Corrosion protection tapes are surface protection tapes infused with anti-corrosive materials which are covered around metal components suitable for wide-ranging usage in various industries. According to a new Future Market Insights (FMI) report, the corrosion protection tapes market is set to grow at a 4.5% CAGR.
Corrosion protection tapes protect metal surfaces against corrosion and UV rays. These products offer various features including water resistance, easily applicability, and high shear resistance on welded joints and bends.
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Also, corrosion protection tapes are cost-effective as compared to other adhesive alternatives which led to higher user adoption in the industrial sector. In recent years, corrosion protection tapes are gaining popularity due to high adhesive strength and excellent resistance to rust.
The sales and consumption of corrosion protection tapes is estimated to increase owing to the expansion of industries such as chemicals, automobiles, and building & construction in next decade.
Benefits offered by corrosion protection tapes include excellent electro insulation, flame retardant properties, and temperature resistance, which is projected to experience significant demand in 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.
Key Takeaways from Corrosion Protection Tapes Market
- 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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Impact of COVID-19 on Corrosion Protection Tapes Market
Amidst the COVID-19 pandemic, the corrosion protection tapes market went through a moderate slump as demand for corrosion protection tapes is largely derived from industrial sectors like building and construction, automobile, chemical, and others.
Rigorous lockdown in several regions including North America, East and South Asia, and Europe has created a negative impact on these industries in terms of demand and supply. Lesser demand generation for corrosion protection tapes was witnessed amid the COVID-19 period.
Recovery from the current pandemic is anticipated to maximize the sales of corrosion protection tapes in the years to come.
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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.