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Masking tapes are highly sought-after components in the automotive, construction, aerospace, and other industries due to their productive usage in heavy engineering activities. The masking tapes market is expected to grow at a 3.9 percent CAGR in 2021, according to a new analysis by Future Market Insights (FMI), as operations across industries restart following the COVID-19 lockdown.
At the core of the global masking tapes market growth is the expanding building and construction industry. Although primarily used to mask areas while painting, these tapes are finding increasing applications in label supplies. According to Future Market Insights (FMI), growth of the market will largely ride on versatility of masking tapes.
Automotive engines that are prone to overheating are increasingly using masking tapes designed to resist high temperatures. Rising car sales are creating attractive opportunities for masking tape sales against this backdrop. Aside from that, their growing use in automobile customisation will fuel market expansion in the future years.
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Some of the leading companies operating in the market are
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.
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“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 market 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 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.
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.
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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 market will have novel drivers to capitalize on in the near future.
Thanks to recent advancements, the applicability of masking tapes is improving, resulting in increased demand from the building and construction industry. As a result of rising infrastructure spending, emerging countries will become profitable markets for masking tape sales. However, as the industry struggles to cope with the unexpected economic ramifications of the COVID-19 epidemic, this tendency may be restricted in the near-term evaluation period. Similarly, decreased auto sales could stymie market expansion in 2020. Nonetheless, countries are returning to routine after an extended period of lockdown. In a new report, FMI provides an executive-level overview of current market trends.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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The post Masking Tapes Market Business Insights, Size, Trends, Future Assessment by 2030 appeared first on Future Market Insights.
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