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Correction Tapes Market by End-user, Distribution Channel, and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR45369
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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 segmentations by distribution channel (offline and online) and geography (North America, Europe, APAC, MEA, South America, 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.

What will the Correction Tapes Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Correction Tapes Market Size for the Forecast Period and Other Important Statistics

 

Correction Tapes Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing product demand among students is notably driving the correction tapes market growth, although factors such as presence of numerous regional players may impede 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 during 2018-2022. 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.

Parent Market Analysis

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.

Who are the Major Correction Tapes Market Vendors?

The report analyzes the market’s competitive landscape and 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.
  • Tombow Pencil Co. Ltd.

 

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 growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • 3M Co.- The company offers a wide range of correction tapes available with different length and width under the brand Scotch.

To make the most of the opportunities and recover from post 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.

Correction Tapes Market Value Chain Analysis

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 global office services & supplies market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Correction Tapes Market?

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39% of the market’s growth will originate from North America during the forecast period. 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.

 

What are the Revenue-generating Distribution Channel Segments in the Correction Tapes Market?

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The correction tapes market share growth by 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.

 

Correction Tapes Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 7.59%

Market growth 2021-2025

$ 38.78 million

Market structure

Fragmented

YoY growth (%)

6.78

Regional analysis

North America, Europe, APAC, MEA, South America, North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 39%

Key consumer countries

US, UK, China, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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.

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

Customization purview

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What are the Key Data Covered in this Correction Tapes Market In Regional Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive correction tapes market growth during the next five years
  • Precise estimation of the correction tapes market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the correction tapes industry across North America, Europe, APAC, MEA, South America, North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of correction tapes market vendors

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Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Office services and supplies

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces analysis
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End-user - Market share 2020-2025 (%)
    • 5.2 Comparison by End-user
      • Exhibit 16: Comparison by End-user
    • 5.3 Education and home - Market size and forecast 2020-2025
      • Exhibit 17: Education and home - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Education and home - Year-over-year growth 2020-2025 (%)
    • 5.4 Office - Market size and forecast 2020-2025
      • Exhibit 19: Office - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Office - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 21: Market opportunity by End-user

    6 Market Segmentation by Distribution channel

    • 6.1 Market segments
      • Exhibit 22: Distribution channel - Market share 2020-2025 (%)
    • 6.2 Comparison by Distribution channel
      • Exhibit 23: Comparison by Distribution channel
    • 6.3 Offline - Market size and forecast 2020-2025
      • Exhibit 24: Offline - Market size and forecast 2020-2025 ($ million)
      • Exhibit 25: Offline - Year-over-year growth 2020-2025 (%)
    • 6.4 Online - Market size and forecast 2020-2025
      • Exhibit 26: Online - Market size and forecast 2020-2025 ($ million)
      • Exhibit 27: Online - Year-over-year growth 2020-2025 (%)
    • 6.5 Market opportunity by Distribution channel
      • Exhibit 28: Market opportunity by Distribution channel

    7 Customer landscape

    • 7.1 Customer landscape
      • Exhibit 29: Customer landscape

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 30: Market share by geography 2020-2025 (%)
    • 8.2 Geographic comparison
      • Exhibit 31: Geographic comparison
    • 8.3 North America - Market size and forecast 2020-2025
      • Exhibit 32: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 33: North America - Year-over-year growth 2020-2025 (%)
    • 8.4 Europe - Market size and forecast 2020-2025
      • Exhibit 34: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 35: Europe - Year-over-year growth 2020-2025 (%)
    • 8.5 APAC - Market size and forecast 2020-2025
      • Exhibit 36: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 37: APAC - Year-over-year growth 2020-2025 (%)
    • 8.6 MEA - Market size and forecast 2020-2025
      • Exhibit 38: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 39: MEA - Year-over-year growth 2020-2025 (%)
    • 8.7 South America - Market size and forecast 2020-2025
      • Exhibit 40: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 41: South America - Year-over-year growth 2020-2025 (%)
    • 8.8 Key leading countries
      • Exhibit 42: Key leading countries
    • 8.9 Market opportunity by geography
      • Exhibit 43: Market opportunity by geography ($ million)

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • Exhibit 44: Impact of drivers and challenges
      • 9.3 Market trends

        10 Vendor Landscape

        • 10.1 Overview
          • 10.2 Vendor landscape
            • Exhibit 45: Vendor landscape
          • 10.3 Landscape disruption
            • Exhibit 46: Landscape disruption
            • Exhibit 47: Industry risks

          11 Vendor Analysis

          • 11.1 Vendors covered
            • Exhibit 48: Vendors covered
          • 11.2 Market positioning of vendors
            • Exhibit 49: Market positioning of vendors
            • Exhibit 50: 3M Co. - Overview
            • Exhibit 51: 3M Co. - Business segments
            • Exhibit 52: 3M Co.- Key news
            • Exhibit 53: 3M Co. - Key offerings
            • Exhibit 54: 3M Co. - Segment focus
            • Exhibit 55: ACCO Brands Corp. - Overview
            • Exhibit 56: ACCO Brands Corp. - Business segments
            • Exhibit 57: ACCO Brands Corp.- Key news
            • Exhibit 58: ACCO Brands Corp. - Key offerings
            • Exhibit 59: ACCO Brands Corp. - Segment focus
            • Exhibit 60: BIC Group - Overview
            • Exhibit 61: BIC Group - Product and service
            • Exhibit 62: BIC Group- Key news
            • Exhibit 63: BIC Group - Key offerings
            • Exhibit 64: Mr. Pen - Overview
            • Exhibit 65: Mr. Pen - Product and service
            • Exhibit 66: Mr. Pen - Key offerings
            • Exhibit 67: Newell Brands Inc. - Overview
            • Exhibit 68: Newell Brands Inc. - Business segments
            • Exhibit 69: Newell Brands Inc.- Key news
            • Exhibit 70: Newell Brands Inc. - Key offerings
            • Exhibit 71: Newell Brands Inc. - Segment focus
            • Exhibit 72: PLUS Corp. - Overview
            • Exhibit 73: PLUS Corp. - Product and service
            • Exhibit 74: PLUS Corp. - Key offerings
            • Exhibit 75: SEED Inc. - Overview
            • Exhibit 76: SEED Inc. - Product and service
            • Exhibit 77: SEED Inc. - Key offerings
            • Exhibit 78: Soni Polymers Pvt. Ltd. - Overview
            • Exhibit 79: Soni Polymers Pvt. Ltd. - Product and service
            • Exhibit 80: Soni Polymers Pvt. Ltd. - Key offerings
            • Exhibit 81: Staples Inc. - Overview
            • Exhibit 82: Staples Inc. - Product and service
            • Exhibit 83: Staples Inc. - Key offerings
            • Exhibit 84: Tombow Pencil Co. Ltd. - Overview
            • Exhibit 85: Tombow Pencil Co. Ltd. - Product and service
            • Exhibit 86: Tombow Pencil Co. Ltd.- Key news
            • Exhibit 87: Tombow Pencil Co. Ltd. - Key offerings
          • 11.3 3M

            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.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            The correction tapes market growth will increase by $38.78 million during 2021-2025.
            The correction tapes market is expected to grow at a CAGR of 7.59% during 2021-2025.
            Technavio has segmented the correction tapes market by end user (Education and home and Office) ,distribution channel (Offline and Online) , and geographic (North America, Europe, APAC, MEA, and South America).
            3M Co., ACCO Brands Corp., BIC Group, Mr. Pen, Newell Brands Inc., PLUS Corp., SEED Inc., Soni Polymers Pvt. Ltd., Staples Inc., Tombow Pencil Co. Ltd. are a few of the key vendors in the correction tapes market.
            North America will register the highest growth rate of 39.27% among the other regions. Therefore, the correction tapes market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
            The key factors driving the correction tapes market growth are:
            • Increasing product demand among students
            • Advent of ergonomic correction tapes
            The correction tapes market vendors should focus on grabbing business opportunities from the education and home segment as it accounted for the largest market share in the base year.
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