Projected to experience significant growth, the global corrosion protection tapes market is expected to surge at a Compound Annual Growth Rate (CAGR) of 4.4% between 2022 and 2031. By the year 2031, it is anticipated to reach a valuation of US$ 1.8 billion, joining the ranks of industries experiencing exponential expansion. This upward trajectory underscores the increasing demand for corrosion protection solutions across various sectors such as oil and gas, construction, and automotive. As infrastructure development continues worldwide, the need for effective corrosion protection measures becomes paramount, driving the adoption of corrosion protection tapes and fostering market growth.
The market is experiencing increased sales, driven by the protective attributes of corrosion protection tapes, which effectively shield metal surfaces from corrosion. Consequently, these tapes are becoming the preferred choice for protecting products against corrosion in diverse industries such as building & construction, chemical, automotive, aerospace, and defense. Their extensive adoption highlights the essential role these tapes play in preserving and extending the lifespan of metal components across various applications. This underscores the market’s importance in meeting the corrosion prevention requirements across a wide 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.
Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-13244
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.
Growth Drivers:
- Increasing Demand from Infrastructure Projects: With the continuous expansion of infrastructure projects globally, there is a rising demand for corrosion protection solutions, including tapes, to safeguard structures and pipelines from corrosion.
- Growing Oil and Gas Industry: The oil and gas industry extensively employs corrosion protection tapes to protect pipelines, rigs, and other equipment from corrosion, thus driving the demand for these tapes.
- Rising Awareness Regarding Maintenance and Safety: Awareness among industries regarding the importance of corrosion prevention for maintaining the integrity and safety of assets fuels the demand for corrosion protection tapes.
- Technological Advancements: Ongoing technological advancements in corrosion protection tapes, such as the development of more durable and effective materials, are enhancing their performance and expanding their applications.
- Stringent Regulations: Stringent regulations mandating the use of corrosion protection measures in industries such as oil and gas, marine, and construction sectors are boosting the adoption of corrosion protection tapes.
- Increasing Investment in Infrastructure Development: Governments and private sectors are investing heavily in infrastructure development projects worldwide, which in turn, is expected to drive the demand for corrosion protection tapes.
Industry Restraints:
- High Costs: Corrosion protection tapes can sometimes be expensive, particularly those with advanced features or specialized applications, which can act as a restraint, especially for small and medium-sized enterprises (SMEs).
- Environmental Concerns: Some corrosion protection tapes may contain chemicals or materials that raise environmental concerns during manufacturing, usage, or disposal, leading to regulatory challenges and market limitations.
- Competition from Alternatives: The corrosion protection market faces competition from alternative methods such as coatings, cathodic protection systems, and inhibitors, which may hinder the growth of corrosion protection tapes in certain applications.
- Limited Awareness and Education: In some regions or industries, there may be limited awareness regarding the benefits of corrosion protection tapes or inadequate education about their proper usage, which could restrain market growth.
- Economic Uncertainty: Economic fluctuations and uncertainties can impact capital expenditure in industries like construction and oil and gas, affecting the demand for corrosion protection tapes.
- Challenges in Application: Some applications may pose challenges in applying corrosion protection tapes effectively, especially in complex geometries or harsh environments, which could limit their usage.
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.
Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/13244
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
