Global Painting Masking Tapes Market: Snapshot
The global painting masking tapes market is foretold to expect high growth prospects while riding on the rise of attractive end-use sectors such as automotive and building and construction. Even though general purpose painting masking tapes may not find the same demand in the real estate sector, specialized products such as those used for abrasive blasting could significantly up the growth of the market in the near future. The rise of automotive manufacturing and metal production could concurrently increase the demand for painting masking tapes. The surge in the sales of automobiles due to rising disposable income is expected to make some contribution to the market.
According to experienced researchers, the global painting masking tapes market is foreseen to rise at a CAGR of 5.7% during the forecast period 2017–2022. The market could obtain a revenue valuation of US$3.3 bn by the end of 2024 after progressing from a US$2.5 bn achieved in 2017.
Paper Backing Material Stands Out with Colossal Expected Revenue Growth
The world painting masking tapes market is anticipated to be classified into foam, plastic, paper, and others, according to type of backing material. Out of these markets for painting masking tapes, paper is prognosticated to garner a lion’s share by the end of the forecast period. As per the analysts, the paper market could be valued at a US$2.7 bn by the completion of 2024. The annual absolute growth attained by this segment could surpass that of any other in the same segmentation class. Between 2017 and 2024, paper could grow at a US$0.1 bn annually.
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With respect to end use, the segmentation of the world painting masking tapes market is predicted to include automotive, building and construction, aerospace, and general industrial and do-it-yourself (DIY) activities. In terms of type of adhesive, there could be crucial segments such as silicon-based, acrylic-based, and rubber-based adhesives contributing to the market.
North America Dominates with Market Attractiveness and APEJ with Faster CAGR
On the basis of geographical classification, the international painting masking tapes market is envisaged to witness the faster growth of Asia Pacific except Japan (APEJ) on the back of its 7.8% expected CAGR. However, North America showcased its dominance in the market in 2017 and is envisioned to be counted among the most attractive regions until the final forecast year while expanding at a 4.0% CAGR. Next on the list of lucrative regions could be Europe projected to be valued at a US$0.7 bn by 2024 end.
However, the Middle East and Africa (MEA) and Japan could grow at a lethargic pace, where the former is forecasted to create an absolute revenue opportunity of US$0.07 bn and the latter to lose 8 basis points (BPS) by 2024 over 2017.
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Some of the most prominent players operating in the worldwide painting masking tapes market could be 3M Company, Berry Global, Inc., Nitto Denko Corp, Saint-Gobain Performance Plastics Corporation, Scapa Group PLC, Intertape Polymer Group, Inc., Beiersdorf Aktiengesellschaft, Shurtape Technologies LLC, Bolex (Shenzhen) Adhesive Products Co. Ltd., and Advance Tapes International Ltd.
