November 07, 2022 11:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global paper masking tapes market is expected to augment well over the forecast period by registering a stable CAGR of around 5.4% over the projection period from 2021 to 2031. The paper masking tapes market will reach nearly US$ 2 Bn by 2022. The global market was valued at US$ 1.9 Bn in 2021. During the historic period, the global paper masking tapes market witnessed a CAGR of 3.3% between 2016 and 2020. The adhesive tapes market accounted for the largest segment which generated the maximum revenue of the global paper masking tapes market of about US$ 60 Bn in 2021.
According to FMI analysis, the crepe masking tapes were expected to account for about 3/5th of the sales in the global sales. The growth of this segment is attributed to the various properties associated with crepe material which is backed with rubber adhesives that can withstand high temperatures, which has resulted in their high sales across various industries.
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Paper masking tapes were designated for automotive applications such as resist lifting and curling by ensuring smooth and hassle-free masking. As per market research, the demand in the automotive sector is expected to grow at 6.1% during the forecast period. Owing to the technological advancements in machine learning and the introduction of robotics, it has made the industrial sectors reach multifold growth. Resulting in creating impressive growth prospects for sales of paper masking tapes over the evaluation period. This in turn is anticipated to majorly fuel the market for paper masking tapes.
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The key market players have been working on reshaping the product in order to attract potential customers. Furthermore, several manufacturers such as 3M are improving the strength of the product by modifying the overall features and using sustainable adhesive solutions. Prominent manufacturers are diversifying towards various applications in aerospace and automobile in order to reduce the risk of failure. Apart from this, industry players are also focusing on expanding facilities to gain a competitive edge.
More Insights into the Paper Masking Tapes Market
The U.S. is known as one of the largest markets for automotive production and sales. According to the estimations by the U.S. Department of Commerce, light-vehicle sales are anticipated to reach a volume of 17.2 million units in the year 2018. Increasing sales of automotive in the United States are shaping opportunities for the sales of paper masking tapes.
Paper Masking Tapes Market By Category
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3.1. Key Trends Impacting the Market
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