During the anticipated period, the market for paper masking tapes is anticipated to grow at a CAGR of 5.7%. The market is projected to reach a value of US$ 3.6 billion by 2033 after reaching a value of US$ 2.1 billion in 2023.
Paper masking tapes are helpful in fixing and attaching small and lighter elements, from packaging to painting operations, according to the research report on the paper masking tapes market. The proper taping methods and cutting-edge adhesives are to blame for the rising demand for paper masking tapes.
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Paper masking tapes were designated for automotive applications such as resist lifting and curling by ensuring smooth and hassle-free masking. As per market research, the demand in the automotive sector is expected to grow at 6.1% during the forecast period. Owing to the technological advancements in machine learning and the introduction of robotics, it has made the industrial sectors reach multifold growth. Resulting in creating impressive growth prospects for sales of paper masking tapes over the evaluation period. This in turn is anticipated to majorly fuel the market for paper masking tapes.
Key Takeaways
- The segment of used cars which falls under the automotive industry is expected to consistently gain traction in regions such as North America, Europe, and Asia Pacific. The market for new vehicles is expected to be dominated by established players and has shown sluggish growth in major developed markets. Contrary to this, the sales of used vehicles are gradually rising worldwide.
- The used car market segment allows multi-shop operators (MSOs) and other small players to enter the high revenue-generating market of automobiles. It comprises vehicles that can get painted, repaired, and sold in appealing conditions. Therefore, the used car market segment is filled with opportunities for manufacturers of paint coatings, paper masking tapes, and other supplies.
- Persistent growth exhibited by the used car market along with the frequent need for masking tapes is expected to offer lucrative prospects for paper masking tape manufacturers to capitalize on. The global pandemic harmed the global paper masking tapes market, especially in 2020 and 2021. Due to the lockdown and stringent regulations imposed worldwide manufacturing activities were shut down in the first half of the year 2020.
- However, the global paper masking tapes market is expected to recover in 2021-2022, by exhibiting a year-on-year growth of around 4.6% in 2021. In addition to that, the application within the electric automotive is anticipated to continue fueling the demand for the paper masking tapes market. A significant change in the market is a shift of distribution from traditional to e-commerce medium during COVID-19.
- Paper masking tapes are known as distinct adhesive tapes, which are used in diverse industries including automotive, building and construction, aerospace, and general industries. Due to a specially formulated adhesive, the efficacy of these tapes has been improving which comprises an instant bond to various surfaces.
- The global paper masking tapes market witnessed minimal barriers while comprehending from the macroeconomic lens. However, while proceeding further liquid adhesive solutions might gradually replace masking tapes across industries. In order to counter this effect, masking tape producers are expected to incline towards sustainable materials, consequently paving the scope for higher sales of paper masking tapes.
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Competitive Landscape
The key market players have been working on reshaping the product in order to attract potential customers. Furthermore, several manufacturers such as 3M are improving the strength of the product by modifying the overall features and using sustainable adhesive solutions. Prominent manufacturers are diversifying towards various applications in aerospace and automobile in order to reduce the risk of failure. Apart from this, industry players are also focusing on expanding facilities to gain a competitive edge.
More Insights into the Paper Masking Tapes Market
The U.S. is known as one of the largest markets for automotive production and sales. According to the estimations by the U.S. Department of Commerce, light-vehicle sales are anticipated to reach a volume of 17.2 million units in the year 2018. Increasing sales of automotive in the United States are shaping opportunities for the sales of paper masking tapes.
Paper Masking Tapes Market By Category
By Tape Type:
- Crepe Masking Tape
- Washi Masking Tape
- Flatback Paper Masking Tape
- Kraft Paper Making Tape
By Distribution Channel:
- Distribution Professional
- Aftermarket Sales
- DIY Distribution
By Adhesive Type:
- Rubber-based Adhesive
- Acrylic- based Adhesive
- Silicon-based Adhesive
- Hot Melt Adhesives
By Application:
- Painting
- Plating
- Abrasive Blasting
- High Temperature Application
- Thermal Spraying
- General Use
By End Use:
- Automotive
- Building and Construction
- Aerospace
- General Industries
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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