Extensive uptake across aerospace and construction industries to primarily influence expansion in the upcoming decade. Further opportunities abound across the automotive sector.
DUBAI, UAE / ACCESSWIRE / January 19, 2021 / Future Market Insights: ESOMAR certified market research and consulting firm Future Market Insights' (FMI) recently published masking tapes market report anticipates an increase of 0.8% over 2020 to reach 3.9% in 2021. The outlook is poised to remain positive over the 2020-2030 decade to register 5.1% CAGR.
Growth is majorly underpinned by prolific advancements in the defense and aerospace segment. Recent years have seen heightened investments in aerospace infrastructure development, being valued at over US$ 900 billion in 2019, with the United States at the forefront. Hence, FMI expects high proliferation of masking tapes providers across the region, expecting a valuation of nearly US$ 58 Bn by 2021-end.
In addition, the building and construction industry is at the core of the global masking tapes market, with projections indicating a valuation of US$ 1.7 Bn by the end of the current year. In spite of experiencing a temporary blip induced by the coronavirus pandemic, growth is expected to rebound as lockdowns are lifted, leading to a resumption of housing construction projects, thus stimulating uptake of masking tapes.
'Manufacturers are emphasizing on introducing sustainable and cost-efficient product lines with the objective of attracting a wider clientele to enhance growth prospects,' comments the FMI analyst.
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Masking Tapes Market- Key Takeaways
- Aluminum foil derived masking tapes to capture the highest share, generating over three out of four sales by 2021
- Double sided tapes to acquire momentum, registering a Y-o-Y expansion of nearly 5% through 2031
- By adhesive type, rubber-based masking tapes likely to remain dominant
- Abrasive blasting emerged as the principal application area, recording a historical CAGR exceeding 6%
- Automotive industry to yield over 40% of the revenue for masking tapes manufacturers
- United States to generate nearly 90% of the masking tapes revenue through 2031
- U.K likely to register annual growth of around 3% amid an expanding construction industry in the coming decade
- Germany and France to remain important markets, experiencing stable outlook
- Aggrandizing automotive and construction industries to propel China at the forefront of the Asian market
Masking Tapes Market- Prominent Drivers
- Global masking tapes market is witnessing growing penetration by eco-friendly alternatives, such as compost tapes
- Heightening capital expenditure on defense and aerospace equipment to generate green spaces in the future
- Widening applications across key industries such as metal works is expanding scope of the market
Masking Tapes Market- Key Restraints
- Sluggish real-estate price post the Great Recession of 2008 and the COVID-19 pandemic may hinder adoption
Explore more about the masking tapes market, comprising 106 tables and 71 figures along with the table of contents. You will find detailed market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-2642
Prominent players operating in the masking tapes landscape include 3M Company, Intertapes Polymer Group Inc., Shurtapes Technologies LLC., Tesa SE Group, Nitto Denko Group, Ahlstrom Corporation, PPI Adhesive Products (C.E) s.r.o., Saint-Gobain Performance Plastics Corporation, PPM Industries S.p.A and Berry Global Group among others.
The market is likely to remain extremely competitive due to the presence of such wide number of players. Prominent strategies for expansion include new product launches, strategic acquisitions, mergers and partnerships with existing players and regulatory authorities.
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