Splice Tape Market Growth Analysis Industry
Splice Tape Market Growth Analysis, Industry Trends, Development Status and Forecast by 2028
According to the current analysis of Reports and Data, the global splice tape market was valued at USD 564.5 Million in 2020 and is expected to reach USD 667.2 Million by 2028, at a CAGR of 2.10%. The study covers splicing tapes, a sticky paper like substance used to join the end of a web or roll of a material to the beginning of a web or roll of another new material to make the manufacturing process continual which in turn prevents rethreading the new roll through the machine or press, saving valuable down time.
Rising printing and labeling industry, growth of digitization, rise in number of electronic manufacturers, significant focus of splice tape companies on development of better technology, availability of public as well private funds for research, and favorable regulatory scenario, are some of the key factors propelling market growth in the industry. However the environmental regulations related to the production of reliable paper could act as a major restraint to the market. The market in the developed countries, in regions such as Europe and North America, is expected to decline in the near future, owing to the stagnant nature of their markets. These factors may further hamper the market during the forecast period.
Digitalization of shopping has spiked the demand of packaging and labelling which propels the demand for splicing tapes. Paperboard packaging have recently been gaining consumer and producer attraction since they have been shown to be more sustainable packages instead of other packages like metal and plastic for food & beverages, manufacturing, healthcare, personal care, and other industries which is also driving the splicing tapes market.
Further key findings from the report suggest
- Splice tape market is growing at a CAGR of 2.8% in Asia Pacific followed by North America and Europe, with 2.1% and 1.9% CAGR, respectively. Rise in paper packaging and labeling is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, the acrylic resin type dominated the market accounting for 29.1% of the revenue market share and is also projected to maintain its dominance during the forecast period due to its constant technological advancements and its high adoption by industrialists
- On the basis of end use, the electronic segment is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 3.2%
- On the basis of end use, paper & packaging segment dominated the market holding 41.3% of the market share
- Asia Pacific dominates the market, expecting to account for the 43% of the market share. China is the largest manufacturer of splice tapes in the world
- The environmental regulations related to the production of repulpable paper could act as a major restraint to the market likely to hinder the market growth during the forecast period.
Top players profiled in the report include:
Tesa SE (Germany), 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), Intertape Polymer Group, Inc. (Canada), Scapa Group PLC (UK), Shurtape Technologies, PLC (US), ECHO tape (US), and Adhesive Research, Inc. (US)
By Resin Type (Revenue in USD Million; Volume in Tons, 2018-2028)
By Backing Material (Revenue in USD Million; Volume in Tons, 2018-2028)
Geographic Segment Covered in the Report:
The Splice Tape report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
North America (USA and Canada)
Europe (UK, Germany, France and the rest of Europe)
Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
Latin America (Brazil, Mexico, and the rest of Latin America)
Middle East and Africa (GCC and rest of the Middle East and Africa)
Summary of the Splice Tape Market Research Report:
- Insightful information regarding the global Splice Tape market
- Strategic recommendations for the investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Thorough SWOT analysis and Porter’s Five Forces analysis along with feasibility analysis and investment return analysis
Request customization of the report @ https://www.reportsanddata.com/sample-enquiry-form/2067
Thank you for reading our report. Customization of this report is available as per the client’s requirements. Please connect with us to know more about the report and our team will ensure you get the report tailored according to your needs.
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.