Holy Cow Frisky Weasel...that's a lot of damage!
You don't have squirrels do You?? that's one hungry Mouse/vole..whatever!!
If you think it may be a squirrel, bust up some HOT peppers and either rub them on the tree, or mix with water, strain and spray on the trees

You do have a couple good things going for you though, the damage appears to be limited to the bark, which is the trees "protective" cover...
And like Our skin, it is renewed from within; unfortunately it keeps out moisture and prevents the tree from losing moisture. It also insulates the tree and keeps out bugs
the trees inner bark “phloem” feeds the rest of the tree, It dies after a bit and becomes part of the outer bark.

it appears that that only the bark is damaged.
I would NOT cover it in any way, let it try to heal itself, covering the area could make it worse..