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Growth in demand for splicing tapes in paper & printing application is driving the market.
The splicing tapes s market size is projected to grow from USD 527 million in 2018 to USD 593 million by 2023, at a CAGR of 2.37% during the forecast period.
The growth of the market is primarily due to the increasing use of splicing tapes in paper & printing production. APAC accounts for the major share of the overall splicing tapes market due to the increase in demand for printing and writing papers and packaging applications. However, the environmental regulations related to the production of repulpable paper could act as a major restraint to the market. The market in the developed countries, in regions such as Europe and North America, is expected to decline in the near future, owing to the stagnant nature of their markets.
Growth in the demand for paper/tissue backing material from paper & printing applications is expected to fuel the demand for splicing tapes.
Paper/tissue is the most popular backing material used in the manufacturing of splicing tapes because they are easily available, flexible, and offer a high degree of printability. Also, paper/ tissue backing type comes with many attractive features such as UV resistance, repulpability, liner less, and others. Also, paper/tissue can be recycled easily as compared to other backing materials used in splicing tapes.
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Electronics is expected to be the fastest-growing application during the forecast period.
The splicing tapes are used in tabbing and holding lithium-ion battery and also used in different electronics items for color coding in the electronics industry. The increasing demand for lithium-ion batteries will trigger the splicing tapes market growth during the forecast period. Lithium-ion batteries are gaining prominence as one of the fastest-growing batteries in the global electronic vehicle market.
APAC to record the highest growth rate during the forecast period.
The APAC splicing tapes market is projected to register the highest CAGR during the forecast period, due to the rising demand for splicing tapes from Japan, India, China, and South Korea. Even though per capita consumption of paper is lower in the paper & printing industry in APAC, the industry is expected to register the highest growth in the global market due to higher production than the other regions. China is expected to lead the demand for splicing tapes due to the increased paper and film production which uses splicing tapes during the production process.
In APAC, China and India have shown a high growth potential as the demand for paper and packaged products is increasing. It is also reportedly among the largest consumers of splicing tapes the region.
- By Company type: Tier 1 – 60%, Tier 2 – 30%, and Tier 3 – 10%
- By Designation: C Level – 30%, Director Level – 60%, and Others – 10%
- By Region: Europe – 45%, North America – 30%, APAC – 10%, South America – 10%, and the Middle East & Africa – 5%
The splicing tapes market comprises major solution providers, such as 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), Scapa Group Plc (US), tesa SE (Germany), Intertape Polymer Group, Inc. (Canada), Shurtape Technologies, Llc (US), ECHOtape (US), Orafol Europe Gmbh (Germany), and Adhesive Research, Inc. (US). The study includes an in-depth competitive analysis of these key players in the splicing tapes market, with their company profiles, recent developments, and key market strategies.
The study covers the splicing tapes market across segments. It aims at estimating the size and the growth potential of this market across different segments based on resin, backing material, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall splicing tapes market and the sub segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.