Increased Usage of Printed Tapes Driving Growth
The global printed tapes market is expected to reach $39.79 billion by 2025.
The global printed tapes market is expected to reach $39.79 billion by 2025, according to a new report by Grand View Research Inc. Growing usage of the tapes for branding and marketing purposes is expected to bolster growth over the forecast period.
The demand for printed tapes is expected to witness significant growth on account of the growing demand in food and beverage, for branding and promoting new products, and for increasing consumer awareness. In addition, the growing use of printed tapes in road marking and hazard safety application is expected to have a positive impact on the market.
According to the report, polypropylene accounted for the largest revenue share in 2016, with 45% of the overall revenue share. High strength, clarity, moisture, chemical and heat resistance offered by the material is expected to augment the use of the polymer for printing over the next eight years.
The report also suggests that digital printing is expected to be fastest growing technology with a compound annual growth rate (CAGR) of around 7%. Cost effective solutions coupled with improved printing quality offered by the technology is expected to drive the digital printing technology market.
In 2016 hot-melt carton sealing tapes accounted for the largest revenue share with 47% of the overall revenue share, and food and beverage technology accounted for 43%, and is expected to continue its domination over the next eight years. Reportedly, the growing use printed tapes in branding and promotional activities in the industry is expected to drive demand.
For more information, visit www.grandviewresearch.com.