Pressure Sensitive Tapes/Labels Market to Hit $150 Billon by 2024
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The Pressure Sensitive Tapes and Labels Market is expected to exceed $150 billion by 2024, according to a new research report by Global Market Insights, Selbyville, Del., USA. High growth in the food and beverage industry in emerging economies such as Brazil, India, Argentina, and China will drive pressure sensitive tapes and labels market demand until 2024.
Tapes are extensively used in the packaging of food and beverage products. Increasing consumer demand for displaying key information about products content and nature has also led to a high demand for labels. Steady demand for packaged food products in the U.S. and other mature markets in Europe will also boost product market growth during the forecast timeframe. Lifestyle changes, long working hours, and ease of consumption has led to the increasing demand for packaged food products not only in developed countries, but in emerging economies as well. This will contribute to the pressure sensitive tapes and labels market development during the study period.
Stable growth in the U.S. manufacturing sector will also supplement the product market growth in the forecast timeframe. The U.S. manufacturing sector has revived from the 2008 economic slowdown and was valued above $2 trillion in 2016. Pressure sensitive tapes and labels are used in a wide range of manufacturing industries, including automotive, aerospace, heavy machinery, electronics, etc. Most of these products are used for bonding and masking operations during the manufacturing process and increasing manufacturing operations in the U.S. and around the world will boost pressure sensitive tapes and labels market demand.
Based on backing material, the pressure sensitive tapes and labels market is categorized into polyvinyl chloride, cloth, paper, polypropylene, and others. Paper is an important segment which will account for more than a fifth of the market size in 2024. Paper backing materials are extensively used for labels. They are also used for tapes, which are used for masking applications. The increasing labels demand along with the lower costs of paper will favor this segment's development in the study period.
The pressure sensitive tapes and labels market is categorized, on the basis of adhesion type, as single sided, adhesive transfer, and double sided. Double sided products have adhesive applied on both sides of the support material. The release liners are coated on both the sides with release agents for creating a differential release. The adhesives on both the sides of the backing material may be of different chemistries or thickness. This pressure sensitive tapes and labels market segment will experience high growth by around 8% CAGR during the forecast timespan.
Browse key industry insights spread across 260 pages with 332 market data tables and 27 figures and charts from the report.
Major manufacturers in the pressure sensitive tapes & labels market include 3M, Avery Dennison Corp., Scapa Group, American Biltrite, Berry Global, DeWAL, LINTEC Corp., CCL Industries, MACtac, Constantia Flexibles, Gaska Tape, Inland, UPM Raflatac, Fuji Seal International, and COVERIS.
