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Acrylic Masking Tapes Market Forecast 2024: Key Applications, Trends, and Opportunities
Acrylic Masking Tapes Market Forecast
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According to The Business Research Company's, The acrylic-based masking tapes market size has grown strongly in recent years. It will grow from $51.32 billion in 2023 to $55.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increasing demand for the automotive industry, rising adoption in construction, growth in industrial applications, increasing use in packaging, and growth in the electronics sector.
The acrylic-based masking tapes market size is expected to see strong growth in the next few years. It will grow to $74.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing demand from automotive industries, growth in the packaging sector, increasing use in electronics manufacturing, rising need for high-performance tapes, and increasing awareness of adhesive solutions. Major trends in the forecast period include the integration of eco-friendly adhesives, implementation of advanced adhesive technologies, development of high-temperature tapes, advancements in durable backing materials, and adoption of multi-purpose tapes.
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Market Drivers and Trends:
The rising adoption in construction is expected to propel the growth of the acrylic-based masking tapes market going forward. Construction activities are rising due to increasing urbanization, infrastructure development, and growing demand for residential and commercial spaces. Acrylic-based masking tapes are used in construction for precise surface protection, providing strong adhesion and weather resistance during painting and finishing tasks. For instance, in November 2023, according to the Office for National Statistics (ONS), a UK-based government department, estimated construction metrics showed significant growth in 2022, with total new work rising by 15.8% and new orders increasing by 11.4% compared to the previous year. Therefore, the rising adoption in construction is driving the growth of the acrylic-based masking tapes market.
Major companies operating in the acrylic-based masking tapes market are developing recycled masking tapes to enhance sustainability and meet growing consumer demand for eco friendly options. Recycled masking tape, made from reclaimed materials, offers an eco friendly alternative that maintains the same adhesive strength as traditional tape. For instance, in August 2022, Tesa SE, a Germany-based adhesive products manufacturing company, launched the 60412 recycled PET packaging tape. This tape is designed for packages weighing up to 30 kg and is suitable for both manual and automatic dispensers. It features an abrasion-resistant backing, pressure-sensitive acrylic adhesive for recycled cardboard, and low noise unwinding, highlighting its sustainable performance.
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Major Key Players of the Market:
Berry Global Inc., Avery Dennison Corporation, Mas Corporation, Nitto Denko Corporation, Uline Inc., TESA SE, ORAFOL Europe GmbH, Lohmann GmbH & Co. KG, 3M India Limited, Mirka India Private Limited, Mactac Americas LLC, Caplugs Inc., Nichiban Co. Ltd., Cortec Corporation, Adhesives Research Inc., Tapecon Inc., Cantech Industries Inc., Adhesive Specialities, TapeCase Ltd., Ajit Industries Private Limited, JTAPE Limited, Sumax Engineering Private Limited, KOVAX Corporation, Morris Products Inc., Seal King Industrial Co. Ltd
Acrylic-Based Masking Tapes Market 2024 Key Insights:
• The acrylic-based masking tapes market size is expected to see strong growth in the next few years. It will grow to $74.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Rising Adoption In Construction Fuels Growth Of Acrylic-Based Masking Tapes Market
• Innovations In Acrylic-Based Masking Tapes Focus On Eco Friendly Solutions
• Asia-Pacific was the largest region in the acrylic-based masking tapes market in 2023
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