Coronavirus Turmoil to Take Toll on Near-term Growth of Masking Tapes Market
VALLEY COTTAGE, N.Y. – In 2018, ~4 billion Sq. m of masking tapes were sold across the globe, as per the new research study by Future Market Insight (FMI). According to the report, the masking tapes market is estimated to grow by 4.7% YOY in 2019, primarily influenced by the recent reforms in the global packaging landscape.
The study opines that rapid adoption of high barrier and tamper evident masking tapes in various end-use industries is expected to significantly fuel the market growth. Single sided masking tapes is likely to account to relatively high share as compared to the double sided variants.
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High Dependence on Adhesive Solutions in Automotive Industry to Strengthen the Market Growth
Leading automotive manufacturers and suppliers are hugely relying on various adhesive solutions for numerous applications. Masking tapes are gaining high application in automotive industry including wire harnessing, surface protection, and attachment part mounting, thereby potentially fueling the market growth.
In addition, masking tapes are regularly used in automobile industry for masking of irregular surfaces such as aluminum door frames and car windows. Further, automotive trends such as vehicle individualization and high adoption of low VOC adhesive products will ultimately result in increased demand for masking tapes.
Significant growth of used car market is also likely to create noteworthy opportunities for masking tapes manufacturers to maximize their revenue portfolios. The used car segment in the automotive market has generated significant revenue across North America, Europe and Asia Pacific. High demand for masking tapes in used car market for paint coating, repairing, and maintenance purpose will continue to work to the advantage of the market players.
According to FMI report, the global automotive industry is expected to capture a considerable market share during the forecast period. The upgradation of the automotive industry and regular demand for adhesive solutions in the industry are the vital factors that are boosting the global masking tapes market.
Preview Analysis of Masking Tapes Market: Leading Players Accounting for 25% Revenue Share: Global Industry Analysis and Opportunity Assessment, 2019-2029: https://www.futuremarketinsights.com/reports/masking-tapes-market
Rapid Expansion of Construction Industry to Promote the Market Growth
Building and construction industries will continue to sustain a high demand for masking tapes, finds the report. Masking tapes and other adhesive solutions are required on daily basis in building and construction industry for fixing and installation purposes.
Masking tapes used in construction industry for various applications such as painting, abrasive blasting, thermal spraying, delicate surface masking, planting and other applications are offering significant impetus to the market. Moreover, availability of single sided and double sided masking tapes in the market facilitates the process of work for building constructors.
Consistent growth in the construction industry across the globe, especially in countries such as China, the UK, the U.S and India is expected to contribute to the growth of the making tapes market over the forecast period. Moreover, adoption of masking tapes by the construction industry is likely to account for higher sales as compared to other end-use sectors.
FMI’s business intelligence underlines in-depth insights into the competitive scenario of the masking tapes market along with highlights of the manufacturers’ differential strategies.
Prominent masking tapes market players are focusing on providing products as per the requirement of end-use industries. These leading manufacturers are further focusing on achieving growth by expanding its customer base and widening its product portfolio of masking tapes through differentiated product offerings.
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- For instance, in April 2018, Intertapes Polymer Group Inc. one of the leading masking tapes market players, expanded its masking solution range which offers excellent adhesive properties.
This study underlines key opportunities in the masking tapes market and finds that the market would exhibit growth at a value CAGR of ~5.0% during forecast period.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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