CLEVELAND, July 28, 2021 /PRNewswire/ -- While the COVID-19 pandemic caused a surge in e-commerce orders - and accelerated an ongoing shift from brick-and-mortar retail - a new Freedonia Group analysis finds the $13 billion global packaging and shipping tape industry experienced moderate demand declines in 2020:
- The temporary closure of many manufacturing facilities as "nonessential" business limited business-to-business shipping - the biggest consumer of tapes in this market - resulting in demand declines.
- While the implementation of stay-at-home orders encouraged consumers to shop for food, beverages, and other necessities online - boosting tape use in shipping - the growing use of water-activated tape for e-commerce, most notably in high-income countries in North America and Western Europe, offset greater demand.
Demand is expected to rebound at a healthy rate in 2021 as manufacturing activity rises over the course of the year. Gains will also be supported by ongoing growth in e-commerce, as personal spending rebounds.
Global Packaging & Shipping Tape Demand to Approach 40 Billion Square Meters in 2025
The Freedonia Group forecasts demand for packaging and shipping tape to expand 3.4% per year to 37.5 billion square meters in 2025. Rapid growth in e-commerce will remain one of the most important factors impacting the market, as formerly brick-and-mortar purchases are being made online for delivery, requiring additional packaging that utilizes tape.
However, trends in manufacturing and consumer goods continue to govern the market, including:
- increasing demand for consumer goods - commonly packaged in corrugated boxes at the wholesale level - in low-income countries experiencing growth in personal incomes
- growth in manufacturing activity worldwide
Want to Learn More?
Global Packaging & Shipping Tapes is now available from the Freedonia Group. This study analyzes the global market for pressure sensitive tapes used in packaging and shipping applications. Historical data are provided for 2010, 2015, and 2020, with forecasts for 2025 and 2030.
- carton sealing tape
- masking tape
- double-sided tape
- duct tape
- foil tape
- surface protection tapes
- strapping and bundling tape
About the Freedonia Group- The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group