The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Splicing Tapes Market.
It was estimated prior to this unanticipated outbreak that the Splicing Tapes Market was expected to grow at a CAGR of 2.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Splicing tapes are used to join the end of a web of material to the beginning of a new web, or roll of material, making a manufacturing process continual. This helps eschew valuable down time rethreading the new roll through the machine or press. There is a high demand for splicing tapes in the paper & printing and packaging industries owing to the increase in population and digitalization trends across the globe. Packaging and labeling industry, a major application area of splicing tapes is creating huge opportunities in the market, owing to increase in online shopping trends, which is in turn, propelled by high digitalization. Paperboard packaging is gaining consumer’s diversion due to their effective solutions in food & beverages, healthcare, manufacturing, personal care, and other industries which is another factor driving the splicing tapes market.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the backing material type, the market is segmented as paper/tissue, PET/polyester, non-woven, and others. The paper/tissue segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. These relatively thin and smooth splicing tapes are suitable for paper & printing application. The paper/tissue properties depend majorly on the raw material quality. The demand for raw material also depends on duration and area of application of the splicing tape.
Based on the application type, the market is segmented as paper & printing, electronics, packaging, labeling, and others. The paper & printing segment dominates the market, and the tapes used in this application can be single-sided or double-sided and re-pulpable and non-repulpable. Splicing tapes are used for flexographic printing, end tabbing, permanent overlapped splices, paper for packaging application, and others. Splicing tapes’ main application is in the paper industry, where they are used during production of paper.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing splicing tapes market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The paper & printing and packaging sectors are growing rapidly in tandem with the rising population, which is a major factor driving the region’s market. Currently, China is one of the largest pulps and paper product manufacturers in the world, and the Chinese manufacturers are creating a highly competitive environment for international trade of paper products by consistently investing in the latest paper manufacturing infrastructure. Manufacturers in the country use numerous advanced technologies and machinery in order to come up with the end products of splicing tapes using different backing materials. The more developed markets such as the US, Germany, Japan, and the UK, are likely to witness staggering growth during the forecast period.
Some of the major splicing tape manufacturers are-