Fluctuations in the raw material prices lead to reduced demand for the product. Also, the product requires high capital investment in the form of equipment and components used in production, which leads to a higher overall cost, thus acting as a restraint for the market. Also, a longer time is required for drying, which leads to a longer time for packaging, thereby hampering the market growth.
The global Printed Tape market is forecast to reach USD 44.56 Billion by 2027, according to a new report by Reports and Data. The growing demand from the food and beverage industry for the purpose of packaging, promoting, and branding activities are leading to an increased demand for the Printed Tape Market. The product offers protection of materials in transit, along with ease of classification, which is leading to an increased demand for it.
Printed tape finds applications for the printing of logos and names, along with the packaging for companies, which are present in the industry, which is leading to higher product penetration in many sectors. Manufacturers have now shifted to software-centric technologies, which has led to the printing of enhanced quality tapes with multicolor printing. Growing innovations have also led to high precision rapid printing, which has led to larger market growth.
The COVID-19 impact:
Due to the COVID-19 Pandemic, many countries have implemented lockdowns, due to which the majority of the industries have been shut down temporarily. The industries where printed tape finds applications, such as food and beverage and consumer durables, have not been operating or are experiencing a reduced demand in the current situation. Due to this, there is a reduced demand for printed tape, as well.
It is expected that when the situation becomes normal again, and the industries start operating again, the demand for printed tape will rise again. Also, some of the manufacturers which are not operating currently, are involved in innovations, so that they can capture a larger market size when the industries start operating again, which will lead to a higher demand for the new products and hence will lead to increased market size.
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Further key findings from the report suggest:
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For the purpose of this report, Reports and Data have segmented into the global Printed Tape market on the basis of product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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Benefits of Purchasing Global Printed Tape Market Report:
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Indicative Metrics
Chapter 4. Printed Tape Market Segmentation & Impact Analysis
4.1. Printed Tape Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
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Finally, all aspects of the Printed Tape market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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