The India masking tape market is estimated to be valued at US$ 248.72 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Masking tape has versatile applications across various end-use industries such as automotive, building and construction, packaging, and painting among others. It is primarily used for protecting surfaces and marking guidelines during painting activities. Masking tape temporarily adheres to surfaces to mask off adjacent areas not intended to be painted or coated. It protects floors, walls, and other areas from overspray and accidentally splatters and spillages of paints.
Market Dynamics:
Increased construction and infrastructure development projects along with rising automotive production are significantly driving the growth of the India masking tape market. According to India Brand Equity Foundation (IBEF), the Indian real estate sector market size is expected to reach US$ 1 trillion by 2030 and construction is estimated to contribute 13% to the Indian economy by 2025. Moreover, rapid urbanization and growth in housing sector are fueling the demand for masking tape in the country. Furthermore, rising incomes and growing automotive sector are augmenting the market growth. However, availability of low-cost substitutes may hamper the market growth over the forecast period.
SWOT Analysis
Strength: India Masking Tape Market has a large domestic demand for masking tape products. The increasing projects in infrastructure and construction industries provide substantial growth opportunities. Manufacturers offer customized products specific to end-use applications.
Weakness: Fluctuations in raw material prices affects the total production cost of masking tapes. Low brand loyalty and the availability of local substitute products are key challenges faced.
Opportunity: Growing paints and coatings industry in India stimulates the demand for masking tapes. Rising residential and commercial construction activities will augment the market growth over the forecast period.
Threats: Stagnant economic conditions hamper the growth of end-use industries. stringent environmental regulations regarding plastic waste disposal pose threats.
Key Takeaways:
The global India Masking Tape Market Growth is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing infrastructure development and construction activities across the country. Rapid urbanization and rising population have accelerated infrastructure projects in India.
Regional analysis - The India masking tape market is dominated by the western region, accounting for over 30% of the total market share in 2022. This is attributed to large paint manufacturers located in western states like Maharashtra and Gujarat. The southern region exhibits fastest growth, expanding at 5% CAGR through 2030 on account of ongoing infrastructure development projects and rising commercial spaces.
Key players operating in the India Masking Tape Market are 3M India, Shurtape Technologies LLC, Green Packaging Co, Pro Tapes & Specialties, ULINE India, and Pidilite Industries. 3M India dominates over 35% of the market share owing to its brand recognition and wide product portfolio. However, local players like Green Packaging are gaining market share by catering to price-sensitive customers and offering customized products.
Read More,
https://www.trendingwebwire.com/india-masking-tape-market-trends-size-and-share-analysis/
