According to Future Market Insights (FMI)’s recent report, the global BOPP packaging tapes market value is estimated to cross US$ 24 Bn by 2020. Demand for BOPP tapes packaging is undergoing prominent shift, due to ever-evolving consumers and end users’ need. In addition, significant growth of the cartons market is generating high demand, as manufacturers are using BOPP packaging tapes for the advertisement purpose. Furthermore, favorable properties such as long shelf life, lightweight, oil & greaseproof, and waterproof are widely influencing the use of BOPP tapes for packaging of various goods for shipping and logistics. However, availability of alternatives such as gummed tapes and paper tapes are creating a hindrance in the adoption of BOPP packaging tapes. The disposal of these tapes also leads to environmental issues, representing a key challenge for manufacturers.
BOPP packaging tapes are largely suitable for warehousing and manufacturing that continue to push the adoption rate in the e-commerce industry. However, penetration of customized and bio-based tapes is likely to create potential threat to the market in the future. In recent times, governments’ stringent rules and regulations towards using single-use plastics with high environmental impact are emerging as a major challenge for the manufacturers of BOPP tapes, says FMI analyst.
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East Asia Set to Become a Land of Opportunities
East Asia is set to lead the global BOPP packaging tapes market, growing at a CAGR of 7% over the forecast period 2019-2020 in parallel to a rise in the purchasing power of consumers and increased spending on online shopping. Moreover, as low-cost is an influencing factor, manufacturers are expanding their facilities in China, wherein operating cost is moderately low. Due to these aspects, manufacturers are eyeing developing countries from both production and target market perspective.
Numerous innovations in packaging for the e-commerce industry coupled with smart packaging technologies in place, Europe continues to hold its strong position in global market space.
Manufacturing and Warehousing Account for More Than 60% of Market Share
Manufacturers offer customized adhesive solutions for sub-sectors, which has increased the use of BOPP packaging tapes in the manufacturing and warehousing landscape. Food & beverage industry accounts for relatively high adoption of BOPP tapes, whereas a significant increase in the demand is also witnessed from the electronics and electrical sector. In the current scenario, growing inclination of the consumers towards e-commerce industry is attracting the attention of the market players. Most of the consumers are increasingly relying on online shopping, owing to time-saving door-step delivery and wide availability of diverse products. This will result in an increase in the demand for the BOPP packaging tapes.
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