Region - North America, Latin America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA);
Valley Cottage, NY -- (SBWIRE) -- 07/02/2018 -- Known for their industrious use across heavy engineering operations, masking tapes are actively becoming a sough-after commodity in the global automotive industry. Masking tapes developed to sustain high temperatures have gained effective application in safety of automotive engines that tend to overheat within short span of time. Rising sales of used cars is also stimulating the demand for masking tapes as these tapes are essential for customisation of vehicles. A recent study published by Future Market Insights anticipates that by the end of 2017, nearly 30% of masking tapes sold in the world will be accounted by their end-use in the automotive industry.
In the years to come, the global market for masking tapes will witness lucrative growth opportunities due to its improving applicability. In 2017, the report predicts that global sales of masking tapes will bring in an estimated US$ 4.3 Bn in revenues. Application of masking tapes for painting purposes in the building & construction industry is also gaining traction. By the end of 2027, the global market for masking tapes will have soared at a steady pace, reflecting a CAGR of 5.3%, and bringing in US$ 7.2 Bn in revenues. The report also projects that over 60% of these revenues will be accounted by sales of masking tapes in painting applications.
A highlight from the report reveals that growth of masking tapes market is deeply associated with the region's construction business. Steady growth in housing markets and resurgence of the real estate sector are instrumenting the growth in construction & building business. From general use to plating, the wide application scope of masking tapes in construction industry is becoming a pivotal driving force for the market's overall growth. Through 2027, nearly 40% of global masking tapes market value will be attributed by their end-use in building and construction industry.
Considering the influence of construction business in boosting the market's growth, the report observes a surging demand for masking tapes in Asia-Pacific excluding Japan (APEJ) region. China, India and South Korea are some of the APEJ countries that are witnessing economic upturns, particularly in the sector for building and construction. Presently, North America is observed as a dominant region in the global masking tapes market, and is anticipated to procure over one-fourth share of global market revenues by the end of 2017. However, towards the end of the forecast period, the APEJ market is expected to gain dominance in the global masking tapes market, revenues from which record speedy growth at 7.6% CAGR.
The report also emphasises the impact of unique & reproducible designs on the sales of masking tapes. Adoption of masking tapes is gaining traction due to such distinctive features, which also include their ability to barricade moisture from entering critical parts & components. Besides, a key restraint limiting the use of masking tapes is rising presence of fluids and other masking sheets, which is incidentally curbing the market to grow robustly. Additional key findings from the report include:
In 2017, more than 95% of global masking tape revenues were accounted by sale of single-sided tapes, By 2027-end, over 1,500 Mn square meters of masking tapes sold in the global market will be having plastic as the backing material, while paper backing materials will procure a 47.8% share on global market revenues, More than half of masking tapes sold in the world throughout the forecast period will contain rubber-based adhesives
The report has also profiled key players in the global masking tapes market, which include, Shanghai Yongguan Adhesive Productions Corp. Ltd., Pro Tapes & Specialties, Inc., Intertape Polymer Group Inc., Shurtape Technologies, LLC., tesa SE Group, Nitto Denko Corporation, Ahlstrom USA, Inc., PPI Adhesive Products (C.E.) s.r.o., Saint-Gobain Performance Plastics Corporation, PPM INDUSTRIES S.P.A., Canadian Technical Tape Ltd., Berry Global Group Inc., Cintas Adhesivas Ubis, S.A., Scapa Group plc., Advance Tapes International Ltd., Bolex (shenzhen) Adhesive Products Co., Ltd., Vibac Group S.p.a., Expera Specialty Solutions LLC., and Ultratape Industries Inc.
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