Players holding a position of strength in the global painting masking tapes market include Advance Tapes International Ltd., Bolex (Shenzhen) Adhesive Products Co. Ltd., Shurtape Technologies LLC, Beiersdorf Aktiengesellschaft, Intertape Polymer Group, Inc., Scapa Group PLC, Saint-Gobain Performance Plastics Corporation, Nitto Denko Corporation, Berry Global, and 3M Company, finds Transparency Market Research (TMR). Several key companies are focused on offering products that features robust adhesion properties and a clean removal for a variety of surfaces, in order to stay ahead of the pack. In addition, a number of top players are also considering developing specialized products for various end-use industries, notably food packaging.
The global painting masking tapes market stood at US$2.5 billion. Rising at 5.7% CAGR, the market is projected to reach a worth of US$3.3 billion by 2022 end.
The key backing material used for painting masking tapes are foam, plastic, and paper. Among the various segments, paper leads, vis-à-vis annual absolute growth, and is projected to account for a massive share by 2022 end. The paper segment is estimated to be worth US$2.7 billion by the end of the assessment period.
Broadly, the various regional markets are North America, Latin America, Europe, Japan, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA). Of these, North America accounted for the major share in 2017 and is expected to be one of the most lucrative regional markets. However, APEJ is anticipated to rise at the dominant CAGR of 7.8% during 2017–2022. Europe is also expected to be a prominent market and is expected to offer potential lucrative avenues over the assessment timeline. Latin America is expected to be another lucrative regional market.
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Burgeoning use in Wide Range of Application Areas including Painting Accentuates Growth
The global painting masking tapes market is projected to rise at substantial pace on the back of widespread demand in several other end-use industries for painting and sealing applications. The market is driven by the extensively rising demand for masking tapes in a versatile range of application areas, including smart cards, renewable energies, transport, paper and print, electronics, health, copiers and printers, automotive, appliances, and construction. In addition, the noticeable demand for specialized varieties of masking tapes for sandblasting applications in the construction industries is a notable factor boosting the market. Furthermore, the growing use of advanced masking tape for painting in residential renovation in developing regions is a crucial trend to accentuate the market.
The painting masking tapes market is projected to strikingly benefit from burgeoning automotive manufacturing and metal production activities in several parts of the world. The growth is significantly supported by a spurt in automobile sales, coupled with vastly rising disposable incomes, in numerous emerging economies world over. The popularly rising demand for painting masking tapes in abatement and restoration projects is also expected to fuel the market’s growth. The suitability of masking tapes in these applications can be attributed to several attractive functions such as clean and easy removal of containments, multi-surface performance, and their ability for rapid sticking.