MASKING TAPES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Masking tape is lightly adhesive, easy to tear, paper tape that can be smoothly applied and removed without leaving any mark. Masking tape is a smooth and mini-crepe paper tape, also known as painter's tape. Masking tapes adhere well, resist solvents or water from the paint, and are strong enough to hang plastic sheeting, yet remove cleanly without damaging the subsurface.

The global masking tapes market is expected to surpass US$ 8,007.00 million by the end of 2028 and exhibit a CAGR of 5.20% during the forecast period (2021 to 2028).

Drivers

Growth in the construction industry is expected to boost the masking tapes market. Rapidly expanding construction industry in China, India, Indonesia, Japan, the U.S., and Canada is expected to create lucrative opportunities for the masking tapes market players. According to the Global Alliance for Buildings and Construction, the global construction industry is expected to witness an annual growth of 3.6% during 2020 to 2030, owing to growing pent-up household savings, pandemic stimulus programs, and population growth.

Among regions, the Asia Pacific region accounted for the largest revenue share of 38% in the global masking tapes market in 2020 and is expected to maintain its dominance during the forecast period. The regional market was valued at US$ 1,333 Mn in 2020 and is expected to exhibit a CAGR of 5.60% during the forecast period. The Asia Pacific masking tapes market growth is mainly attributed to the expansion of manufacturing infrastructure, easy availability of raw materials, and rampant urbanization in emerging economies. China and India are major markets for masking tapes in the region. The Asia Pacific masking tapes market is followed by North America and Europe.

Figure 1. Global Masking Tapes Market Revenue Share (%), By Region, 2020

Global Masking Tapes Market Restraints

Stringent regulations imposed by various governing bodies are major factors hampering the global masking tapes market growth. For instance, Chemicals legislation in Europe and worldwide is complex and expanding, led by Registration, Evaluation, Authorization and Restriction of Chemicals (REACH). European Union bans and restrictions on various adhesives such as acrylic-based and rubber-based adhesives pose tough challenges to masking tape related businesses.

Market Trends

Growing usage of sustainable masking tapes is expected to boost the global masking tapes market. An increasing number of masking tape manufacturers are launching sustainable masking tape solutions. These tapes are known as eco-tapes and the popularity of this variant rides on their eco-responsibility. Self-adhesive and gummed-tapes made from paper are therefore considered excellent alternatives to vinyl and polypropylene tapes.

Figure 2. Global Masking Tapes Market – Opportunity Analysis

By product type, the global masking tapes market can be segmented into single side and double side masking tapes. The single side masking tapes segment held 60% market share in 2020 and is expected to keep its dominance during the forecast period. The adoption of single side masking tapes is increasing across various applications owing to due to their excellent adhesion and heat resistance. They are used for various purposes, primarily to protect surfaces while construction activities are underway.

Figure 3. Global Masking Tapes Market Revenue Share (%), By Product Type, 2020

Global Masking Tapes Market - Impact of Coronavirus (COVID-19) Pandemic

The global masking tapes market has been impacted due to the ongoing COVID-19 pandemic. Several governments across the globe have imposed nationwide lockdowns to limit the spread of the virus, which resulted in the shutdown of businesses and a halt in several economic activities. According to the International Monetary Fund’s 2020 report, the global economy contracted sharply by 3.0% in 2020, which is worse than the 2008-09 financial crisis. Moreover, the supply chain disruption has indirectly led to low demand for masking tapes.

Competitive Section

Key players operating in the global masking tapes market include PPI Adhesive Products, PPM Industries SpA., Scapa, Shurtape Technologies, tesa SE, Ubis, 3M, CCT Tapes, K.L. & Ling, Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation, and TOYOCHEM Co. Ltd.