Masking Tapes Market, By Type (Single Side and Double Side), By Adhesive Type (Silicon-based Adhesive, Acrylic-based Adhesive, Rubber-based Adhesive, and Others), By Backing Material (Plastic, Paper, Foam, and Others), By End Use (Automotive, Building & Construction, Healthcare , Electrical & Electronics, Packaging, Aerospace, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI4928

Pages :140

Formats :

Excel and PDF

Industry : Advanced Materials

Challenges: Volatility in raw material prices

Masking tapes primarily use backings made from polyester or paper, and adhesives derived from petroleum-based chemicals. In the last two years, prices of these key raw materials have witnessed unprecedented fluctuations due to multiple macroeconomic and geopolitical factors. Petrochemical prices directly depend on international crude oil rates, which are driven by supply-side dynamics of OPEC+ nations and geopolitical tensions. During 2021-22, crude oil prices surged to multi-year high levels of over US$ 100 per barrel multiple times due to declining inventories, rebounding demand post pandemic lockdowns, and geopolitical issues such as the Russia-Ukraine war. This translated to a substantial increase in prices of raw materials such as polymer resins and hydrocarbon solvents used for masking tape adhesives. According to the World Bank Pink Sheet database, average monthly Brent crude oil prices increased by over 60% during 2021 compared to 2020 levels.

Opportunities: Emergence of new end-use industries

The emergence of new end-use industries is presenting significant opportunities for growth in the global masking tapes market. With technology advancing at a rapid pace, innovative new sectors are developing that require specialized masking tapes for various applications. One such area showing great promise is renewable energy. As concerns grow around climate change and fossil fuel reliance, investments in areas like solar, wind, geothermal, and green hydrogen are surging worldwide. According to the IEA's 2021 report, global capacity additions of wind and solar PV energy reached record highs in 2020, and these trends are projected to continue steadily through 2026 and beyond. The manufacturing and installation processes for renewable energy infrastructure involve the substantial usage of masking tapes to sections parts, temporary bonds, and protect surfaces during treatment and assembly.