The India Masking Tape Market is estimated to be valued at US$ 248.72 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Masking tape is an adhesive tape made from a thin and easy-to-tear paper, and an easily removable pressure-sensitive adhesive. It is available in several different varieties and is used for numerous purposes in industries like paint, automobile, construction, etc. Masking tape protects surfaces from over-spray and prevents paint from bleeding under the taped edges. It is also used for making wraps and temporary bonding applications.
Market key trends:
The soaring demand from the paint industry is a major trend currently witnessed in the India masking tape market. Masking tape is extensively used in painting applications to cover areas that should not be painted by creating a protective barrier. It helps control the paint and prevents paint from bleeding under the edges. The growing paint industry in India supported by infrastructure development and housing projects is fueling the demand for masking tape. Additionally, masking tape is witnessing increased adoption for temporary bonding applications in various end-use industries like automotive and construction, further propelling the market growth.
Porter’s Analysis
Threat of new entrants: Low threat as the existing players have a wide network in the industry. However, new players need to invest heavily to gain brand recognition and distribution network.
Bargaining power of buyers: Moderate as buyers have multiple options available but switching costs and brand loyalty impacts their bargaining power.
Bargaining power of suppliers: Moderate as raw material suppliers hold less bargaining power due to availability of substitute materials. However, if global raw material prices increase, it impacts the industry.
Threat of new substitutes: Low threat as masking tape has certain distinct advantages over other temporary bonding solutions which are difficult to substitute.
Competitive rivalry: Intense as the market is dominated by a few major players competing on pricing and product differentiation.
SWOT Analysis
Strength: Wide product portfolio and applications in paint, automotive and construction industries. Strong brand recognition and distribution network in the country.
Weakness: Fluctuation in raw material prices impacts the margins. Dependency on seasonality and macroeconomic factors.
Opportunity: Rising infrastructure spending and rapid urbanization driving the paint, construction and automotive sectors. Growing do-it-yourself culture increasing demand.
Threats: Stiff competition from global and local players. Threat from virtual adhesives and advanced temporary bonding solutions.
Key Takeaways
The global India Masking Tape Market Growth is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from paint, automotive and construction industries. Regional analysis is dominated by Western and Southern regions accounting for over 60% market share owing to well established manufacturing sectors.
Key players operating in the India Masking Tape Market are 3M India Ltd, Shri Lakshmi Stick Products, Universal Tapes Ltd, Orafol India Pvt. Ltd and Adhesives Research Inc.
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https://www.newsstatix.com/india-masking-tape-market-trends-size-and-share-analysis/
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