A detailed study on Foil Tapes market by FMI provides riveting insights into key dynamics, such as drivers and opportunities, facilitating the growth in the market. It uncovers challenges posing threats and highlights prospects for growth in the near future.
The global foil tapes market is forecast to expand with a CAGR of 2% during the 2022-2032 assessment period, as per a Future Market Insights report. It is expected to grow from US$ 20 Billion in 2022 to US$ 24.4 Billion in 2032.
As per the comprehensive analysis conducted by ESOMAR-certified consulting firm, FMI, the global Foil Tapes market is expected to grow at a healthy CAGR during the forecast period (2022-2032). The objective of the study is to analyze key market dynamics and uncover critical trends & opportunities that will elevate the sales Foil Tapes in the coming 10-years.
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Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Foil Tapes
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Foil Tapes market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Foil Tapes Market Takeaways and Projections
- The U.S. is expected to lead the North America Foil Tapes market, projecting the fastest growth in the region between 2022-2032
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2032.
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Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Foil Tapes market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
It also provides a list of leading players and recent development in the global Foil Tapes market. Few of the key players operating in the global foil tapes market are- 3M, Advance Tapes International Ltd, Shurtape Technologies LLC, Morgan Industries Limited, Zhenjiang Runfa Aluminium Co., Ltd., Tape India, Thomas Publishing Company, Matrix Adhesive Coating Industry, Maxal Impex, Pronat Industries Ltd.
Foil Tapes Market: Market Segmentation
Foil Tapes market has been segmented on the basis of backing material, product type, application, and end use. On the basis of product type, foil tapes market has been segmented in lead foil tapes, aluminium foil tapes, sound damping foil tapes, and butyl foil tapes. On the basis of application, foil tapes market can be segmented as – temperature resistant barrier, electromagnetic shielding, air tightening, and sealing.
On the basis of end use, foil tapes market can be segmented in automotive, industrial applications, building and construction, manufacturing, foil arts transportation, and logistics. On the basis of adhesive material, foil tapes market has been segmented in acrylic, silicone, and rubber foil tapes.
On the basis of substrate, foil tapes market has been segmented in aluminium foil tapes, aluminium with glass foil tapes, tin foil tapes, copper foil tapes, steel foil tapes and lead foil tapes.
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