COVID-19 has affected the global economy in three different ways, it made a fuss in supply chain and market disruption, severely affected production and demand, and by its financial impact on firms. The double coated film tapes market was severely affected due to COVID-19 pandemic as most of the end-use activity has been temporarily shut down. Most of the countries went under temporary shutdown, due to which operations of double coated film tapes related industries were negatively affected, thus hampering the growth of the market. However, the demand for food and beverages and pharmaceutical products is uprising which has boosted the market during this pandemic as per the demand.
Double Coated Film Tapes Market Segment Analysis – By Materials
Polyethylene (PE) segment held the largest share in the Double Coated Film Tapes Market in 2020. Polyethylene is a preferred material consumed by double coated film tape manufacturers to modify the physical properties of double coated film tapes. Owing to the good flexibility and low-cost factor, polyethylene is widely used in packaging industry for pharmaceutical production and food and beverages packaging. According to Open Government Data (OGD) Platform India, the total export of polyethylene in India increased from 2,05,797 metric tonne in 2018 to 4,57,416 metric tonne in 2019. Thus, owing to its wide-ranging characteristics the demand for polyethylene is increasing in various end-use industries, which in turn is likely to drive the double coated film tapes market growth during the forecast period.
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Double Coated Film Tapes Market Segment Analysis – By Application
Packaging segment held the largest share in the Double Coated Film Tapes Market in 2020 and is growing at a CAGR of 6.4% during 2021-2026. The packaging industry is a vast ecosystem that covers everything related to the major food and beverage packaging. Consumers favor packaging which involves the least time and effort to carry, open and store for instance tear notches, zippers reclosure, hang hole features, peel-off lids, and microwavable pouches. These tapes provide high initial adhesion, wider acceptance for indoor and room temperature, and effective adhesion to low surface energy substrates applications are some features that fuel the growth in the double coated film tapes market. These demands have fronted the packaging market traders to emphasis on new packaging designs to advance higher convenience and portability which in turn drives the growth of double coated film tapes in the forecast period.
Double Coated Film Tapes Market Segment Analysis – By End-Use Industry
Food and Beverages segment held the largest share in the Double Coated Film Tapes Market in 2020 and is growing at a CAGR of 5.9% during 2021-2026. Double coated film tapes help food and beverages manufacturers meet FDA government regulations as well as critical product and process issues. Double coated film tapes are food-grade adhesive tapes and the materials meets the safety FDA Regulations for direct or indirect food contact. These products are commonly used in processing, sorting, holding, packaging and transporting food and as well as pharmaceutical products. It enhances the effectiveness, productivity and efficiency of packaging operation with food grade tapes. It provides easy labeling and makes usage of ultra-violet adhesives bring exceptional aging resistance. Because of the growing need for stored food with easy marketing the double coated film tapes market is witnessing a demand from food and beverage sector.
Double Coated Film Tapes Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 30% in the Double Coated Film Tapes Market in 2020 followed by North America and Europe. Asia Pacific is likely to experience potential growth in the double coated film tapes market, mostly due to massive demand in developing economies like China and India. Due to the rising population and urbanization, the region is under constant growth in food and beverages sector. For instance Indian Food Retail market is growing at CAGR 25% in 2020. On the other hand, according to International Trade Administration Chinas food and beverage sector achieved approximately US$595 billion in 2019, 7.8% increase over 2018.
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Double Coated Film Tapes Market Drivers
Rapid growth in E-commerce sector
The demand for double coated film tapes is gaining momentum in several industries such as packaging, electrical and electronics, food and beverage, and automotive. Rapid growth of the e-commerce sector is also boosting the global double coated film tapes market. The e-commerce sector uses it for different roles such as packaging, deliveries and others. Recognized organizations and top-most enterprises are inclined on the way to online business due to reduced expenditure in communication and set-up. E-commerce bids the organization a laid-back reach for the customers, and consequently required exposure to business is also attained. Besides, due to COVID-19 pandemic, customers preference towards online shopping is rising since shops are closed. According to US Department of Commerce, the first quarter 2021 e-commerce estimate increased 39.1% from the first quarter of 2020 while total retail sales increased 16.8% in the same period. E-commerce sales in the first quarter of 2021 accounted for 13.6% of total sales. The rise in e-commerce industry will certainly boost the growth of double coated film tapes.
Demand from Construction Sector
The double coated film tapes advance various features as they are an ideal choice for sticking to rough surfaces and for surging application in the construction industry where high strength adhesion is demanded. These tapes are designed to stick two surfaces which can handle loads of thermal and movement stresses. They are likewise upright at resisting UV rays, vibration, shock and sound. Moreover, chemical and good moisture resistance properties have become main focus for many industries. Owing to the properties such as light in weight, easy process ability, stiffness, high rigidity, and sealing properties makes double coated film tapes suitable for construction uses. These properties upsurge the sales of the double coated film tape market during the forecast period.
Double Coated Film Tapes Market Challenges
Increasing price of Raw Materials may hinder the market growth
Manufacturers are functioning hard to maintain challenging market position along with the maintenance of customers by executing low-cost strategy for labels, hence compromising on their profit margins. Besides, increased raw material prices have become a critical issue for manufacturers of double coated film tapes. Rising prices of film material, adhesives resins, special paper, and printing inks, are hampering the enhancement of all the concerned businesses in the double coated film tape market.
Double Coated Film Tapes Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Double Coated Film Tapes. Major players in the Double Coated Film Tapes Market are:
Parafix Tapes & Conversions
Acquisitions/Technology Launches/ Product Launches
In 2020, Mactac launched MacBond FBR899 series tapes, a versatile line of industrial tapes offering transfer adhesive and double-coated film form with a 0.5-mil PET carrier.
Asia Pacific dominates the Double Coated Film Tapes Market owing to rapid increase in packaging and food and beverage sector. For instance, the Food Safety and Standards Authority of India (FSSAI) plans to invest around US$72.3 million to strengthen the food testing infrastructure in India.
The market drivers and restraints have been assessed to understand the business impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Double Coated Film Tapes Market and their specific segmented revenue.
Rise in demand in packaging application mainly due to high initial adhesion and wider acceptance for indoor is boosting the Double Coated Film Tapes Market.
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