Corrosion Protection Coating Market worth $12.3 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 15, 2022 /PRNewswire/ -- According to the new market research report "Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure) & Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Corrosion Protection Coatings Market size is projected to grow from USD 10.1 billion in 2023 to USD 12.3 billion by 2027, at a CAGR of 4.1%. Worldwide, corrosion causes huge financial losses in many industries. It also gradually weakens structures posing a threat to property and life. Corrosion protection coating is one of the most effective and economical solutions for tackling corrosion. They act as a barrier between the surface and the corrosion agent and prolong the life of the structure as well as enhance its efficiency.
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The epoxy based corrosion protection coatings to lead the market, by resin type, during the forecast period.
The epoxy corrosion protection coatings segment accounted for the largest share of the market in 2021. The higher demand for epoxy is majorly attributed to its superior corrosion protection, water resistance, and widespread applications. Epoxies are tough against most chemicals and make excellent corrosion protection coatings.
The water-based segment is expected to grow faster in the corrosion protection coatings market during the forecast period.
Based on technology, the water-based segment is estimated to observe high growth due to the growing demand from the industrial and infrastructure sectors. The water-based corrosion protection coatings technology uses water as the primary solvent. The coating includes up to 80% water; therefore, no solvent is required when using this technology. It is environmentally friendly, as it emits lesser VOC. However, this technology needs to be further improved to enhance the performance of water-based coatings over solvent-based coatings and to decrease the cost of production.
The oil & gas segment is estimated to be the largest end-use industry in the corrosion protection coatings market during the forecast period.
Based on end-use industry, oil & gas is projected to account for the largest share during the forecast period. In this industry, intense and hazardous operations are carried out. Corrosion protection coatings are used in the oil & gas pipelines (new & repair), which include land-based & offshore activities. This industry is growing rapidly, as many refineries worldwide are converting into integrated plants. This has enabled in the development of infrastructure, which has contributed to the growth of the corrosion protection coatings market.
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The corrosion protection coatings market in Asia Pacific is expected to register the highest CAGR during the forecast period.
Asia Pacific is the fastest-growing corrosion protection coatings market globally. This is mainly due to economic growth, followed by large investments across all industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial. Asia Pacific is the more promising market and is expected to be the same during the forecast period.
Major players operating in the corrosion protection coatings market include AkzoNobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun Group (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel Group (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (US), Nippon Paint Holdings Co., Ltd. (Japan) and Teknos (Finland).
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Browse Adjacent Markets: Coatings Adhesives Sealants and Elastomers Market Research Reports & Consulting
Related Reports:
Anti-Corrosion Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Industrial, Infrastructure, and Power Generation) - Global Forecast to 2022
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