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 provide a barrier against moisture, chemicals, and other corrosive elements. These tapes are commonly used in industries such as oil and gas, marine, construction, automotive, and aerospace, where metal surfaces are exposed to harsh environments.
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Corrosion Protection Tapes Market: Current Scenario and Trends
The Corrosion Protection Tapes Market has witnessed substantial growth in recent years, primarily driven by the booming oil and gas and construction sectors. Additionally, the increasing adoption of offshore renewable energy projects has further bolstered the demand for corrosion protection solutions. Some notable trends in the market include:
1. Rising Offshore Wind Projects
As countries strive to meet their renewable energy targets, offshore wind projects have gained momentum. Corrosion protection tapes play a crucial role in safeguarding the metal components of wind turbines, ensuring their reliability and longevity.
2. Technological Advancements
Manufacturers are investing in research and development to enhance the performance of corrosion protection tapes. This includes the integration of nanotechnology to create tapes with superior barrier properties and higher resistance to abrasion.
3. Focus on Sustainable Solutions
With the growing emphasis on sustainability, the market is witnessing an increased demand for eco-friendly corrosion protection tapes that do not contain harmful substances.
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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