July 21, 2024
Masking Tapes Market

Masking Tapes Market Is Estimated To Witness High Growth Owing To Rising Construction Activities

The masking tapes market is estimated to be valued at US$ 5006.29 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Masking tapes are used in construction, automotive, healthcare and other industries for surface protection, holding, sealing, acoustic purposes, and more during processes involving painting, metal working, finishing and other applications. They provide protection to surfaces from unwanted paint, debris, and other materials during various surface treatments and assembly operations.

Market Dynamics:

The masking tapes market is driven by rising construction activities across the globe. According to U.S Census Bureau, the total construction spending in the United States increased by 1.3% year over year to $1,490.3 billion in 2020, from $1,469.0 billion in 2019. Moreover, Asia Pacific region is witnessing significant economic and infrastructure growth, especially in developing countries like India and China. For instance, according to India Brand Equity Foundation, India’s infrastructure sector is expected to witness capital expenditure growing at a compound annual growth rate (CAGR) of 19.1% to reach Rs 111 lakh crore (US$ 1.5 trillion) by 2025. Rising construction activities demand masking tapes for surface protection during painting, finishing and other surface treatments.

Another factor fueling the market growth is growing automotive industry. According to Oxford Economics, global vehicle production is projected to increase from over 82.6 million units in 2019 to 98.3 million units by 2025. Masking tapes find major application in automotive manufacturing for surface protection and sealing applications. They aid in protecting painted surfaces and sealing areas during assembly operations. Hence, expanding automotive industry creates high demand for masking tapes used in automotive manufacturing processes.

SWOT Analysis

Strength: Masking tapes are cost-effective and affordable for various end uses such as painting, sealing, holding, and bonding applications. Moreover, they offer precise application and are available in various sizes suitable for multiple surfaces. Masking tapes are also durable and withstand indoor and outdoor weather conditions.

Weakness: Poor adhesion on uneven and rough surfaces. Paint seepage occurs through the tapes if not applied properly. Moreover, low tensile strength of certain tapes cause it to tear easily during removal.

Opportunity: Increasing infrastructure development activities in emerging economies offer significant growth opportunities. Moreover, rising demand from construction, automotive, and electronics industries will drive the market.

Threats: Availability of alternatives such as removable spacer putty negatively impacts the market. Moreover, fluctuations in raw material prices pose challenges.

Key Takeaways

The Global Masking Tapes Market Growth is expected to witness high, exhibiting CAGR of 5.2% over the forecast period, due to increasing infrastructure development activities across the globe. Rapid urbanization and industrialization will augment the demand for masking tapes in construction and automotive industries.

Asia Pacific dominates the global masking tapes market and is expected to maintain its leading position over the forecast period. This is attributed to robust infrastructure development and increasing automotive production in China, India, Japan, and South Korea.

Key players operating in the masking tapes market are PPI Adhesive Products, PPM Industries SpA., Scapa, Shurtape Technologies, tesa SE, Ubis, 3M, CCT Tapes, K.L. & Ling, Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation, and TOYOCHEM Co. Ltd. Key players focus on new product development and expansion strategies to gain competitive advantage.

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