CLEVELAND, Nov. 8, 2016 /PRNewswire/ -- Demand for pressure sensitive tapes in the Asia/Pacific region is projected to increase 5.3 percent per year to 28.3 billion square meters in 2020. Growth will be boosted by continued economic expansion in much of the region, particularly in India and Indonesia, as well as China and a number of smaller countries. According to analyst Mike Richardson, " China's tape demand is expected to decelerate considerably from the nearly double-digit annual gains registered between 2005 and 2015, but it will still be among the world's fastest growing tape markets in 2020, and will remain by far the largest market." Gains in Japan will remain slow due to market maturity, below average economic growth, and population decline. However, it will continue to be one of the world's major tape markets, as well as a significant producer. These and other trends are presented in World Pressure Sensitive Tapes, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The study is available here http://www.freedoniagroup.com/industry-study/3447/world-pressure-sensitive-tapes.htmCarton sealing tapes accounted for more than 70 percent of regional tape demand in 2015. Packaged goods (such as food and beverages, as well as other nondurables) production and consumption in Asia have grown at an extraordinary pace over the last decade, as industrial activity has continued to expand and personal income levels have risen. Further gains will be fueled by continued growth in the corrugated packaging sector, which fuels demand for carton sealing tape. In addition to being a global manufacturing hub, Asian countries dominate fast growing global export markets for most electronic equipment, including for both business and personal use.