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Splice Tape Market Size is Projected to Attain USD 667.2 Million By 2028

According to the current analysis of Reports and Data, the global splice tape market was valued at USD 564.5 Million in 2020 and is expected to reach USD 667.2 Million by 2028, at a CAGR of 2.10%. The study covers splicing tapes, a sticky paper like substance used to join the end of a web or roll…

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According to the current analysis of Reports and Data, the global splice tape market was valued at USD 564.5 Million in 2020 and is expected to reach USD 667.2 Million by 2028, at a CAGR of 2.10%. 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.

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.

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Key participants are include:

  • Tesa SE (Germany)
  • 3M Company (US)
  • Nitto Denko Corporation (Japan)
  • Avery Dennison Corporation (US)
  • Intertape Polymer Group
  • (Canada)
  • Scapa Group PLC (UK)
  • Shurtape Technologies
  • PLC (US)
  • ECHO tape (US)
  • Adhesive Research

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.

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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, 2018-2028)

  • Acrylic
  • Rubber
  • Silicone
  • Others

By Backing Material (Revenue in  USD Million; Volume in Tons, 2018-2028)

  • Paper/Tissue
  • Pet/Polyester
  • Non-Woven
  • Others

By Application (Revenue in  USD Million; Volume in Tons, 2018-2028)

  • Paper & Printing
  • Electronics
  • Packaging
  • Labeling
  • Others

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 Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • MEA
  • Latin America

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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The post Splice Tape Market Size is Projected to Attain USD 667.2 Million By 2028 first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.

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