April 12, 2024
Masking Tapes Market

Growing Demand For Masking Tapes Market Is Driven By Increasing Construction And Automotive Production

Masking tapes are used in various industries for masking, sealing, holding, and carrying purposes. They temporarily hold or carry items such as auto emblems, nameplates, and trim during assembly processes. Masking tapes are used in painting, finishing, and sealing applications across various industries such as automotive, construction, electronics, and shipping.

The global Masking Tapes Market is estimated to be valued at US$ 5767.25 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The use of specialty and high-performance masking tapes is increasing across various industries. Specialty tapes are developed to withstand high temperatures during baking or powder coating processes. Also, high-performance tapes offer stronger adhesive strengths for accurate masking on complex surfaces. Major players are focusing on developing value-added specialty tapes made from materials such as foams, fabrics, and synthetic rubber to meet specific requirements of end-use applications. For example, acrylic foams provide conformability and low-density cushioning, while fabric tapes are used for thermal resistance. The rising demand for specialty masking tapes from automotive and electronics industries is expected to drive the global masking tapes market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Global Masking Tapes Market Size is moderate as it requires high capital investments and manufacturing facilities to produce tapes.
Bargaining power of buyers: The bargaining power of buyers in the masking tapes market is high as there are many established manufacturers providing undifferentiated products.
Bargaining power of suppliers: The bargaining power of suppliers in the masking tapes market is low owing to the availability of raw material substitutes and less differentiation in raw materials.
Threat of new substitutes: The threat of new substitutes for masking tapes is moderate due to the availability of alternatives like spray adhesives and double-sided adhesive tapes in specific applications.
Competitive rivalry: The competitive rivalry in the masking tapes market is high as players compete on the basis of brand image, innovation, quality, and pricing.

Key Takeaways

The global masking tapes market is expected to witness high growth over the forecast period.

North America is anticipated to hold the largest share in the global market owing to a well-established automotive industry in countries like the US and Canada. Europe is also estimated to account for a significant market share majorly due to the presence of key manufacturers in countries like Germany and the UK.

Key players operating in the masking tapes market are Guayakí, Amanda, Las Marías, and Kraus. Regional analysis North America is anticipated to hold the largest share in the global masking tapes market owing to a well-established automotive industry and high awareness regarding masking tapes applications in various end use industries like automotive and construction. Europe is also estimated to account for a significant market share majorly due to the presence of key manufacturers in countries like Germany and the UK.

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