India Masking Tape Market Estimated To Witness High Growth
SWOT Analysis
Strength: India has a large domestic market with rising disposable incomes and infrastructure development. The tape is cost-effective adhesive solution for various applications and provides better adhesion than glue. Masking tape manufacturers in India offer innovative products in different sizes, widths and thickness as per customer requirements.
Weakness: Unorganized small manufacturers provide low-quality tapes at cheap prices affecting sales of established brands. Frequent change in prices of raw materials like polymer resin leads to increase in tape prices.
Opportunity: Growth in sectors like automotive, construction and shipping industries drive the demand. Rising urbanisation and focus on infrastructure projects provide new opportunities. Product innovation with advanced adhesive formulations and specialized tapes for different surfaces expands the market.
Threats: Stiff competition from global tape giants prompts local players to invest in branding and marketing. Restriction of certain types of low-quality tapes increases import of better quality tapes.
Key Takeaways
The Global Masking Tape Market Size is expected to witness high growth. The global India Masking Tape Market is estimated to be valued at US$ 248.72 Mn in 2023 and is expected to exhibit a CAGR of 4.59%over the forecast period 2023 to 2030.
The Asia Pacific region dominates the global masking tape market owing to high demand from the end-use industries like automotive, construction, retail packaging, and shipping & logistics in emerging economies like China and India. Within Asia Pacific, India will exhibit fastest growth due to rising construction activities, expanding automotive sector, increasing shipments, and booming e-commerce.
Key players operating in the India Masking Tape Market are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. The key players focus on new product launches catering varied application requirements and expanding their distribution networks to increase market share.
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