The global market for corrosion protection tapes is expected to experience significant growth from 2022 to 2031, with a compound annual growth rate (CAGR) of 4.4%, resulting in a valuation of US$ 1.8 billion by 2031.
In today’s industrial landscape, the importance of protecting valuable assets from corrosion cannot be overstated. Corrosion Protection Tapes have emerged as a reliable and cost-effective solution. In this detailed guide, we delve into the Corrosion Protection Tapes Market, offering valuable insights, expert opinions, and answers to frequently asked questions.
Corrosion is a common challenge faced by industries worldwide. It can lead to substantial financial losses, compromised safety, and environmental hazards. Fortunately, the Corrosion Protection Tapes Market provides a range of solutions to combat this issue effectively.
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Corrosion Protection Tapes Market: Unveiling the Potential
Corrosion Protection Tapes are specialized adhesive tapes designed to safeguard metal surfaces from corrosion, rust, and environmental degradation. These tapes are widely used in industries such as oil and gas, construction, shipping, and more. Here, we provide a comprehensive overview of the Corrosion Protection Tapes Market.
Germany is holding around ~14% market share in the European corrosion protection tapes market. Germany is looked upon as one of the largest markets in the Europe for corrosion protection tapes. The reason for the demand for corrosion protection tapes in Germany is the growing building & construction industry.
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.
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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.
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 Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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