Masking Tapes Market Growing with a CAGR of 5.20% during the forecast period 2032

According to estimates, the global market for masking tapes will be worth US$ 4758.83 million in 2022 and grow at a CAGR of 5.20% over the same period. By the end of 2032, the market for masking tapes is expected to reach a value greater than US$7900.55 million.

The market for masking tape is expanding dramatically due to the building and construction sector’s exponential rise. These tapes are being used more and more in label resources even though their primary use appears to be to cover certain sections during painting.

Masking tapes developed to withstand high temperature are increasingly used for safety of automotive engines that easily tend to overheat. Against this backdrop, rising car sales are creating lucrative prospects for masking tape sales. Besides this, their increasing application in customization of vehicle will push growth of the market in the coming years.

Request Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2642

Who is winning?

Some of the leading companies operating in the market are

•          PPI Adhesive Products (C.E.) s.r.o.
•          3M Company,
•          Shurtapes Technologies LLC.,
•          Intertapes Polymer Group Inc.,
•          Nitto Denko Corp,
•          tesa SE Group
•          Ahlstrom Corporation
•          Saint-Gobain Performance Plastics Corporation
•          PPI Adhesive Products (C.E.) s.r.o.
•          Berry Global Group Inc.

Competition within the masking tapes market is expected to intensify in the coming years as companies engage in race of launching new products with greater performance.

Improving applicability of masking tapes, thanks to recent innovations will cause increasing demand from building and construction industry. Rising spending on infrastructural development will, therefore, make emerging countries lucrative pockets for masking tapes sales. This trend however might be curtailed in near-term assessment period, as the industry struggles to cope with the unprecedented economic implications of COVID-19 outbreak.

Likewise, declining automotive sales could hamper growth of the market in 2020. Nonetheless recovery is on cards with countries resuming normalcy post extended period of lockdown. FMI presents an executive-level account of trends prevailing in the market in a new study.

Get In Touch With Our Team For a 20% Flat Discount

Key Takeaways from Report

•          By 2030, overall value of masking tapes market will reach US$8.06 Bn
•          In 2020, nearly 66.9% of materials used in masking tapes production were paper
•          More than 90% of masking tapes sold worldwide are single-sided and over 50% sold have rubber-based adhesive
•          Masking tapes are more commonly used in painting applications, which is expected to surge at 4.7% between 2020 and 2030
•          Building and construction applications will continue rising. In 2020, the industry exhibited maximum demand for masking tapes

“Through 2030, nearly 40% of masking tape applications will be attributed by building and construction sector. This is one sector that will have exclusive attention from market players. Companies are expected to launch cost-effective masking tapes and go-to tapes to offer industrial masking solutions. In line with soaring focus on environment, some of them, including Monta, have launched compostable tapes. This will create ample growth opportunities for the market,” said a lead analyst at FMI.

Sustainability Holds Immense Potential

In 2015, the member states of the United Nations adopted the 2030 Agenda for Sustainable Development that offered a shared plan for achieving sustainability based on five pillars: prosperity, planet, people, partnership, and peace. The agenda specified various principles and corresponding steps to be adopted by government, individual companies, and other associations to ensure sustainable development in the coming years. This has encouraged various companies, including masking tape manufacturers to adopt sustainability goals and adhere to eco-friendly production.

The year 2020 witnessed several launches in the sustainable category. For instance, addressing the need to offer sustainable solutions, a renowned German manufacturer and one of the leading adhesive tape suppliers, Monta has launched monta biopack, which is a new self-adhesive tape. According to the company, the tape is made from roughly 90% renewable resources.

With an increasing number of companies joining the sustainability bandwagon, masking tapes market will have novel drivers to capitalize on in the near future.

Ask An Analyst @ https://www.futuremarketinsights.com/askus/rep-gb-2642

Masking Tapes Market Key Segment

By Backing Material Type

•          Foam
•          Glass Fiber
•          Foil
•          Aluminium Foil
•          Lead Foil
•          Paper
•          Crepe Paper
•          Washi Paper
•          kraft Paper
•          Flatback Paper
•          Plastic
•          Polymide(PI)
•          PVC/Vinyl
•          Polyethylene Terephthalate/Polyster
•          Fluropolymer

By Product Type

•          Single Sided
•          Double Sided