PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437533
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437533
Painting Masking Tapes Market size was valued at USD 3,513.20 Million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
The two types of painting masking tapes are double side adhesive and single side adhesive tapes. Painting masking tapes are typically composed of thin, saturated paper and adhesive. They aid in covering and protecting surfaces while also providing traction during pasting or laminating operations. There are several varieties of painting masking tapes on the market, each with a distinct width and length. These tapes leave sharp edges and are easy to locate.
Painting Masking Tapes Market- Market Dynamics
Rapid growth in renovation activity to propel market demand
Renovation activities in the residential and commercial sectors have increased dramatically over the past several years due to changes in consumer behavior and rising disposable income. People are beginning to spend more on the ambiance of their homes. Large corporations, independent merchants, and proprietors of eateries are heavily investing in remodeling projects in order to give their corporate offices, retail stores, and dining establishments a fresh, contemporary look. Painting masking tapes are crucial for covering exposed surfaces and enabling workers to provide their clients with more productive labor. They are used in restoration processes including sandblasting, plating, laminating, and painting. Interior designers also utilize painting masking tapes to create pop patterns or gypsum plaster, which enables them to provide visually appealing spaces for homes, workplaces, cafes, and other commercial buildings. One major reason driving the growth of the worldwide painting masking tapes market is the increasing usage of these tapes in remodeling projects.
Painting Masking Tapes Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2024-2032)
Based on product segmentation, the double side segment dominates the market
Based on end user segmentation, the automotive sector dominates the market
Based on region, the Asia Pacific was the leading revenue generator in 2023
The Global Painting Masking Tapes Market is segmented based on Product, Adhesive Type, Material, Application, End User, and Region.
The market is divided into two categories based on product: Single Side and Double Side. The Double Side segment dominates the market. The segment growth is attributed to the rising construction industry. For instance, the worldwide construction industry is predicted to rise by $4.5 trillion between 2020 and 2030, reaching $15.2 trillion, with developing nations accounting for $8.9 trillion of that total, according to the worldwide Construction Outlook study by Marsh, a UK-based insurance business. Furthermore, 58.3% of the growth in global building will come from China, India, the US, and Indonesia.
The market is divided into four categories based on end user: Aerospace, Automotive, Building and Construction, General Industrial and Others. The Automotive sector dominates the market and is likely to maintain its dominance during the forecast period due to increasing production of passenger vehicle and their sales across the globe.
Painting Masking Tapes Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to hold the largest market share over the forecast period. The regional expansion of the market is attributed to the growing automotive industry particularly in China and India. For instance, according to the Society of Indian Automobile Manufacturers, the total number of passenger vehicles sold rose from 30,69,523 to 38,90,114. In comparison to the prior year, sales of passenger cars grew from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718, and vans from 1,13,265 to 1,39,020 units in FY-2022-2023. The total number of sales of commercial vehicles rose from 7,16,566 to 9,62,468 units. In comparison to the prior year, sales of Light Commercial Vehicles climbed from 4,75,989 to 6,03,465 units, while Sales of Medium and Heavy Commercial Vehicles increased from 2,40,577 to 3,59,003 units in FY-2022-2023.
The prominent players operating in the market are DowDuPont Inc., Henkel AG & Co., Intertape Polymer Group Inc., Saint-Gobain, Shurtape Technologies, LLC, 3M, LINTEC Corporation, Berry Global, Inc., Tesa SE and Nitto Denko Corporation. These players perform various strategies to remain competitive in the market including product launch, acquisition, expansion and many others.
In December 2021, Boyd Corporation, a US-based manufacturer of electronics, appliances, and electrical products, purchased MBK Tape Solutions. Boyd Corporation is committed to enhancing its medical material science competencies in the areas of biosensors, transdermal patches, and advanced wound care with this purchase.
GLOBAL PAINTING MASKING TAPES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
DowDuPont Inc.
Henkel AG & Co.
Intertape Polymer Group Inc.
Saint-Gobain
Shurtape Technologies, LLC
3M
LINTEC Corporation
Berry Global, Inc.
Tesa SE
Nitto Denko Corporation