Corrosion Protection Tapes Market

Key Points Covered in Corrosion Protection Tapes Market Study

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Corrosion Protection Tapes Market and How to Navigate
• Recommendation on Key Winning Strategies

2015-2020 Corrosion Protection Tapes Market Outlook Compared to 2021-2031 Forecast

The use of corrosion protection tapes prevents metal corrosion. Their demand is rising on the back of pricing, affordability, and long-lasting corrosive properties. The corrosion protection tapes market has witnessed the CAGR of 3.5% during the historic period from 2015-2020. The market is estimated to reach a valuation of US$ 1,788 Mn by 2031.

Corrosion protection tapes possess relatively high adhesive strength, coupled with superior protection against rust and sunlight. These products hold prominent features like water resistance, protection against UV rays, and are easily applicable to welded joints and bends, which augment sales figures.

Corrosion protection tapes are mainly used on tubes, pipes, and conduits for underground and outside applications which gives physical protection to the product. These tapes made up of poly vinyl chloride, polyethylene, and polypropylene that offers excellent resistance and protection against corrosion which save maintenance and manufacturing costs.

Driven by these factors, the market is projected to register a CAGR of 4.5% in the forecast period from 2021-2031. 

What is the Impact of the COVID-19 Crisis on the Corrosion Protection Tapes Market?

The Covid-19 pandemic has unfavorably impacted industries and economies in several countries due to business shutdowns, travel bans, and lockdowns. The chemical, building & construction industries are suffering from issues including office shutdowns, supply chain disruptions, and cancellation of technology events.

Most parts of the world have suffered severe lockdowns of factories and plants which has delayed the delivery schedules, manufacturing activities, and has limited the global supply chain. Therefore, these factors are moderately affecting the sales and demand for corrosion protection tapes, while recovery will be gradual through 2021.

Country-wise Insights

How is India Contributing to the Demand for Corrosion Protection Tapes?

India is projected to hold a valuation of US$ 168 Mn in the South Asia market for corrosion protection tapes by the end of 2031. Primarily, corrosion protection tapes are use in chemical industries to protect the metallic structure from rust.

The chemical sector of the country is growing at a relatively faster pace. As per the India Brand Equity Foundation (IBEF), the Indian chemicals industry stood at a valuation of US$ 178 billion in 2019 and is expected to reach US$ 304 billion by 2025 registering a CAGR of 9.3%.

The demand for chemicals is expected to rise by 9% per annum by 2025. The chemical industry is expected to contribute US$ 300 billion to India’s GDP by 2025. The major chemical players are targeting the Indian market which will increase in the usage of corrosion protection tapes, creating a conducive environment for market growth.

Why are Corrosion Protection Tape Manufacturers Aiming for Expanding Network in China?

The China market is expected to rise at nearly 4.5% CAGR over the forecast period. As per the FMI analysis, China’s corrosion protection tapes market is anticipated to experience steady market growth during the next decade.

Growth is mainly driven by the demand generated from the end-use industries. Corrosion protection tapes have gained popularity in China owing to affordable pricing and ease of availability.

Also, the low manufacturing costs, and easily available raw plastic material, attract the corrosion protection tapes manufacturers to expand their business presence in the country.

How is the German Market for Corrosion Protection Tapes Set to Fare?

Germany holds ~14% market share in the Europe corrosion protection tapes market. The demand for corrosion protection tapes in Germany is driven by the growing building & construction industry.

For instance, one of the top players in Germany is Denso Tapes, which is generating significant revenue share. According to European Construction Industry Federation (FIEC), the construction sector is a fundamental pillar of Europe’s economic growth and a major source of employment.

It generates about 9% of the overall gross domestic product (GDP) in the EU. Rising demand in the building and construction industry has attracted corrosion protection tape manufacturers to maximize sales.

What Opportunities Can Market Players Capitalize on in Canada?

The Canada corrosion protection tapes market is forecasted to hold approximately 21.5% of the market share by the end of 2031 in North America. Corrosion protection tapes are often used in the country’s aerospace industry.

According to Aerospace Industries Association of Canada (AIAC) in 2018, the aerospace industry and its value chain contributed over $20.3 billion in GDP in Canada. Also, the Canadian aerospace industry ecosystem is interlinked with the defense and space industries and over 90% of Canadian aerospace manufacturing firms are exporters.

Leaks, spills and drips are common in aircraft galleys, cargo spaces, entryways, and lavatory compartments which will drive the use of corrosion protection tapes in the aerospace industry.

Category-wise Insights

What are the Prospects of Poly Vinyl Chloride Corrosion Protection Tapes?

The polyvinyl chloride segment is valued at US$ 527.8 Mn in 2021. Corrosion protection tapes made from polyvinyl chloride offers several benefits such as excellent moisture and abrasion resistance coupled with its long-lasting adhesive characteristics.

In addition to this, polyvinyl chloride tapes are flexible and easy to use. Therefore, the polyvinyl chloride segment is a lucrative segment in the long-term. The same segment is anticipated to offer an incremental opportunity of US$ ~403 Mn in the next decade.

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Which is the Fastest Growing End-Use Segment in the Corrosion Protection Tapes Market?

The chemical sector is anticipated to hold a market share of 20.8% through the end of 2031. Globally, rising demand for corrosion protection tapes in the chemical sector, will result in a faster growth rate.

The demand in the chemical sector is expected to expand by 1.7 times, while also offering an incremental opportunity of US$ ~153 Mn in the upcoming decade.

Competitive Landscape

Leading players in the moderately consolidated corrosion protection tapes market are increasingly focusing on the development of new products with investments into research endeavors. In addition, strategic mergers and acquisitions are likely to gain the interest of manufacturers through the forecast period. For instance:

• In December 2020, Arsenal Capital Partners announced the acquisition of Canusa-CPS and Dhatec through its Seal For Life Industries subsidiary, aimed for the expansion of its critical corrosion protection solutions.
• In March 2021, Denso North America announced the launch of a new pipe wrap product, aimed for corrosion and abrasion resistance for applications in mainline and field joint coatings.
• In January 2021, MTorres revealed its new, patented dry carbon fiber tape, which works with liquid resin infusion and resin transfer molding for out of autoclave curing processes for applications in aerospace composites and automation.
• In March 2021, Cortec announced the launch of the EcoStretch compostable corrosion-inhibiting stretch films for covering metal equipment and parts. The product combines resins and a proprietary corrosion inhibition technology. It is suitable for materials including cast iron, silicon steel, brass, copper, carbon steel, stainless steel, aluminum and galvanized steel among others.

Some of the leading companies operating in the market are: 

• 3M Company
• Scapa Group plc
• Nitto Denko Corp
• Shurtape Technologies, LLC
• DEHN + SÖHNE GmbH + Co. KG.
• PSI Products GmbH
• Coroplast Fritz Müller GmbH & Co. KG
• Sam Hwan Anti-corrosion Industrial Co.
• Denso Tape
• VANOS S.A
• Jining Xunda Pipe Coating Materials Co., Ltd.
• Berry Global Inc.
• W.W. Grainger Inc

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of the Report

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Corrosion Protection Tapes Market by Category

By Material:

• Poly Vinyl Chloride (PVC)
• Polyethylene (PE)
• Polypropylene (PP)
• Rubber 

By End Use:

• Building & Construction
• Chemical
• Electrical & Electronics
• Automobile
• Aerospace & Defence
• Marine
• Others

By Region:

• North America
• Latin America
• Europe
• MEA
• East Asia
• South Asia
• Oceania