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The correction tapes market share is expected to increase by USD 38.78 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.59%.
This correction tapes market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers correction tapes market segmentation by distribution channel (offline and online) and geography (North America, Europe, APAC, MEA, and South America). The correction tapes market report also offers information on several market vendors, including 3M Co., ACCO Brands Corp., BIC Group, Mr. Pen, Newell Brands Inc., PLUS Corp., SEED Inc., Soni Polymers Pvt. Ltd., Staples Inc., and Tombow Pencil Co. Ltd. among others.
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Based on our research output, there has been a negative impact on the market growth during and after post COVID-19 era. The increasing product demand among students is notably driving the correction tapes market growth, although factors such as the presence of numerous regional players may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the correction tapes industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Correction Tapes Market Driver
The increasing product demand among students is a major factor driving the global correction tapes market share growth. The demand for paper and office stationery is high in educational institutions. An increase in literacy rates and the growing adoption of correction tapes among students are contributing to the growth of the market. Many students in lower grades have replaced pencils with pens. The increased use of pens contributes to a corresponding increase in the use of correction tapes and correction fluids. The use of pens and correction tapes was restricted to the administrative departments of educational institutions. Lately, the penetration of correction tapes has increased among elementary schoolers as well. The market vendors are focusing on introducing correction tapes that are customized for students belonging to different grades. Growing literacy rates and increased enrollment of students in schools and colleges will drive the demand for correction tapes from 2020 to 2025. The early transition from pencil-based writing to pen-based writing has further contributed to the increased demand for correction tapes among students.
Key Correction Tapes Market Trend
The advent of ergonomic correction tapes is another factor supporting the global correction tapes market share growth. Vendors in the global correction tapes market are continuously engaged in product innovation strategies to offer products that suit multiple customer segments. The introduction of ergonomic correction tapes has increased the growth prospects of the existing market vendors. These ergonomically advanced correction tapes are characterized by enhanced ease of use. For instance, CORRECTION TAPE FX by PLUS Corporation is equipped with a flexible head that delivers neat correction lines. The product is characterized by a multi-angle flexible head, a 2-way correction feature, and improved grip and stability. The correction tapes offered by BIC named Tipp-Ex Pocket Mouse, Tipp-Ex Speedy, and DeleteO are featured with rubber grips. These products are characterized by an enhanced grip and are shaped for easy use. Due to such varied product offerings, the demand for the market will grow during the forecast period.
Key Correction Tapes Market Challenge
The presence of numerous regional players will be a major challenge for the global correction tape market share growth during the forecast period. The entry of numerous regional players leads to a decline in the average product selling price. This negatively impacts the market's growth. The regional players offer products that are on par with premium products in terms of design and usability. However, such products do not adhere to the safety norms imposed by multiple governments. The advent of the online medium has further eased the entry of regional players. Limited knowledge about branded products and limited awareness about the benefits of investing in a premium product has contributed to the high demand for products offered by local vendors. This hampers the sale of branded products, leading to inventory backlogs in the market. The increased adoption of inferior-quality products, which do not adhere to quality norms, leads to brand-/image dilution. This contributes to the decline in the revenue share of the prominent market vendors and an increased shift to substitutes. The launch of numerous products by regional and local players is expected to gradually hamper the growth of the global correction tapes market during the forecast period.
This correction tapes market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global correction tape market as a part of the global office services & supplies market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the correction tapes market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the correction tapes market encompasses successful business strategies deployed by the key vendors. The correction tapes market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post the COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The correction tapes market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the correction tapes market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global office services & supplies market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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39% of the market's growth will originate from North America during the forecast period. The US is the key market for correction tapes market in North America. Market growth in this region will be faster than the growth of the market in South America.
Product innovation, new product development, and technological advance will facilitate the correction tapes market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The correction tapes market share growth in the education and home segment will be significant during the forecast period. The expansion of the education sector (with an increase in the number of schools, especially in the US) and increased student enrollments have contributed to the growth of the segment. The use of pens in lower grades in schools and paper-based assignments have contributed to the increased sale of correction tapes. The expansion of the education sector (with an increase in the number of schools, especially in the US) and increased student enrollments have contributed to the growth of the segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the correction tapes market size and actionable market insights on post COVID-19 impact on each segment.
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Correction Tapes Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.59% |
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Market growth 2021-2025 |
$ 38.78 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.78 |
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Regional analysis |
North America, Europe, APAC, MEA, and South America |
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Performing market contribution |
North America at 39% |
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Key consumer countries |
US, UK, China, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
3M Co., ACCO Brands Corp., BIC Group, Mr. Pen, Newell Brands Inc., PLUS Corp., SEED Inc., Soni Polymers Pvt. Ltd., Staples Inc., and Tombow Pencil Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Distribution channel
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
104 11.4
106 11.5
108 11.6
110 11.7
111 11.8
113 11.9
115 11.10
116 11.11
117 11.12
118 12.
120 12.1
121 12.2
122 12.3
123 12.4
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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