MarketsandMarkets projects the global packaging tape printing market size to grow from USD 21.42 Billion in 2015 to USD 28.78 Billion by 2020, at a CAGR of 6.08% from 2015 to 2020. This high growth can be attributed to the fact that a significant number of brand owners are harnessing the printing technology over the packaging tapes. Growth in the packaging printing industry, demand for aesthetic appeal, product differentiation, and technological advancements are some of the drivers behind the growth of the packaging tape printing market.
Printing on the packaging tapes highlights the company’s name and logo, enables ease of stock handling and identification, enhances the visibility of product, and safeguards the merchandise during transit. It also makes the product visually appealing, thereby resulting in instant recognition of the packages. The global packaging tape printing industry has undergone significant transformation from being a heavy-machinery-using industry to a more software-centric business model. Nowadays, printer convertors are well equipped with the latest computer-controlled printing machines and flow lines for binding, whereas state-of-the-art digital technologies are used in the pre-press. An increase in demand for digital printing is an opportunity for the packaging tape printing market as there is rise in demand for economical, sustainable, and innovative printing technologies. The advent of global brands, rising consumerism, and growth of the packaging industry have witnessed an increase in the scope for the packaging tape printing market.
Water-based inks offer better performance and low printing cost with less damage to both people and environment. It exhibits high level of compliance with the current environmental protection standards. Water-based inks are projected to have the largest market share and dominate the packaging tape printing market from 2015 to 2020, as the increased demand of ink having low volatile organic compound (VOC) content is fueling the market to grow. UV curable inks are projected to witness the highest growth rate during the forecast period. As these inks are cured by exposure to strong UV light, they can be applied to a wide range of uncoated substrates and produce a robust image. The UV-curable inks dry as soon as they are cured, thereby enhancing the print speed. These inks possess high density, and are also capable to print onto rigid substrates.
Digital printing in the packaging tape printing market is the fastest growing printing mechanism with its ability to provide a high-quality and cost-effective solution for manufacturing high designed printed tapes along with the recycling options. Printer convertors are adding digital printers in their printing press to leverage its benefits of improved productivity, reliability, and cost-effectiveness over higher runs.
Food & beverages, consumer durables, and transportation & logistics are some of the end-user industries contributing to the high growth of the packaging tape printing market. The food & beverages industry is projected to witness the largest market size owing to the increased demand for innovative packaging and printing technologies, in order to enhance the visibility of packaged products. The market is also projected to witness growth in the consumer durables, transportation & logistics, and other end-user industries during the forecast period.
The market of hot melt carton sealing tapes is projected to be the largest market in terms of size, during the forecast period. The high demand of hot melt carton sealing tapes in a large number of industrial applications has contributed significantly in the packaging tape printing market. Polypropylene in the packaging tape printing market is projected to attain the largest market size, during the forecast period. Polypropylene films, very strong and rigid in nature, are one of the most versatile, economic, and prepotent barrier films that offer excellent moisture barrier, temperature resistance, clarity, gloss, durability, the ability to print, embossability, aroma strength, dimensional stability, and processability. It has emerged as an economically viable alternative for the packaging converters, and has thereby commanded a major market share in the packaging tape printing industry.
Asia-Pacific is projected to have the largest market share and dominate the global packaging tape printing market from 2015 to 2020. China, one of the leading manufacturers and suppliers of printing materials and equipment, exhibits high growth opportunities for the packaging tape printing, and hence commanded the largest market share in 2015 in the Asia-Pacific region. However, the market continues to face challenges due to demand for high-quality printing at low cost while adhering to the government regulations. The major players in the packaging tape printing market include Quad/Graphics (U.S.), Hewlett-Packard Development Company, L.P. (U.S.), Xerox Corporation (U.S.), E.I. du Pont de Nemours and Company (U.S.), RR Donnelley & Sons (U.S.), SIAT S.P.A (Italy), and others. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and business expansion to cater to the needs of the packaging tape printing market.