Filament Tapes Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Is the filament tapes market growing? The data proves it's true. In recent times, the size of the filament tapes market has seen significant growth. In fact, from $4.63 billion in 2023, it's expected to grow to $4.95 billion in 2024, achieving a compound annual growth rate CAGR of 6.9%. One would naturally ask – what's driving the market? The rise of the packaging industry, an increasing post-war industrialization, the shift to plastic packaging, the surge of e-commerce, and an uptick in applications for securing heavy goods all attribute to the growth during the historical period.
What's the projected filament tapes market size for the future?
Based on reliable data, we expect even stronger growth in the next few years. The filament tapes market size is on track to reach $6.56 billion by 2028, maintaining a CAGR of 7.3%. Various factors, such as the increased preference for lightweight packaging materials, rise in packaged goods, growing focus on environment-friendly packaging solutions, expanding use in healthcare sector, and upscaling of industrial activities underline the growth projection. Moreover, the forecast period is likely to observe significant trends including enhanced adhesive technologies, integrated smart technologies, innovations in manufacturing processes, automation in application, and improvements in online marketing strategies.
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What is propelling the filament tapes market growth?
The growing demand for high-performance packaging solutions is anticipated to be a major propellant for the growth of the market. These innovative packaging solutions are engineered to offer superior product safety, high durability, and increased functionality. Consumers' expectations for product safety and sustainability are soaring, regulatory standards across industries are tightening, triggering a rise in demand for high-performance packaging, and in turn, driving the growth of the filament tapes market. Filament tapes, attributable to their strong adhesive properties and reinforced fibers — which provide excellent tensile strength and durability — fit the bill perfectly for high-performance packaging. For example, per Dezan Shira & Associates, a reputed China-based professional services firm, it's expected that plastic packaging in Vietnam will grow from 10.07 million tons in 2023 to 15.09 million tons by 2028.
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What are the industry trends and who are the key players?
Adhesive tape industry leaders are actively working on developing innovative, sustainable solutions like biobased and solvent-free adhesives to reduce environmental impact and match the growing consumer demand. For instance, in June 2023, Lohmann GmbH & Co. KG, a Germany-based manufacturer of adhesive tape systems, launched the DuploCOLL ECO adhesive tape portfolio, featuring biobased and solvent-free adhesives designed to enhance sustainability in adhesive applications. These innovative tapes, produced using Lohmann's 100% solvent-free TwinMelt technology, support circular economy initiatives and offer dependable adhesion to diverse substrates, including recycled materials.
How is the global filament tapes market segmented?
The filament tapes market, as covered in this report, is segmented as follows –
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.
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