Splice Tape Market To Reach USD 644.9 Million By 2026 | Reports And Data
17 October 2019
New York, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Rise of digitalization, new product launches, improvement in technology used, increasing strategic developments such as partnerships, extensions and agreements, and favorable investment are key factors contributing to high CAGR of splice tape market during forecast period.
According to the current analysis of Reports and Data, the global splice tape market was valued at USD 536.8 Million in 2018 and is expected to reach USD 644.9 Million by year 2026, at a CAGR of 2.37%. 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.
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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.
- Key participants are 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)
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the splice tape market on the basis of by resin type, backing material, application and region:
By Resin Type (Revenue in USD Million; Volume in Tons, 2016-2026)
By Backing Material (Revenue in USD Million; Volume in Tons, 2016-2026)
By Application (Revenue in USD Million; Volume in Tons, 2016-2026)
- Paper & Printing
By Regional Outlook (Revenue in USD Million; Volume in Tons, 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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