by The global 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 pressure sensitive adhesive tapes used to cover surfaces temporarily during painting, finishing applications to avoid staining. They are used in automotive, building and construction industries for protecting surfaces, holding items in place, and marking guidelines. Masking tapes are available in various sizes and qualities as per end-use requirement. Double-sided tapes with good tensile strength are preferred for heavy-duty applications. Masking tapes provide protection against overspray, dust, debris and avoid finish defects on surfaces.
Market key trends:
Rising automotive production and construction activities are driving the demand for masking tapes. According to International Organization of Motor Vehicle Manufacturers, global vehicle production reached over 77 million units in 2018. Also, growing construction of residential and commercial buildings especially in Asia Pacific region is augmenting the market growth. Furthermore, introduction of new masking tape varieties such as low noise and heat resistant tapes suitable for powder coating and surface finishing is creating growth opportunities. However, availability of alternative protective sheets may hamper the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up a masking tapes manufacturing facility requires high capital investment and established distribution channels. However, the barrier for new products is low.
Bargaining power of buyers: The bargaining power of buyers is high considering the presence of numerous established players providing masking tapes at competitive prices. Buyers can easily switch to substitutes if quality or prices are not met.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for masking tapes such as plastic polymers and adhesives have numerous suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as masking tapes have well-established applications in industries. However, improved substitutes such as removable adhesive and 3D printing pose a threat.
Competitive rivalry: Intense among key players to gain market share.
Key Takeaways
The Global Masking Tapes Market Size is expected to reach US$ 7,008.29 Mn by 2030, exhibiting a CAGR of 5.2% over the forecast period. Wide applications in automotive, building & construction industries and rapid urbanization are expected to drive the market.
Regional analysis: Asia Pacific dominates the global market and is expected to continue its dominance during the forecast period. Rising demand from countries such as China, India, and Japan due to high construction activities and expanding automotive industry support the regional growth.
Key players: 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. 3M is a leading player with a wide product portfolio catering to diverse applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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