Global Corrosion Protection Tapes Market: Steady Growth Forecast at a 4.4% CAGR, Aiming for US$ 1.8 Billion by 2031

Introduction

In a world where industrial equipment, pipelines, and structures are exposed to the harsh elements, corrosion poses a significant threat. Fortunately, the Corrosion Protection Tapes Market offers a reliable solution to safeguard your investments. This article delves into the various aspects of this market, highlighting its importance, applications, benefits, and frequently asked questions. Let's explore how corrosion protection tapes can help extend the lifespan of assets while minimizing maintenance costs.

Corrosion Protection Tapes Market: A Shield Against Deterioration

Corrosion protection tapes have emerged as an indispensable tool in industries that deal with metal surfaces exposed to moisture, chemicals, and other corrosive agents. These specialized tapes provide a protective barrier, preventing the gradual deterioration of valuable assets. They are extensively used in sectors such as oil and gas, construction, automotive, and maritime industries to name a few.

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.

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Who is Winning?

1. 3M Company,
2. Nitto Denko Corp., and
3. Berry Global Inc.

are the top players operating in the corrosion protection tapes market. Furthermore, include

1. Shurtape Technologies, LLC,
2. Coroplast Fritz Müller GmbH & Co. KG,
3. W. W. Grainger, Inc.,
4. 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 Takeaways from Corrosion Protection Tapes Market

1. 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.
2. The building and construction segment is expected to offer an incremental opportunity of US$ 216 Million in the next decade, with fitting and sealing applications supporting growth.
3. 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.
4. The U.S. accounts for 84% of the North America market, driven by robust supply chains in the industry.
5. China holds the lead in East Asia accounting for more than 63% of the region on the back of a burgeoning construction sector.

Key Advantages of Corrosion Protection Tapes

1. Long-lasting Protection: Corrosion protection tapes offer durable defense, often extending the lifespan of assets by years.
2. Cost Efficiency: Investing in these tapes proves economical, as they reduce the need for frequent repairs and replacements.
3. Ease of Application: Applying corrosion protection tapes is a straightforward process that requires minimal training.
4. Versatility: These tapes can be utilized on various surfaces and structures, providing comprehensive protection.

Key Factors Driving the Growth of the Corrosion Protection Tapes Market

1. Rising Infrastructure Investments: Increasing investments in infrastructure development, especially in developing economies, are driving the demand for corrosion protection tapes.
2. Growing Awareness of Asset Preservation: Industries are recognizing the importance of preserving their assets and preventing downtime caused by corrosion-related issues.
3. Stringent Environmental Regulations: With a focus on sustainable practices, industries are turning to eco-friendly and non-toxic corrosion protection solutions.
4. Expanding Oil and Gas Exploration: The expansion of offshore oil and gas exploration activities requires reliable corrosion protection for subsea structures.
5. Advancements in Tape Technology: Ongoing research and development efforts are leading to the introduction of innovative corrosion protection tapes with enhanced performance.

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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

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This release was published on openPR.