The Masking Tapes Market Is Estimated To Witness High Growth Owing To Increasing Demand For 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.
The Masking Tapes Market is estimated to witness high growth owing to increasing demand for construction activities. Masking tapes are adhesive tapes that are used to shield surfaces temporarily during surface preparation or finishing to protect areas that should not be painted or treated. Masking tapes can adhere tightly but are designed to be easily removable without damaging the surface under it.
Market Overview:
Global Masking Tapes Market Demand is are used in various applications including masking, sealing, banding, and sound deadening during the painting process or before powder coating or electroplating. They provide protection and durability against chipping, scratches, and damage on various surfaces like metal, plastic, glass, and wood. The tapes are available in different sizes and are specially designed for different applications.
Market key trends:
Specialty masking tapes made of innovative materials are gaining popularity among end-users. For instance, multi-layer masking tapes offer superior adhesion and durability without damaging the surface during removal. Similarly, new advanced acrylic adhesives provide higher shear strength and temperature resistance. Also, solvent-free and water-based adhesive tapes offer eco-friendly options. Such product innovations are expected to drive the demand for masking tapes during the forecast period.
Porter’s Analysis
Threat of new entrants: The masking tapes market has moderate threat from new entrants due to need for high initial investments in R&D and production facilities. However, low differentiation and branding provides opportunities for new players to cater niche segments.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products and increasing private label brands. Buyers demand innovations and competitive pricing to retain their business.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of numerous material suppliers and commodity nature of raw materials. Switching costs for buyers is relatively low.
Threat of new substitutes: Moderate threat from substitute products such as gummed paper tapes and double sided tapes. However, masking tapes have strong brand loyalty and are value for money proposition.
Competitive rivalry: Intense competition due to presence of numerous global and regional players leading to pricing pressures and product differentiation.
SWOT Analysis
Strength: Wide applications in automotive, building & construction, general industrial and shipping & logistics boosts sales. Product differentiation provides advantage over substitutes.
Weakness: Sensitivity to fluctuations in raw material prices. Rising environmental concerns regarding non-biodegradability of materials.
Opportunity: Growth in e-commerce sector driving demand for logistics packaging tapes. Development of biodegradable tapes provides sustainability-driven growth prospects.
Threats: Stringent environmental regulations pertaining to plastic waste disposal. Economic slowdowns affecting end-use sectors negatively impacts demand.
Key Takeaways
The market expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from end-use industries like automotive and building & construction. The global market size for masking tapes was valued at US$ 5006.29 Mn in 2023 and is projected to reach US$ 6809.25 Mn by 2030.
North America dominates the global market and is expected to maintain its leading position during the forecast period. This can be attributed to extensive applications in automotive refinish coatings and increasing investments in building & construction activities in the US and Canada.
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 are focused on developing sustainable product offerings and expanding capabilities through strategic acquisitions and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
