Global Packaging Tapes Market is valued approximately USD $billion in 2020 and is anticipated to grow with a healthy growth rate of more than % over the forecast period 2021-2027.
Packaging tape refers to adhesive tape. Packaging tape has its application in general sealing, wrapping, enclosing, it is also used in e-commerce industry for packaging of items for handling, storage, and shipment from one place to another place. These tapes are widely used by e- commerce company for packaging of shipments. Growing E-commerce industry and rising food and beverages sector are key drivers for the growth of Packaging Tapes market.
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For instance, according to United Nations Organization- global e-commerce sales estimated at USD 26.7 trillion in 2019, an increase of 4% from the year 2018. In 2019, United Kingdom also saw a rise in online transactions, from 15.8 to 23.3 per cent. Apart from UK other countries which witnessed surge in online transaction are China (from 20.7 to 24.9 per cent), the US (11 to 14 per cent), Australia (6.3 to 9.4 per cent), Singapore (5.9 to 11.7 per cent) and Canada (3.6 to 6.2 per cent). Also, with the rising disposable income and growing E-commerce sector in emerging economies, the adoption & demand for Packaging Tapes is likely to increase the market growth during the forecast period. However, rising raw material cost impedes the growth of the market over the forecast period of 2021-2027.
The key regions considered for the global Packaging Tapes market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to presence of well-established E- commerce and packaged food & beverage industry. Whereas, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2021-2027. Factors such as increasing demand for the product from surging e-commerce industry in the region would create lucrative growth prospects for the Packaging Tapes market across Asia-Pacific region.
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Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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