The packing tape market is supposed to heighten at a CAGR of 4.8%, from USD 21.8 billion out of 2022 to USD 34.9 billion through 2032.
Owing to the lack of transportation and the scarcity of raw resources, expansion of the packing tape market has been hampered. Even for the E-Commerce sectors, transportation was not an option. The packing tape market share has also slowed as a result of this.
The packing tape market is expected to grow at a sluggish pace, with a CAGR of 2.3% from 2015 to 2021 rising to 4.8% during the forecast period. One of the key aspects that contribute to the packing tape market statistics is the rapid rise in economic growth in the purchasing of products from the E-Commerce platform.
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One of the primary factors driving the growth of the packing tape market is the use of packaging products in the food and beverage industry. In addition, the expansion of the vehicle industry stimulates demand for packing tapes.
Furthermore, the fluctuation in the cost of raw materials for manufacturing during the pandemic is one of the key reasons impeding the packing tape market analysis. As the packing tape business continues to increase, people are beginning to think more about tapes. As a result, manufacturing companies must enhance their technological skills.
With the slow rise of the packing industries in recent days, the demand for the packing tape is consistent and steady. The adoption of packing tapes in food and beverage items, automotive industries, and E-Commerce industries has contributed to this recent growth.
In the following years, the Asia-Pacific market for packing tape is predicted to grow at the fastest rate. China and India are predicted to have the fastest market growth in the Asia-Pacific region.
Major key players in the packing tape market are Ethicon, Medtronic, Intuitive Surgical, Apollo Endosurgery, ReShape Life Sciences, contributing to the packing tape market share.
To extend their influence in the packing tape market trends, these vendors have used a variety of organic and inorganic growth tactics.
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How COVID-19 Impacts The Packing Tape Market?
There are several significant changes that will occur as a result of the COVID-19 pandemic spread in the year 2020. The pandemic’s propagation has had a significant influence on several industries. The pandemic’s emergence has had an effect on the growth of the packing tapes market share.
Owing to the lack of transportation and the scarcity of raw resources, expansion of the packing tape market has been hampered. Even for the E-Commerce sectors, transportation was not an option.
The packing tape market share has also slowed as a result of this. The packing tape market is expected to grow at a sluggish pace, with a CAGR of 2.3 percent from 2015 to 2021, rising to 4.8 percent during the forecast period.
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