The size of the international adhesive tapes market was USD 66,634 million in 2022, and the figure is set to rise at a CAGR of 5.60% in the duration of 2022–2030 and reach USD 103,040 million by the end of this decade, as per P&S Intelligence.
This growth can be credited to the large-scale consumption of such materials for several packaging applications in industries, including e-commerce, electrical and electronics, the healthcare industry, growing research and development expenditure by industry players, technological enhancements, and the increase in advanced product launches.
The surge in the acceptance of water-based adhesive tapes is experienced in several end-use verticals, and also infrastructures. The majority of the development in the market is projected to come from India, Malaysia, and China because of the growing expenditure on railways, for the growth of fast transit systems and railway tracks, and in water distribution and sewerage projects, for the connection of larger pipes and stormwater drainage structures.
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The fast economic growth in developing countries, including India, Indonesia, and China, in past few decades, has caused a surge in per-capita income. Furthermore, with the increasing purchasing power, the standard of living is also growing, and because of the changing lifestyle, the need for packaging solutions in these countries is also rising.
This, indeed, has amplified the utilization of adhesive tapes, including packaging tapes and carton-sealing tapes, for the strapping, packaging, and bundling of items and heavy-duty cartons. As per the Flexible Packaging Association, total packaging rose by 11% between 2017–2021.
Hence, the large-scale consumption of such materials for several packaging applications in industries, including e-commerce, electrical and electronics, the healthcare industry, and growing research and development expenditure by industry players, such factors will drive the adhesive tapes industry in the future as well.