Corrosion Protection Tapes Market Report

With the rising oil and gas industry, the market for corrosion protection tapes is booming as it is used for protecting the metal surfaces used in the oil and gas industries. It helps in reducing the rate of cathodic or anodic processes. Speaking about the usage of petroleum consumption, according to the US Energy Information Administration, in the US an average of 20.28 million barrels per day were consumed, including 1.17 million barrels per day of biofuels. Also, the global consumption of gas, according to the US Energy Information Administration, is measured at 143,099 billion cubic feet. Due to this growth in both the oil and gas sectors, the corrosion protection tapes are anticipated to grow. Also, the use of corrosion protection tapes is primarily done in the marine sector, which acts as a shield against the effects of moisture and environmental factors. Speaking about the marine industry, according to the Bureau of Economic Analysis, the marine economy in the United States amounted to US$ 476.2 billion, approximately 1.8% of the current gross domestic product in 2022.

The use of corrosion protection tapes has experienced a sharp growth due to its extensive use in industrialization and infrastructure development which has presented itself as an opportunity market. According to the United Nations Industrial Development Organization in 2023 the industrial sector experienced a growth of 2.3% of growth. Also, in the chemical industry to prevent galvanization use of corrosion protection tapes on metallic structures has increased over the period. Over the projected period, a high growth rate is expected in the chemical sector and is expected to continue to grow at a steady pace. The need for construction activities is expected to increase due to the region's rapid urbanization and industrialization, as well as rising living standards. This will ultimately drive the growth of the regional market.

• Innovations have been made in the field of producing personalized production as per the requirements.
• Development in the field of making eco-friendly and sustainable corrosion protective tapes.
• Invention of making corrosion protective tapes a durable option.

Despite growth in various markets, the demand for corrosion protection tapes is seen diminishing due to the disadvantage of being low-water resistant. Due to this factor, the durability of the material shrinks and affects the whole product. Also, the problem of durability has been faced by various businesses where the tape directly comes in contact with the sunlight and has to face UV lights and direct chemical attack, which affect the durability, and as it directly comes in contact with open air, the problem is that the tape starts to lose its sickness and slowly starts to get detached from the product. Where the challenge faced by manufacturers is repetitive cost has been incurred by the manufacturer, which acts as an additional cost for the manufacturers. Also, the chemicals used in making corrosion protection tapes are harmful as well as have properties that directly affect the environment.

In September 2021, Winn & Coales International Ltd. (London, United Kingdom), dba Winn & Coales, announced that it had acquired the global Viscotaq business, including Amcorr Products and Services Inc. (San Antonio, Texas, USA), dba Amcorr. In September 2021 with its new product DENSOLEN®-AS40 HT, DENSO Group Germany set a new global standard. Used in combination with a new primer, the cold-processed, butyl rubber-based corrosion protection tape DENSOLEN®-AS40 HT achieved excellent performances. Even at extremely high operating temperatures of up to +100°C (+212°F), the product guarantees reliable protection against corrosive media and mechanical loads after just one wrapping process.

North America is likely to gain traction in the corrosion protection tape market due to the increasing power generation, petrochemical sectors, and infrastructure. According to the US Energy Information Administration, the energy consumption of the US for 2023 was approximately equal to 94 quadrillion British thermal units. Also, according to the US Department of Treasury, President Biden has agreed to integrate the Bipartisan Infrastructure Law (“BIL”) into law. This will include that US$ 1.2 trillion of funds will be allotted to climate infrastructure projects, energy, and transportation sectors to boost the sectors and generate profit from them.

This project is expected to bring huge demand for corrosion protection tapes. Also, the demand for the burgeoning construction sector in Asia Pacific is rapidly experiencing growth due to urbanization. According to the International Trade Administration, China is considered the world's largest market and will be investing roughly US$ 4.2 trillion for the development of new infrastructure during its 14th Five-Year Plan (2021-2025). Also, according to Invest India, the United Nations has projected that the population of India will be 1.64 billion by 2024, and as per the estimates, 51% of India's population will be living in urban areas.

The report provides a detailed overview of the corrosion protection tapes market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the corrosion protection tapes market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the corrosion protection tapes market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the corrosion protection tapes market. Some key countries and regions included in the corrosion protection tapes market report are as follows:

• Corrosion protection tapes market detailed segments and segment-wise market breakdown
• Corrosion protection tapes market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in corrosion protection tapes industry)
• Current, historical, and forthcoming 10 years market valuation in terms of corrosion protection tapes market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Corrosion protection tapes market demand analysis
• Corrosion protection tapes market pricing analysis over the forecast period (by key segment and by region)
• Corrosion protection tapes market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the corrosion protection tapes market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in corrosion protection tapes market
• Corrosion protection tapes market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on corrosion protection tapes market forecast by countries
• Mergers and acquisitions in the corrosion protection tapes market
• Essential information to enhance market position
• Robust research methodology