Corrosion Protection Coatings Market Overview
The global corrosion protection coatings market is projected to showcase strong growth in the coming years on account of the surging demand from end-use industries, including oil & gas and infrastructure. Moreover, the increasing awareness regarding the advantageous properties of these coatings, such as excellent chemical and heat resistance, and ability to increase the durability of industrial equipment, is projected to further propel their adoption, thereby benefitting the market in the near future.
The corrosion protection coatings market has been categorized into epoxy, alkyd, acrylic, polyurethane, zinc, and others, on the basis of resin. Among these, the epoxy category is expected to account for a significant market share throughout forecast period (2021–2030). This can be ascribed to the high-volume demand for epoxy coatings arising from their wide application in the oil & gas, marine, and construction sectors of developing countries. These coatings act as a strong barrier to corrosion and help protect metal substrates.
The corrosion protection coatings market has also been categorized on the basis of end-use industry into oil & gas, marine, petrochemical, infrastructure, and others. Of these, oil & gas category is expected to account for a significant share in the market throughout the forecast period. This can be ascribed to the high demand arising from oil & gas plants in order to prevent the corrosion of equipment. Since operations in such plants are carried out in extreme temperatures, the corrosion of critical components of oil & gas equipment can hamper the operations. Hence, in order to ensure smooth operations, the demand for corrosion protection coatings is projected to increase in this category.
Geographically, Asia-Pacific (APAC) is expected to hold the largest market share throughout the forecast period. This can be ascribed to the rapid growth in the manufacturing sector in developing countries, including China, India, Thailand, and Indonesia. Additionally, strong government support to improve infrastructure, along with growth in the shipbuilding sector of the region, is projected to boost the demand for corrosion protection coatings, thereby propelling the market growth in APAC.
Corrosion Protection Coatings Market Dynamics
Drivers
The corrosion protection coatings market is primarily being driven by the increasing consumption of these coatings in end-use industries, such as infrastructure, petrochemical, and oil & gas. Coatings offering corrosion protection are of high importance to these industries, as they help increase the durability of machinery and metal products. This, in turn, helps prevent inefficiency in operations, which may be caused due to corroded machinery. Moreover, these coatings offer high abrasion resistance and improved toughness to the surfaces on which they are applied. Such beneficial properties are expected to drive the market of these coatings in the coming years.
Restraints
Although these coatings have numerous advantages associated with them, their toxic nature is expected to limit their adoption to some extent among the end users. These coatings contain volatile organic compounds and produce hazardous air pollutants, such as chloroethane, styrene, vinyl chloride, toluene, and xylene. Prolonged exposure to these pollutants can lead to the development of asthma, allergic reactions, and chronic conditions such as kidney damage and cancer in humans. These factors, thus, restrain the market growth of these coatings.
Corrosion Protection Coatings Market Competitive Landscape
Some of the companies operating in the global corrosion protection coatings market are PPG Industries Inc., Axalta Coating Systems Ltd., Hempel Holdings A/S, AkzoNobel N.V., Ashland Inc., and BASF SE.
The study provides the historical as well as the forecast size of the corrosion protection coatings market.
Corrosion Protection Coatings Market Size Breakdown by Segments
The corrosion protection coatings market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Resin
- Epoxy
- Alkyd
- Acrylic
- Polyurethane
- Zinc
Based on Technology
- Solvent-Borne
- Waterborne
- Powder
Based on End-Use Industry
- Oil & Gas
- Marine
- Petrochemical
- Infrastructure
Geographical Analysis
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific (APAC)
- China
- India
- Japan
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
