Masking tape manufacturers in the United States have seized a golden opportunity within the construction and automotive sectors. With construction spending in the USA reaching $1,459.4 billion in November 2020 and showing a consistent upward trajectory in both private and public investments, the masking tape market is poised for a significant boost.
In the construction industry, masking tapes are prized for their strong bonding and heat resistance, making them indispensable for surface protection during building activities. Moreover, in the automotive sector, their superior adhesion and resistance to extreme temperatures make them a favored choice.
See the Data in Action: Access Our Sample Report Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-2642
Despite a brief slowdown due to the COVID-19 pandemic, masking tape sales are projected to surpass historical levels. The United States is recognized as a highly lucrative masking tape industry by Future Market Insights (FMI), leading the charge in North American masking tape industry growth.
The Masking Tapes Market is on a robust trajectory, valued at approximately $4,758.83 million in 2022 and projected to achieve a CAGR of 5.20% during the forecast period. Forecasts indicate that the market will surpass $7,900.55 million by 2032. The burgeoning building and construction industry drive substantial growth, with applications extending beyond painting to include labeling.
Masking tape’s versatility and eco-friendly options further propel its expansion, spurred by manufacturers introducing environmentally responsible solutions known as eco-tapes. Demand from the automotive sector also contributes to this upward trend. Despite challenges posed by the COVID-19 pandemic, the market demonstrates resilience and a promising trajectory.
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 industry in the coming years.
Who is winning?
Some of the leading companies operating in the industry 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.
Ask an Analyst: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-2642
Key Takeaways:
- By 2030, overall value of masking tapes industry 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 industry 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 the 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 industry will have novel drivers to capitalize on in the near future.
Design Your Dream – Start Customizing: https://www.futuremarketinsights.com/askus/rep-gb-2642
Masking Tapes Industry 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
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
