Masking Tapes Market Poised to Rake in US$ 7.2 Bn by 2027
Verfasser: ShashiiPawar on Tuesday, 8 August 2017Known for their industrious use across heavy engineering operations, masking tapes are actively becoming a sough-after commodity in the global automotive industry. Masking tapes developed to sustain high temperatures have gained effective application in safety of automotive engines that tend to overheat within short span of time. Rising sales of used cars is also stimulating the demand for masking tapes as these tapes are essential for customisation of vehicles. A recent study published by Future Market Insights anticipates that by the end of 2017, nearly 30% of masking tapes sold in the world will be accounted by their end-use in the automotive industry.
In the years to come, the global market for masking tapes will witness lucrative growth opportunities due to its improving applicability. In 2017, the report predicts that global sales of masking tapes will bring in an estimated US$ 4.3 Bn in revenues. Application of masking tapes for painting purposes in the building & construction industry is also gaining traction. By the end of 2027, the global market for masking tapes will have soared at a steady pace, reflecting a CAGR of 5.3%, and bringing in US$ 7.2 Bn in revenues. The report also projects that over 60% of these revenues will be accounted by sales of masking tapes in painting applications.