Anticipated to experience exponential growth from 2022 to 2031, the global corrosion protection tapes market is projected to achieve a commendable Compound Annual Growth Rate (CAGR) of 4.4%, culminating in a valuation of US$ 1.8 billion by 2031. This forecast underscores a promising trajectory for the market, reflecting the increasing demand for corrosion protection solutions across diverse industries. The ascending CAGR signifies sustained momentum in the market’s expansion, offering lucrative opportunities for manufacturers and stakeholders. As corrosion protection continues to be a critical concern, the market’s upward trend highlights the importance and adoption of effective tape-based solutions in safeguarding assets and infrastructure.
The market is witnessing heightened sales due to the protective properties of corrosion protection tapes, effectively shielding metal surfaces from corrosion. As a result, these tapes emerge as the preferred solution for safeguarding products against corrosion across diverse end-use industries, including building & construction, chemical, automobile, aerospace & defense, among others. Their widespread adoption underscores the critical role these tapes play in preserving and prolonging the lifespan of metal components in various applications, reflecting the market’s significance in meeting corrosion prevention needs across a range of industrial sectors.
Projected to secure about 21.5% of the market share in the North America region by 2031, Canada is poised to be a significant player in the corrosion protection tapes market. The aerospace industry, in particular, contributes substantially to this market segment, and Canada’s robust presence in the aerospace sector further underscores its pivotal role in driving the demand for corrosion protection tapes. As a key market in North America for the aerospace industry, Canada stands out as a major contributor to the application and adoption of corrosion protection tapes, reflecting the country’s influence in this specific market segment.
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Key Takeaways
- PVC is a high-strength thermoplastic material that is widely used for making anti-corrosion tapes. It is estimated to lead the market accounting for more than 50% by the end of 2031.
- The building and construction segment is expected to offer an incremental opportunity of US$ 216 Mn in the next decade, with fitting and sealing applications supporting growth.
- Germany and the U.K have emerged as major markets in Europe, supported by the availability of production facilities, accounting for 14.4% and 13.5% of the market in 2021.
- The U.S. accounts for 84% of the North America market, driven by robust supply chains in the industry.
- China holds the lead in East Asia accounting for more than 63% of the region on the back of a burgeoning construction sector.
Business Drivers:
- Growing Infrastructure Development: Increased construction and infrastructure development activities globally can drive the demand for corrosion protection tapes. These tapes are often used to safeguard pipelines, tanks, and other infrastructure components from corrosion, extending their lifespan.
- Rising Awareness of Environmental Impact: With a growing emphasis on environmental sustainability, there is an increased awareness of the importance of corrosion protection in preventing leaks and spills that can harm the environment. This awareness may drive the adoption of corrosion protection tapes in various industries.
- Expanding Oil and Gas Industry: The oil and gas sector is a significant user of corrosion protection tapes, using them to safeguard pipelines and equipment from corrosive elements. The expansion of the oil and gas industry can positively impact the demand for these tapes.
- Technological Advancements: Ongoing developments in tape technology, such as the introduction of more effective and durable materials, may enhance the overall performance of corrosion protection tapes. This, in turn, can drive market growth.
Market Restraints:
- Fluctuating Raw Material Prices: The manufacturing of corrosion protection tapes often relies on specific raw materials. Fluctuations in the prices of these materials can impact production costs, potentially leading to increased product prices and affecting market demand.
- Stringent Regulations: The industry may face challenges due to stringent environmental and safety regulations, especially in regions with strict standards. Compliance with these regulations may require manufacturers to invest in research and development, adding to the overall production costs.
- Competitive Market Dynamics: The corrosion protection tapes market may be highly competitive, with several players offering similar products. Intense competition can lead to price wars and margin pressures for manufacturers and suppliers.
- Limited Awareness in Certain Industries: In some industries, there may be limited awareness of the benefits of corrosion protection tapes, leading to slower adoption. Education and awareness campaigns may be needed to address this issue.
Who is Winning?
- 3M Company,
- Nitto Denko Corp., and
- Berry Global Inc.
are the top players operating in the corrosion protection tapes market. Furthermore, include
- Shurtape Technologies, LLC,
- Coroplast Fritz Müller GmbH & Co. KG,
- W. W. Grainger, Inc.,
- Scapa Group plc
are some of the leading players in the market.
Tier 3 players include DEHN + SÖHNE GmbH + Co. KG., PSI Products GmbH, and VANOS S.A hold 70-75% of the global corrosion protection tapes market share. In conclusion, key players contribute almost 25-30% of the global market.
“Market leaders and small-scale manufacturers in the corrosion protection tapes market are likely focusing on expanding production capacities and presence in emerging economies. Industrialization recorded in emerging nations, will creative attractive opportunities for corrosion protection tapes sales,” says an FMI analyst.
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Key Segmentations
By Material
- Poly Vinyl Chloride (PVC)
- Polyethylene (PE)
- Polypropylene (PP)
- Rubber
By End-use
- Building & Construction
- Chemical
- Electrical & Electronics
- Automobile
- Aerospace & Defence
- Marine
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