Market Analysis
The packaging tape custom printing market will grow at a 6.2% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Printing on packaging tapes are used for advertising or promoting the name of the company on the packaging tape. They help in highlighting the company’s name and logo and also allow ease of identification and stock handling. Packaging tape printing also makes the product or merchandise aesthetically appealing and results in instant and easy recognition of the packaged product. Such tapes have high marketing potential, guarantee product distinction, allow easy product differentiation, and ensure the packaged product is easily recognizable.
Various factors are fuelling the global packaging tape printing market growth. As per the recent MRFR market estimates, such factors include the growing need for aesthetic looks & innovative printing styles to print packaging tapes, growth in the packaging printing industry, the growing need for securely packed products, the increased reliance on e-commerce activities, and the development of printing technologies. The additional factors adding market growth include the rising adoption of printing technology on packing tapes by brand owners, growing need for innovative printing styles to print packaging tapes, growing need for aesthetic apparel, booming packaging printing industry, growing need for product differentiation, and technological advances.
On the flip side, fluctuations in raw material costs, evaporation of ink, easy contamination, and rising printing costs are factors that may impede the global packaging tape printing market growth over the forecast period.
COVID-19 Analysis
The global packaging tape printing market is likely to have a moderate decrease in its growth in 2020-2021 as the market and packaging for construction, luxury goods, and chemicals among others will experience a decline in its demand following the government imposed lockdown across the globe. But there will be a rise in demand for packaging tape printing solutions for pharmaceutical and food and beverage applications during COVID-19 pandemic.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global packaging tape printing market based on printing ink, material, and product.
By product, the global packaging tape printing market is segmented into acrylic and hot melt.
By material, the global packaging tape printing market is segmented into polypropylene, PVC, and others.
By product, the global packaging tape printing market is segmented into acrylic and hot melt.
By printing ink, the global packaging tape printing market is segmented into water-based and UV-curable. Of these, the water-based segment will lead the market over the forecast period.
Regional Analysis
By region, the global packaging tape printing market covers the recent packaging tape printing market trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will have the lions share in the market over the forecast period. China being a top supplier and manufacturer of printing materials and equipment is adding to the global packaging tape printing market growth in the region.
In North America, the global packaging tape printing market is predicted to have the second-largest share over the forecast period and that in Europe is predicted to have a promising growth.
In RoW, the global packaging tape printing market is predicted to have sound growth over the forecast period. Turkey holds the utmost market share.
Key Players
The eminent players profiled in the global packaging tape printing market report include Cenveo, Inc. (U.S.), WS Packaging Group (U.S.), FLEXcon Company, Inc. (U.S.), Canon U.S.A., Inc. (U.S.), RR Donnelley & Sons (U.S.), SIAT S.p.A (Italy), Xerox Corporation (U.S.), E.I. du Pont de Nemours and Company (U.S.), Hewlett-Packard Development Company, L.P. (U.S.), and Quad/Graphics Inc. (U.S.), among others.
The packaging tape printing market is fragmented and competitive with the presence of multiple domestic and international industry players. These players have used assorted strategies to stay at the forefront and also cater to the surging needs of the esteemed customers, such as collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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