Segmentation By Adhesive (Natural Rubber and Synthetic rubber); By Material (Polyester, Polypropylene, Polyethylene and Others); By End-User (Electronics, Kitchen appliances, Food & Beverages, Automotive, Furniture and Oil & Gas) - Global Demand Analysis & Opportunity Outlook 2027
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Our in-depth analysis segmented the global strapping tapes market in the following segments:
Global strapping tapes market is further classified on the basis of region as follows:
The increasing demand for the better packaging materials coupled with the rising innovation in the field of strapping tapes is anticipated to boost the growth of the global strapping tapes market during the forecast period.The global strapping tapes market can be segmented on the basis of adhesive, material, end-user and region. On the adhesive, it is sub-segmented into natural rubber and synthetic rubber. Natural rubber is anticipated to be major sub-segment during the forecast period. The cost effective property of the natural rubber coupled with high tensile strength is anticipated to be the major reason fostering the growth of the sub-segment during the forecast period. On the basis of material, it is sub-segmented into polyester, polypropylene, polyethylene and others. Polyethylene sub-segment is anticipated to be the major sub-segment during the forecast period. The various properties of the polyethylene such as high flexibility, durability and tear resistant is anticipated to be the major reason for the growth of the sub-segment during the forecast period. On the basis of end-user, it is sub-segmented into electronics, kitchen appliances, food & beverages, automotive, furniture and oil & gas.
“3M Company produces the ideal strapping tapes which has enforcements of tensilized polypropylene and also has variety of tensile strength and adhesives types”
By region, global strapping tapes market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is anticipated to hold the largest market share for the global strapping tapes market during the forecast period. The increasing industrialization in the region leads to the expansion of the industries such as food & beverages, automotive and electronics. This is anticipated to boost the growth of the global strapping tapes market in the region. Additionally, low cost of manufacturing and labor in the region is also another reason for the growth of the global strapping tapes market in the region. North America is anticipated to showcase substantial growth for the global strapping tapes market. The high disposable income of the population in the region is increasing spending of the population towards luxurious and aesthetic packaging materials. This is anticipated to boost the growth of the global strapping tapes market. For instance, according to U.S. Bureau of Labor Statistics the total average income of the people of US in USD 73,573 in which USD 7,729 is spent towards food and beverage in 2017.
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The increasing expansion of the automotive industry across the globe is anticipated to be the major reason driving the growth of the global strapping tapes market during the forecast period. The various properties of the strapping tapes such as suitability and multi functionality is anticipated to be major factor supporting the growth of the global strapping tapes market during the forecast period. Additionally, the increasing application of the strapping tapes for wrapping of the sports equipment is anticipated to further drive the global strapping tapes market.
The high cost of the strapping tapes coupled with the development of the alternative products is anticipated to restrain the growth of the global strapping tapes market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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