Increasing demand for corrugated packaging boxes will significantly boost the growth in demand for filament tapes in the future, says a report
Effectiveness of packaging solutions continue to be contingent upon the type of strapping tapes or filament tapes being used for reinforcing the shape of corrugated fibreboard boxes.
Almost every other product in the world is likely to get packaged and delivered through ridged fibreboard boxes, compelling the global packaging industry leaders to increase the use of pressure-sensitive tapes for helping these boxes retain their shape during mechanical abrasion.
Filament tapes continue to be an integral part of packaging operations such as carton sealing, bundling and strapping. Future Market Insights’ analysis of the global filament tapes market indicates that the demand for single-sided filament tapes is presently higher in such packaging operations.
However, by the end of 2026, global filament tapes revenues will be equally split by single-sided as well as double-sided filament tapes, implying an upward ascent for the demand for double-sided tapes.
Future Market Insights recently published its report on the global filament tapes market which estimates that $3,340.8 million revenues were amassed through global sales of filament tapes in 2016. According to the report, the global filament tapes market is expected to register a 7.1 per cent CAGR to reach market value of $6.6 billion by the end of 2026.
Some of the report’s crucial research findings project that:
• In 2016, more than 1,100 million sq m of 24mm filament tapes were consumed globally;
• High tensile strength and UV-resistance of filament tapes is expected to procure lucrative opportunities as sealants in production of healthcare and hygiene products;
• As backing adhesives, plastic films and paper will collectively dominate the global filament tapes market by accounting for over 80 per cent revenue share by 2026-end;
• Global revenues of filament tapes manufactured with acrylic adhesives will grow at the highest CAGR - 8.4 per cent; and
• Increasing demand for corrugated packaging boxes will significantly boost the growth in demand for filament tapes in the future.
Further signifying the key challenges faced by filament tapes manufacturers across the globe, the report said that the low profit margins, coupled with strict environmental regulations are curbing the potential of companies to expand manufacturing facilities. Undulating prices of raw materials such as foam, plastic films or fabrics is further impacting the growth in production capacity of filament tapes manufacturers.
Some of the leading companies manufacturing filament tapes, profiled in this report, include, 3M Company, Tesa Tape, PPM Industries, Sekisui TA Industries, Canadian Technical Tape, Intertape Polymer Corp, Saint-Gobain Performance Plastics, Krush Adhesive Tape and Pro Tapes & Specialities.
While packaging remains to be the core end-use of filament tapes, the demand for pressure-sensitive reinforcement operations is gaining substantial traction in the automotive industry. Leading automakers are benefitting from the high tensile strength of filament tapes, which is used for welding and painting, and their ability to leave lesser residue after removing from metal surfaces of the automobiles.
In 2016, more than $500 million revenues were procured globally from selling filament tapes to automotive industries. These revenues are projected to increase at a CAGR of 10.2 per cent during the assessment period. Revenues from printing end-user industries will, however, incur a sluggish growth to reach $380 million by 2026-end.
On the basis of applications, the demand for filament tapes will be majorly accounted by carton sealing. With over 40 per cent revenue share, carton sealing will remain the dominant application of filament tapes through 2026, while combined revenues amassed from bundling, sealing and insulation application of filament tapes will account for more than 30 per cent share. The report also expects that filament tape revenues procured from Asia-Pacific excluding Japan (APEJ) will be higher than any other region, exhibiting a value share of more than 35 per cent. Throughout the forecast period, APEJ will remain a leading region in the global filament tapes market, followed by North America and Eastern Europe. These three regions together, are anticipated to bring in revenues worth nearly $5 billion by the end of 2026.