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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Masking tapes are pressure sensitive tapes used to mask surfaces temporarily during surface preparation, painting or other coating processes. They find applications in automotive, construction, and electronic sectors for protecting areas from overspray or residue during surface preparation activities. Masking tapes help in preparing neat and clean edges.
Market key trends:
One of the key trends in the masking tapes market is the introduction of acrylic-based adhesive tapes. Compared to rubber-based adhesives, acrylic adhesives offer superior adhesion to various surfaces like metal, plastic and glass without leaving residues. They have excellent adhesion even at elevated temperatures. Another emerging trend is the development of environment friendly reusable and removable adhesive tapes which reduce waste. Major players are focusing on launching sustainable and eco-friendly masking tape variants using recyclable backings and soy-based adhesives.
Segment Analysis
The global masking tapes market is segmented by resin type, backing material, and application. Based on resin type, the acrylic segment dominated the market in 2022 and is expected to continue its dominance during the forecast period owing to its properties such as strong adhesion, durability, and resistance to water. By backing material, the paper segment accounted for the largest share in 2022. Paper provides benefits such as easy tear properties and thickness control. In terms of application, the painting segment held the largest share in 2022 due to extensive use of masking tapes in automotive, construction, and industrial painting applications.
Key Takeaways
The Global Masking Tapes Market Size was valued at US$ 5006.29 Mn in 2023 and is expected to grow at a CAGR of 5.2% during the forecast period. Geographically, the Asia Pacific region dominated the masking tapes market in 2023 with a share of around 35%, followed by North America and Europe. Rapid industrialization and infrastructural activities in developing economies such as China and India are driving the demand for masking tapes in the region.
By market size, North America is projected to witness the highest CAGR during the forecast period owing to strong demand from various end-use industries such as automotive and construction.
Key players operating in the masking tapes market are 3M, tesa SE, PPI Adhesive Products, PPM Industries SpA., Scapa, Shurtape Technologies, Ubis, CCT Tapes, K.L. & Ling, Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation, and TOYOCHEM Co. Ltd. 3M and tesa SE captured over 40% of the global market share in 2023 due to their technical expertise and wide distribution network across regions.
For More Insights, Read: https://www.newsstatix.com/masking-tapes-market-size-share-and-growth-forecast-2023-2030/
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