Carrier Tape Market Size, Share, Growth, and Industry Analysis by Type (Paper Core Carrier Tape and Plastic Core Carrier), By Application (Active Components and Passive Components), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Carrier Tape Market Report Overview

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The global carrier tape market size is anticipated to be USD 746.2 million in 2021 and is projected to touch USD 1312.19 million by 2031, exhibiting a CAGR of 5.8% during the forecast period.

The carrier tape is used in the electronic packaging industry for packaging electronic components, circuits and other devices. It offers protective packing and prevents any kind of damage during the shipment. The high demand in the market has resulted in diversification of the carrier tape to cater to the customer needs.

The world is striving towards digitalization and rapid use of smart technology. Apart from the developing countries, the developed countries are in the process of improving their infrastructure and making the life of people easily with the help of high tech. The rise in consumer demand and integration of semiconductors and electronics in the user end market boosted the growth of the carrier tape market.

COVID-19 Impact:  Frequent Lockdowns to Hamper the Supply Chain and Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the carrier tape market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the carrier tape market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID- 19 has created havoc in all industries and a sudden rise in cases resulted in global lockdowns. Transportation was heavily affected as borders closed and the supply of goods and raw materials became a challenge. As the priority shifted towards healthcare and combating the deadly disease there was a hint of slow down in the carrier tape market. Moreover, lack of human resources and shutting down manufacturing units affected the carrier tape market growth.

LATEST TRENDS

"Continuous Developments to Improve the Efficiency of the Product"

The market trends and demands are changing innovations are required to keep up with the fast-paced environment. There is always pressure to improve the quality of the existing product and speed up the manufacturing process to meet consumer demands. Carrier tape manufacturing companies are in the process of making the product weather-resistant and longer durability.

Carrier Tape Market Segmentation

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• By Type

Based on type, the market is divided into paper core carrier tape and plastic core carrier. The paper core carrier tape segment is anticipated to dominate the market through 2028.

• By Application

Based on the application, the market is divided into active components and passive components. Active components segment is expected to hold the dominant market share during 2022-2028.

DRIVING FACTORS

"Increased Demand for Carrier Tape in Automotive Sector to Accelerate the Product Sale"

The automotive sector is witnessing an unparallel growth in recent years and is expected to move upwards in the upcoming years. It is one of the emerging markets fostered by advanced technologies and growing consumer demands. The market trends are changing owing to the evolving business models, increase in automation and rapid globalization. The automotive industry is going through a revolution as the developed economies are favouring electric vehicles to reduce the environmental damage caused by the harmful emission of gases. Consumers are becoming environmentally conscious and the idea of sustainability is being applied in every field of consumerism.

These factors are triggering the usage of passive components boosting the carrier tape market growth. The pressure of innovation, flexibility and escalating safety features and competition are pushing the automotive sector to make use of the best product and put more focus on manufacturing. The carrier tape is used in the protective packaging of electronic components and it is also used in times of manufacturing. Moreover, the high income driving the consumer demand for smart vehicles which leads to the expansion of the automotive industry. The increasing demand in the end-user industry is anticipated to drive the carrier tape market share.

"Rise of Smart Electronics and Digitization to Boost the Carrier Tape Market Demand"

People all around the world are embracing smart technology. These kinds of technologies facilitate everyday living and save valuable time. The start of the 21^st century witnessed the rising popularity of smart homes, usage of smart mobile phones, improved industrial infrastructure and innovative technology that was slowly integrated into everyday life. Government initiatives to digitalize the economy and revamp the industries also triggered the popularity of smart technologies.  

Consumer electronics saw steady growth in recent years. The high standard of living, the fast adaptation of advanced high tech, integration of electronic components in the end-user industry and the rise in the usage of the internet are contributing to th growth of consumer electronics. The expansion of e-commerce made electronics accessible to the masses. The design and the structure of smart electronics is a crucial aspects. Although the consumer portfolio is diverse, however, a polished design is recommended by the majority. Carrier tape's ability to provide effective packing and protection that restricts the physical and electrostatic discharge during the shipment process. The high demand for smart electronic will make the way for carrier tape market size.

RESTRAINING FACTORS

"Lack of Availability Raw Materials and Global Political Tensions to Hamper the Market Growth "

The COVID-19 interpreted the availability of raw material due to issues in the supply chain and frequent lockdowns. The recent worldwide political tension and shifting prices of crude oil are posing a threat to the manufacturing of plastic. Moreover, the rise in prices of paper and pulp due to governmental policies and inflation is a concern. The political tension has interpreted the global trade and supply which hampered the manufacturing process. The progress towards sustainable development has led to the banning of plastic in many countries. All these factors will restrict the growth of the carrier tape market.

Carrier Tape Market Regional Insights

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"Asia Pacific to Dominate the Market due to Growing Market Demands "

Asia Pacific is an emerging economy as many countries are playing a major role in the international market. Large investments and widespread technologies and booming economies in this region are contributing to the market growth of carrier tape. The Asia Pacific region has the highest number of populated countries which paves the way for a ready market base. China is leading in this segment owing to its economic boom, high infrastructure, presence of key players in the market, demand for consumer electronics rise in manufacturing units and population expansion driving the growth of the carrier tape market.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• ZheJiang Jiemei (China)
• 3M (Canada)
• Advantech (Taiwan)
• Shin-Etsu Chemical Co. Ltd (Netherlands)
• Laser Tek (U.S)
• U-PACK (India)
• ROTHE (U.S)
• C-Pak (Singapore)
• Oji F-Tex Co., Ltd (Japan)
• Accu Tech Plastics (U.S)
• Asahi Kasei (Japan)
• ACTECH (Mexico)
• Ant Group (Acupaq) (China)
• Advanced Component Taping (U.S)
• Argosy Inc. (Taiwan) 

REPORT COVERAGE

This report covers the analysis of the carrier tape providing a comprehensive market insight considering the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.