Publishing: June 2021 | Report Code: CM12136 | Available Format: PDF
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.
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.
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.
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.
The corrosion protection coatings market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Resin
Based on Technology
Based on End-Use Industry
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws