July 21, 2024
India Masking Tape Market

The soaring demand for masking tape in the paint industry is projected to boost the growth of India Masking Tape Market

The global India Masking Tape Market is estimated to be valued at US$ 248.72 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Masking tape, also known as painter’s tape, is a type of pressure-sensitive tape made with a paper or polypropylene film backing coated with an adhesive. It is used for masking or shielding surfaces prior to painting, finishing, or decorating. Masking tape is removable and causes little to no damage to the surface it is removed from. It is commonly used in construction and painting industries to mask off areas that should not be painted or to hold wrap in place. The tape offers advantages such as easy application, minimal surface damage upon removal compared to other tapes, and strong adhesion.

Market key trends:
One of the key trends in the India masking tape market is the growing paint industry in the country. India is among the top producers and consumers of paint in the world. The rapid growth of India’s real estate and infrastructure industries has boosted the demand for paints and coatings in the country. Masking tape plays a vital role in painting applications to protect unwanted areas. This rising paint industry in India is expected to fuel the growth of the masking tape market over the forecast period.
Porter’s Analysis

Threat of new entrants: Low capital requirements and available technology has made the India masking tape market relatively easy to enter. However, the presence of established players has created significant barriers.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers can negotiate discounts and influence prices slightly due to availability of substitutes. However, masking tape holds an important position in end-use industries.

Bargaining power of suppliers: A handful of raw material suppliers dominate the India masking tape market. This gives suppliers moderate bargaining power over buyers.

Threat of new substitutes: Paper masking tape faces competition from other substitutes like painters’ tape. However, its cost-effectiveness provides an edge over substitutes.

Competitive rivalry: The India masking tape market is fragmented with the presence of several domestic and international brands. Players compete based on product quality, features, and pricing.

Key Takeaways

The global India Masking Tape Market Growth is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from the paint and automotive industries.

Regional analysis

The western region currently dominates India’s masking tape market, owing to a large paint industry and presence of automotive hubs. However, southern India is expected to showcase the fastest growth rate during the forecast period with expanding infrastructure and industrial activities.

Key players

Key players operating in the India masking tape market are Soaring demand for masking tape in the paint industry, 3M India Ltd, Eastar company, ADH TAPE, and Alliance Rubber Pvt. Ltd. 3M India Ltd and Eastar company captured over 30% of the market share in 2023 owing to their diverse product portfolio and widespread distribution network across the country.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it