SELBYVILLE, Del., September 16, 2021 (Newswire.com) - As per recent research by Global Market Insights Inc., the global Pressure Sensitive Tapes & Labels Market is slated to exceed $130 billion by the end of 2027, registering a CAGR of 7.3% from 2021 to 2027, owing to rapid industrial advancements in several countries such as Brazil, Japan, India, China, and South Korea. The market growth is also accredited to increasing technological developments in industrial processes for enhancing the productivity and efficiency of finished products and machinery.
Different types of pressure-sensitive labels and tapes are deployed in the replacement of rivets, and glues & screws in a range of applications for creating new material combinations, improving efficiency, and developing products that have excellent aesthetic appeal. Driven by this, numerous pressure-sensitive label manufacturers are adopting strategic expansion initiatives comprising acquisitions, partnerships, mergers, and product developments for maintaining their position in the market.
For instance, in January 2021, Avery Dennison, one of the prominent label manufacturing companies, took over U.S.-headquartered firm ACPO in a deal involving a value of $87.6 million. The transaction will help the company in further strengthening its position in core label materials segments.
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Some major trends that are likely to bolster pressure-sensitive tapes & labels industry expansion are as follows:
Increasing product usage in automobile & transportation:
The overall market revenue from automotive & transportation applications is anticipated to reach USD 5.5 billion by the 2027 end. In the automobile sector, pressure sensitive labels and tapes are widely utilized in various applications such as gasket sealing, assembly, masking applications, and protection of exterior surface during the transportation of the automobile.
Rising demand for adhesive transfer-type products:
The adhesive transfer-type segment is expected to exhibit a remarkable CAGR of 7.1% in the pressure-sensitive tapes & labels market between the period 2021 and 2027. The adhesive transfer types constitute special kinds of adhesive tapes that usually do not contain a backing material.
These pressure-sensitive adhesives are typically coated on a release liner, which is then further incorporated into the roll.
Expanding packaging industry in North America:
The North America pressure-sensitive tapes & labels market is poised to record a revenue of USD 25 billion through 2027, driven by the thriving food & beverage and packaging industries. Key parameters responsible for the expansion of this sector are improved lifestyles, convenience, changing customer food preferences, and security issues & costs. Furthermore, the packaged food industry is growing due to surging consumption of convenience food and changing consumer preferences in the region.
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The growing popularity of liners:
The linered segment in the pressure-sensitive tapes & labels market is expected to witness a lucrative CAGR of 7.5% by 2027. Liners are the most crucial in the die cutting of labels in a range of shapes, formats, and sizes, which comprise multi-part labels. The market growth is further driven by the expanding logistics sector, especially in the Asia Pacific region.
In a nutshell, the surging demand for pressure-sensitive labels and tapes in the logistics and healthcare industries will augment market share through the analysis period.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Source: Global Market Insights Inc.