Carry Handle Adhesive Tapes Market Expected to Reach $414.33 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Carry Handle Adhesive Tapes Market," The carry handle adhesive tapes market was valued at $233.49 million in 2021, and is estimated to reach $414.33 million by 2031, growing at a CAGR of 6% from 2022 to 2031.

The carry handle tape is a strip of polypropylene with a coating layer and a non-adhesive part for the hand. The carry handle tape is extremely adaptable and can be used on a variety of consumer packages. The carry handle tape is commonly used on beverage packaging, which comes in a variety of shapes. It is applied to packaging with different surfaces, such as shrink film (multipacks), PET bottles, gallons, large bottles, cartons, bricks, flexible plastic, and rigid packs.

Factors that drive the growth of the global carry handle adhesive tapes market include, growth in the packaging industry. In addition, carry handle tapes not only minimize the packaging material but also reduce the plastic usage required to handle products. These benefits are expected to aid the market growth during the forecast period.

On the basis of type, the rubber segment accounted for more than half share of the global carry handle adhesive tapes market in 2021, and is expected to maintain its dominance during the forecast period.

On the basis of technology, the hot melt segment dominated the global carry handle adhesive tapes market in terms of revenue, in 2021, owing to increase in urbanization in emerging countries.

On the basis of end-user application, the packaging segment dominated the global carry handle adhesive tapes market in terms of revenue, in 2021, owing to increase in urbanization in emerging countries. The carry handle adhesive tapes market is segmented on the basis of type, technology, end-user industry, and region. On the basis of type, the market is classified into acrylic, rubber, silicone, ethylene vinyl acetate, and others.

On the basis of technology, the market is classified into water-based, solvent-based, hot melt, radiation-based, UV-cured, and electronic beam-cured. On the basis of end-user industry, the market is classified into packaging, electronics, construction, medical, and others. The packaging segment is further divided into food, beverages, and tissues & toiletries. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the industry include, 3M, Airmaster Adhesive Tapes, Alimac Srl, Boston Tapes Commercial Srl, Davik Industries, Logo tape GmbH & Co. KG, NRG Tapes, Supertape, Tesa SE, and VENERA D.O.O. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

Key findings of the study

• By type, the rubber segment is projected to grow at the highest CAGR of approximately 5.5%, in terms of revenue, during the forecast period.
• By technology, the hot melt segment is expected to dominate the market during the forecast period.
• By end-user industry, the packaging segment is projected to grow at the highest CAGR of approximately 5.4%, in terms of revenue, during the forecast period.
• By region, Asia-Pacific dominated the market with highest revenue shares of $173.95 million in 2021.
• A comprehensive analysis of the factors that drive and restrain the market growth is provided.
• The qualitative data in this report aims at the market dynamics, trends, and developments in the industry

IMPACT OF COVID-19 ON CARRY HANDLE ADHESIVE TAPES MARKET

• COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
• Some of the major economies suffered from the COVID-19 crises include, Germany, France, Italy, Spain, UK, and Norway.
• Due to the COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production and disrupted supply chains. Thus, affecting the global economic growth by a substantial proportion and severely impacting the market growth.
• Companies were not earning any profit as a result of the work stoppage and not only the companies lost the money but they also lost suppliers who were providing the required materials to various companies to be used in the construction sector. All those suppliers also faced huge losses.
• Carry handle adhesive tape is used in the packaging industry, primarily for packaging of food & beverages, cosmetics, industrial, and personal care products. Online grocery sales accounted for 12.4% of all e-commerce sales in the U.S. in 2021. During and after the lockdown, a large number of people switched to online food shopping, and hence, the trend of sustainable packaging was continued.
• Companies are incorporating various techniques to increase production volume and are attempting to develop innovative solutions at an affordable price that can meet customer requirements at a lower cost and support the overall breakthrough required for increased carry handle tape penetration sustainability.