The growth of the market is governed by various factors such as growing demand from the packaging industries
Market Size – USD 532.6 Million in 2018, Market Growth – CAGR of 2.7%, Market Trends-Emergence of packaging industry for newer application
The splicing tapes market is expected to reach USD 661.7 Million by 2026, according to a new report by Reports and Data. The global splicing tapes market is principally driven by the growing demand from the paper & printing sector. Paper & printing and packaging industries are growing at a rapid pace, due to the rise in population and digitization across the globe.
Splicing tapes are utilized in tabbing and holding of lithium-ion batteries. They are used in various electronics items for color coding in the electronics industry. The growing demand for lithium-ion batteries is expected to encourage the splicing tapes market during the forecast period.
The market in North America is anticipated to witness a CAGR of 3.1% during the forecast period. The market is characterized by innovative product development and growing use of splicing tapes in the packaging sector in the region.
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Further key findings from the report suggest
- The Splicing Tapes Market is estimated to reach USD 661.7 Million by 2026, at a CAGR of 2.7% during the forecast period.
- Digitalization method has pushed the market of online shopping, which has developed a trend for packaging and labeling.
- Increasing demand for splicing tapes in the paper & printing and packaging industries is because of the expansion in population and digitalization in various parts of the globe.
- The acrylic resin accounts for the largest share of 37.7% of the market in 2018.
- The trend of Acrylic resin type is expanding owing to technological innovations in the automobile industries and electronics industries. Adhesive technology maturity is also leading to replacing functional technologies for bonding and increasing applications for specialty tapes in binding and adhering.
- The paper/tissue material segment is anticipated to grow at the highest rate of 3.2% during the forecast period.
- The paper & printing end user accounts for the largest share of 27.3% of the market in 2018.
- The paper & printing and packaging sectors are increasing with the growing population, which is one of the significant factors driving the splicing tapes market. The market in India, China, and other swiftly developing countries are expected to observe the fastest growth.
- The Asia Pacific region accounts for the largest market share of 26.3% of the market in 2018 and is expected to provide lucrative growth towards the global market, due to the presence of prominent manufacturers leading massive demand in the region.
- Various players are developing strategies to mark their presence in the industry.
- For example, Lee & Man Paper Manufacturing Ltd. announced an investment in a new packaging paper mill in October 2018, having 700,000 tons capacity in Malaysia.
- Oji Holdings Corporation built a new plant in Vietnam in March 2018 and expanded the production capacity at two of its existing box plants in Malaysia to satisfy the increasing demand for corrugated containers.
- The Key players in the Splicing Tapes Market include 3M, Avery Dennison Corporation, Nitto Denko Corporation, Scapa Group Plc, Intertape Polymer Group, Inc., Tesa SE, Shurtape Technologies, Llc, Orafol Europe Gmbh, and Adhesive Research, Inc.ECHOtape.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/splicing-tapes-market
For the purpose of this study, Reports and Data have segmented the market on the basis of Resin, Material, End User, and region:
Resin Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Material Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
End User Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Paper & Printing
Regional Outlook (Volume, Square Meters; and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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