DUBAI, U.A.E, June 15, 2021 /PRNewswire/ -- The global corrosion protection tapes market is expanding at a steady pace, exhibiting the growth at over 4.5% CAGR throughout the forecast period of 2021 and 2031.
According to ESOMAR-certified consulting firm Future Market Insights, rising demand for corrosion protection tapes from diverse end-use industries such as aerospace, chemical, building & constructions and others will bolster the market growth.
Extensive usage of corrosion protection tapes to prevent metal corrosion in tubes, pipes, and conduits within building & construction industry is propelling the growth. Preference for poly vinyl chloride tapes for excellent resistance and protection against corrosion in the buildings will drive the growth in forecast period.
Expansion of chemical and buildings & construction industry across China, India, the U.S. and the U.K is driving the adoption of corrosion protection tapes. As per the FMI's analysis, the chemical and building & construction industry will lead the market growth during the forecast period.
Factors such as cost-effectiveness and easy availability of corrosion protection tapes as compared to the other alternative adhesives are pushing the end-users to increase the consumption of corrosion protection tapes. Thereby, improving the production and widening growth opportunities for the market players.
Benefits such as electro insulation, flame retardant properties, and temperature resistance is providing a stimulus for the adoption of corrosion protection tapes within diverse end-use industries.
Adoption of poly vinyl chloride (PVC) corrosion protection tapes for better maintenance within building & construction and chemical industry will foster the market sales. According to the study, PVC corrosion protection tapes are anticipated to hold the largest market share through 2021.
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According to the FMI's market study, the corrosion protection tapes market is expected to reach a valuation of US$ 1788 Mn by 2031.
"Market players are increasingly focusing on investments and research & development activities for the expansion of their production capabilities to increase their revenue. Expansion of end-use industries such as chemical, marine and buildings & construction in emerging economies is creating lucrative opportunities for market players," says the FMI analyst.
Key Takeaways from FMI's Corrosion Protection Tapes Market Study
- In terms of material, poly vinyl chloride is leading the segment with over 50% of market share, surpassing US$ 527.8 Mn in 2021
- Application within chemical sector is anticipated to spur the sales of corrosion protection tapes, accounting for a market share of 20.8% throughout the forecast period
- India is expected to lead the South Asia's corrosion protection tapes market backed by the high demand from chemical industry, exceeding US$ 168 Mn in 2031
- Expansion of end-use industries such as aerospace, chemical and others across China is improving the adoption of corrosion protection tapes, exhibiting growth at 4.5% CAGR
- Growing demand of corrosion protection tapes within building & construction industry across Germany will create growth opportunities for the market players
- The corrosion protection tapes market across Canada is forecasted to hold nearly 22% of market share owing to the surging demand from aerospace industry
- Countries such as the U.S. and the U.K are expected to lead the corrosion protection tapes market throughout the forecast period
The global corrosion protection tapes market is moderately consolidated with the market players increasingly focusing on the development of new products. Leading players are expanding their global footprints through strategic mergers, collaborations and acquisitions.
In September 2020, a leading player in sustainable energy solutions, Vestas and Hempel, leading supplier of coating supplier, announced their partnership to cooperate and work towards innovative solutions for surface protection of wind turbines. Through this partnership both the companies are focusing on developing sustainable innovative solutions to curb the emission of carbon.
In May 2020, another leading player, Hempel, invested around US$ 3.51 billion for its new plant across China, Yantai Chemical Industrial Park, for the production capacity of more than 100,000 tons per year to produce sustainable coating solutions.
Also, Arsenal Capital Partners announced the acquisition of Canusa-CPS and Dhatec, in December 2020, through its Seal for Life Industries subsidiary, aiming for the expansion of its corrosion protection solutions.
MTorres, in January 2021, announced its new, patented dry carbon fiber tape that works directly with liquid resin infusion and resin transfer molding for applications in aerospace composites and automation.
Some of the prominent market players profiled by Future Market Insights operating in corssion protection tapes market include:
- 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.
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More Insights on the Global Corrosion Protection Tapes Market
In its latest study, Future Market Insights offers an exhaustive analysis on global corrosion protection tapes market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
- Poly Vinyl Chloride (PVC)
- Polyethylene (PE)
- Polypropylene (PP)
- Building & Construction
- Electrical & Electronics
- Aerospace & Defense
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
Key Questions Covered in the Report
- How will the future outlook of corrosion protection tapes market will evolve during the forecast period?
- Which type of corrosion protection tapes will account for maximum sales over the forecast period?
- Who is the leading end user of corrosion protection tapes market?
- Which are the prominent players operating in corrosion protection tapes market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on corrosion protection tapes market?
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