Pressure-sensitive tapes and labels market growing at 6.5% CAGR to reach USD 150 billion by 2024

According to the report, while tapes are extensively used in the packaging of food and beverage products, increasing consumer demand for displaying key information about products content and nature has led to a high demand for labels.

The steady demand for packaged food products in the US and other mature markets in Europe will also boost product market growth during the forecast timeframe. Lifestyle changes, long working hours, and ease of consumption has led to the increasing demand for packaged food products not only in developed countries but in emerging economies as well. This will contribute to the pressure-sensitive tapes and labels market development.

Growth in the US manufacturing sector will also supplement the product market growth in the forecast timeframe. The US manufacturing sector has revived from the 2008 economic slowdown and was valued above USD 2 trillion in 2016. Pressure-sensitive tapes and labels market are used in a wide range of manufacturing industries, including automotive, aerospace, heavy machinery, electronics, etc. Most of these products are used for bonding and masking operations during the manufacturing process and increasing manufacturing operations in the US and around the world will boost pressure sensitive tapes and labels market demand.

Based on backing material, pressure-sensitive tapes and labels market is categorised into polyvinyl chloride, cloth, paper, polypropylene, and others. Paper is an important segment which will account for more than a fifth of the market size in 2024. Paper backing materials are extensively used for labels. They are also used for tapes which are used for masking applications. The increasing labels demand along with the lower costs of paper will favour this segment’s development in the study period.

The pressure sensitive tapes and labels market is categorised, on the basis of adhesion type, as single sided, adhesive transfer, and double-sided. Double-sided products have adhesive applied on both the sides of the support material. The release liners are coated on both the sides with release agents for creating a differential release. The adhesives on both the sides of the backing material may be of different chemistries or thickness. This pressure sensitive tapes and labels market segment will experience high growth by around 8% CAGR during the forecast time span.

Labels product segment is likely to generate revenues of over 45 billion by 2024. The product has become an essential part of any item that is sold in retail. It contains data about the nutritional value of food items, price, date of manufacturing & expiration, etc.

Food & beverage is a key end-user industry in the pressure-sensitive tapes and labels market. The products are used in the labelling and packaging of food products. High growth in the packaged food industry in developing countries of Asia Pacific, along with steady food and beverage demand from saturated markets in developed countries will drive demand for pressure sensitive tapes and labels market till 2024. Automotive and transportation end-user segment will gain by close to 6% CAGR in the forecast timeframe.

North America is a major pressure-sensitive tapes and labels market owing to its large packaging and food and beverage industry. A large manufacturing sector is also a principal reason behind North America’s large market size which is likely to surpass USD 35 billion by 2024. Latin America market will exhibit growths of more than 6.5% CAGR and will turn into a key pressure-sensitive tapes and labels market till the end of the study period. High growth in the Mexican automotive and general manufacturing industries along with high demand for packaging materials in South American countries such as Brazil, Argentina, and Chile will favour the region’s pressure-sensitive tapes and labels market development in the forecast timeframe.

Major manufacturers in the pressure-sensitive tapes and labels market include 3M, Avery Dennison, Scapa Group, American Biltrite, Berry Global, DeWAL, LINTEC Corporation, CCL Industries, MACtac, Constantia Flexibles, Gaska Tape, Inland, UPM Raflatac, Fuji Seal International, and Coveris.

For details on the review please visit Global Market Insights website. https://www.gminsights.com/industry-analysis/pressure-sensitive-tapes-and-labels-market