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Driven by their industrious applications in heavy engineering operations, masking tapes are highly sought-after components in automotive, construction, aerospace, and other industries. As per a new study by Future Market Insights (FMI), the masking tapes market is set to exhibit 3.9% CAGR in 2021, as operations across industries resume post prolonged lockdown amid COVID-19.
Masking tapes developed to withstand high temperature are increasingly used for safety of automotive engines that easily tend to overheat. Against this backdrop, rising car sales are creating lucrative prospects for masking tape sales. Besides this, their increasing application in customization of vehicle will push growth of the market in the coming years.
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Improving applicability of masking tapes, thanks to recent innovations will cause increasing demand from building and construction industry. Rising spending on infrastructural development will, therefore, make emerging countries lucrative pockets for masking tapes sales. This trend however might be curtailed in near-term assessment period, as the industry struggles to cope with the unprecedented economic implications of COVID-19 outbreak.
Likewise, declining automotive sales could hamper growth of the market in 2020. Nonetheless recovery is on cards with countries resuming normalcy post extended period of lockdown. FMI presents an executive-level account of trends prevailing in the market in a new study.
“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.
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.
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Some of the leading companies operating in the market are PPI Adhesive Products (C.E.) s.r.o., 3M Company, Shurtapes Technologies LLC., Intertapes Polymer Group Inc., Nitto Denko Corp, tesa SE Group, Ahlstrom Corporation, Saint-Gobain Performance Plastics Corporation, PPI Adhesive Products (C.E.) s.r.o., Berry Global Group Inc. 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.
Future Market Insights, in its new offering, provides an unbiased analysis of the global masking tapes market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the masking tapes market based on backing material type (foam, glass foil, paper, plastic), product type (single sided and double sides), end-use industry (automotive, building and construction, aerospace, general industries, and others), adhesive type (silicone based adhesive, acrylic based adhesive, rubber based adhesive), and application (painting, planting, abrasive blasting, high temperature application, thermal spraying, and general use) across seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make 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 tracks 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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The post Masking Tapes Market to Witness Stunning Growth by 2030 appeared first on Future Market Insights.
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