Expected to experience substantial growth from 2022 to 2031, the global corrosion protection tapes market is poised to surge with a robust Compound Annual Growth Rate (CAGR) of 4.4%, propelling it to a significant valuation of US$ 1.8 billion by 2031. This anticipated expansion underscores the increasing demand for effective corrosion protection solutions across various industries, driving the adoption of corrosion protection tapes worldwide. The market’s trajectory reflects a growing awareness of the importance of safeguarding assets and infrastructure against corrosion, contributing to the market’s positive outlook and its role in ensuring longevity and durability in diverse applications.
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.
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.
Key Factors Driving the Growth
- Rising Infrastructure Investments: Increasing investments in infrastructure development, especially in developing economies, are driving the demand for corrosion protection tapes.
- Growing Awareness of Asset Preservation: Industries are recognizing the importance of preserving their assets and preventing downtime caused by corrosion-related issues.
- Stringent Environmental Regulations: With a focus on sustainable practices, industries are turning to eco-friendly and non-toxic corrosion protection solutions.
- Expanding Oil and Gas Exploration: The expansion of offshore oil and gas exploration activities requires reliable corrosion protection for subsea structures.
- Advancements in Tape Technology: Ongoing research and development efforts are leading to the introduction of innovative corrosion protection tapes with enhanced performance.
“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
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.
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