Glue Tape Market Forecast and CAGR
According to the latest research by Fact.MR, the glue tape market is set to witness steady growth during 2021-2031. Demand for these tape will witness a steady recovery in short term as expenditure on the packaging and paperboard sector is increasing after the pandemic, with an optimistic growth outlook in the long run.
Demand from the Paperboard and printing sector is expected to increase during the forecast period. The demand for these tapes will further increase in developing countries when more and more students start studying. Owing to this huge demand, it is expected to grow at a moderate CAGR.
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Impact of Covid-19 on Glue Tape?
Pandemic like covid-19 is unforeseen and uncontrollable so as the pandemic ends the market is expected to show a V-shaped recovery during the forecast period. Health crises are a major setback for everyone.
Covid-19 caused a major problem for the profitability of organizations as social distancing norms were introduced and a complete workforce was not able to work. An increase in debtor days was a new normal during the pandemic days.
The Supply chain will be back to normal as the demand will increase when schools open again after the pandemic. The Demand for glue tape will rise in the medium term as everything gets back to normal.
What is Driving Demand for Glue Tape?
These tapes has numerous application as it has unique advantages over many other types of tapes. Innovation in materials used in these tapes is increasing applications in various other sectors. Schools are providing different projects to students to increase their creativity skills.
Students require to paste different pictures and materials on scrapbook and charts which requires glue tape to uniformly apply on different materials. Art and drawing classes require these tapes for various purposes. The Education sector is growing at a decent CAGR and demand for these tapes is expected to rise from the education sector during the forecast period.
Packaging Sector Likely to Augment Glue Tape Sales
Packaging sector demand is increasing rapidly with an increase in online shopping and a trend of good packaging to increase the customer experience. The Packaging sector is a growing sector as every product nowadays has packaging.
Glue tape sales in the packaging industry are growing as these tapes is very useful in the packaging industry. For instance, in gift packaging and adding custom labels just before delivering the parcel to customers, could utilize these these tapes. Besides, its sales will further increase as the quality of glue increases during the forecast period.
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The US Glue Tape Market Outlook
The US is experiencing a strong demand outlook from the education sector for these tapes. US is a country with the best infrastructure and demand is likely to rise as schools start giving projects.
The US has vaccinated most of the population and even mask are not necessary at many places in the US which shows the economy has revived back to normal after the pandemic. The opening of schools and colleges are increasing demand for these tapes. Project-based learning in the US has increased the demand for these tapes in US and the demand is further expected to increase during the forecast period.
Europe Demand Outlook for Glue Tape Market
Europe has a developed economy with a proper supply chain and a lot of stationary delivering platforms everywhere in the country. The glue tape market is a consolidated market with only a few dominant players present in the market.
The education sector will provide tremendous growth opportunity for these tapes sales during the forecast period. It is also used to stick balloons in school functions and by students during art and craft classes.
The Packaging industry will see a boost in the demand for these tapes as there will be an increase in online shopping in Europe which will lead to more usage of these tapes. Additionally, Russia will lead the market in terms of increase in sales of these tapes during the forecast period.
Who are the Key Manufacturers and Suppliers of Glue Tape Market?
Some of the leading manufacturers and suppliers of the market are
- Full mark
Many leading manufacturers and suppliers have longstanding contracts with end-users which help the manufacturers and suppliers mutually.
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