packaging Private Limited, Euro Tapes Private Limited, Paragon Tapes Ltd., PPI Adhesive Products, Cosmos Tapes and Labels Private Limited, Wingtai Tape Inc., AVR Industries Private Limited, Saint-Gobain Performance Plastics Corporation
Key Filament Tapes Market Trend
Companies in the filament tapes market are focused on creating eco-friendly solutions like biobased and solvent-free adhesives to reduce environmental impact and meet rising consumer demand for sustainable products. Biobased and solvent-free adhesives, made from renewable resources and free from harmful chemicals, offer a sustainable bonding solution. For example, in June 2023, Lohmann GmbH & Co. KG, a Germany-based manufacturer, launched the DuploCOLL ECO adhesive tape portfolio, featuring biobased, solvent-free adhesives. The tapes, produced using Lohmann’s 100% solvent-free TwinMelt technology, are energy-efficient, reduce CO2 emissions, and support the circular economy, while offering reliable adhesion for various substrates, including recycled materials.
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Global Filament Tapes Market Segmentation
The filament tapes market covered in this report is segmented –
1) By Type: Single Sided Tapes, Double Sided Tapes
2) By Adhesive Type: Rubber Based, Hot Melt Adhesive, Acrylic Based, Other Adhesive Types
3) By Material: Paper, Foam, Fabric, Polyester, Mesh Fiber Glass, Other Materials
4) By Application: Bundling, Strapping, Insulation, Carton Sealing, Sealing, Other Applications
5) By End Use: Shipping And Logistics, Building And Construction, Food And Beverages, Electrical And Electronics, Automotive, Healthcare And Hygiene, Printing, Metalworking, Oil And Gas, Other End Uses
By Geography:The regions covered in the filament tapes market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the filament tapes market in 2023.
The Filament Tapes Global Market Report 2024 furnishes information about the global filament tapes market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
