The global corrosion protection tapes market is likely to join the bandwagon of exponential growth between 2022 and 2031 at a CAGR of 4.4%, reaching US$ 1.8 Billion by the year 2031.
Corrosion protection tapes are specialized adhesive tapes designed to safeguard metal surfaces from corrosion. They provide a barrier that shields the metal from corrosive elements, such as moisture, chemicals, and saltwater. The market offers various types of corrosion protection tapes, including polyethylene tapes, PVC tapes, butyl rubber tapes, and bitumen-based tapes, each with its unique set of properties and applications.
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Growing Demand in Key Industries
The Corrosion Protection Tapes Market has witnessed substantial growth due to increasing awareness about the detrimental effects of corrosion and the need for effective preventive measures. Let’s take a closer look at some of the key industries where corrosion protection tapes find widespread application:
1. Oil and Gas Industry
In the oil and gas industry, where pipelines and storage tanks are exposed to corrosive substances, corrosion protection tapes play a vital role. These tapes provide a durable shield against corrosion, extending the service life of pipelines and preventing leaks, which can have catastrophic consequences.
2. Marine Industry
Corrosion protection tapes are widely utilized in the marine industry to protect ships, offshore platforms, and underwater structures. The constant exposure to saltwater and harsh weather conditions makes corrosion a persistent threat. Corrosion protection tapes offer reliable protection, reducing maintenance requirements and enhancing the longevity of marine assets.
3. Construction Industry
Corrosion can compromise the structural integrity of buildings and infrastructure. Corrosion protection tapes are extensively used in the construction industry to protect metal reinforcements, steel structures, and concrete elements. By providing a barrier against moisture and chemicals, these tapes enhance the durability and safety of construction projects.
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.
“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 Segments Covered In Corrosion Protection Tapes Industry Research
By Material, Corrosion Protection Tapes market is segmented as:
- Poly Vinyl Chloride (PVC)
- Polyethylene (PE)
- Polypropylene (PP)
- Rubber
By End-use, Corrosion Protection Tapes market is segmented as:
- Building & Construction
- Chemical
- Electrical & Electronics
- Automobile
- Aerospace & Defence
- Marine
Challenges Faced by the Corrosion Protection Tapes Market
- Limited Awareness and Education– One of the major challenges faced by the corrosion protection tapes market is the limited awareness and education among end-users. Many end-users are not aware of the benefits of corrosion protection tapes and their applications. This limits the growth of the market.
- Availability of Substitutes– The availability of substitutes such as coatings and paints is a major challenge faced by the corrosion protection tapes market. These substitutes offer similar benefits and are widely available, which makes them a preferred choice for many end-users.
- Stringent Regulations– The corrosion protection tapes market is subject to stringent regulations related to environmental safety and performance. Meeting these regulations adds to the cost of production and limits the growth of the market.
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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.
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