Corrosion Protection Coating Market Industry worth $12.3 Billion By 2027 - At a CAGR of 4.1%

According to the new market research report global corrosion protection coatings market size is projected to grow from USD 10.1 billion in 2022 to USD 12.3 billion by 2027, at a CAGR of 4.1%during the forecast period. The increasing demand for corrosion protection coatings from end-use industries, such as marine, oil & gas, infrastructure, petrochemical,water treatment, power generation, and others,drives the market. Demand for these coatings is encouraged by many companies to formulate different developmental strategies in the corrosion protection coatings market to expand their footprint in the market. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launch,and partnership & collaboration to increase their global presence and maintain sustained growth in the corrosion protection coatings market.

Browse 270 market data Tables and 68 Figures spread through 341 Pages and in-depth TOC on "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) and Region - Global Forecast "

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Corrosion protection coatings find major applications in marine, oil & gas, infrastructure, petrochemical, power generation, water treatment, etc. The oil & gas industry accounted for the major share of the corrosion protection coatings market in 2021. Thegrowth is due to the high volume of corrosion protection coatings used in this industry. The oil fields development in the South China Sea and growing investments in oil &industry in China, Japan, Indonesia, India, and other countries are projected to drive the demand for corrosion protection coatings.

The corrosion protection coatings market in Asia Pacific is forecasted to register the highest CAGR, in terms of value, between 2022 and 2027. The growth is attributed to the developing petrochemical, infrastructure, and power generation industries. The rapid growth of emerging economies in the region makes Asia Pacific an alluring market for corrosion protection coatings manufacturers.

There are various small, medium, and large players operating in the market. Some of the major market players 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). They have adopted various developmental strategies such as partnership & collaboration, new product launches, merger & acquisition and investments &expansion to increase share in the market.

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AkzoNobelN.V.is a key player in the corrosion protection coatings market. The company is active in the fields of decorative paints, performance coatings, and specialty chemicals. It has a strong customer base and operates in many countries of Europe, North America, Asia Pacific, South America, and the Middle East. The company has business activities in more than 80 countries around the world. It has a wide product portfolio. It has 28 manufacturing facilities and has sales activities in more than 150 countries across the globe. AkzoNobel holds the top position in the market due to its strong product portfolio and the various organic and inorganic strategies undertaken during 2018–2022. The company also manufactures customized solutions. It has leveraged its strong financial background and distribution network to expand its business across Europe and various countries across the globe.The company continuously focuses on its organic & inorganic growth. This will boost the growth of the company and also its corrosion protection coatings  business, globally.       

• In June 2021, AkzoNobel announced the acquisition of Grupo Orbis, Colombia-based paints and coatings company. The acquisition has helped the company to create leading global position and drive growth in emerging markets.

PPG Industries, Inc. is the second most active company in the corrosion protection coatings market. It is a global manufacturer and supplier of paints, coatings, optical products, and specialty materials. It serves customers in the industrial, consumer products, transportation, and construction markets. PPG provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers. The company also delivers protective coating solutions for a wide range of industries. It has 156 manufacturing facilities worldwide. The company operates through two major segments, namely, Performance Coatings and Industrial Coatings. The company offers corrosion protection coatings through the Performance Coatings segment.

• In February 2021, PPG launched a PPG HI-TEMP 1027 HD corrosion protection coating in North America. The product is used in various sectors including oil & gas, chemical processing, power generation, and industries such as paper mills and steel mills that rely on insulated pipelines.

The corrosion protection coatings market is projected to grow from USD 10.1billion in 2022 to USD 12.3billion by 2027, at a CAGR of 4.1%, between 2022 and 2027.Corrosion protection coatings are used for protecting metal, concrete, and other components from degradation caused by moisture, oxidation, and exposure to chemicals and saltwater. In this report, corrosion protection coatings cover only heavy- to medium-duty anticorrosion coatings. The demand for corrosion protection coatings is increasing in the marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and others. Heavy- to medium-duty industries, such as marine, oil & gas, petrochemical, water treatment, power generation, and infrastructure, are specialized with high-performance anti-corrosion coatings, used to protect surfaces by creating a barrier between the surface and corrosive agents. These corrosion protection coatings are applied to substrates exposed to highly corrosive environments.

Based on resin type, the corrosion protection coatings market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. Epoxyaccounted for the largest share and is a major type of corrosion protection coatings. This is due to excellent corrosion protection, water resistance, and widespread applications of epoxy-based corrosion protection coatings. In addition, epoxy-based corrosion protection coatings are used in multi-component coatings with other types.

Based on technology, the corrosion protection coatings market is segmented into water-based, solvent-based, powder-based andothers. The solvent-based coatings have better adhesion, faster drying property, and widespread applications, therefore accounted for the largest market. However, the technology is being replaced by water-based technology due to environmental regulations that restrict the VOC emissions from solvents in coating systems. Water-based is the fastest-growing segment in the corrosion protection coatings market.

Based on end-use industry, the corrosion protection coatings market is segmented into the marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and others.the rapid growth of these industries is expected to contribute to the growth of the corrosion protection coatings market. The oil & gas industry dominated the corrosion protection coatings market in 2021. This dominance is due to the high volume of corrosion protection coatings used in this industry. The development of oil fields in the South China Sea and investments in oil & gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for corrosion protection coatings. The rapidly growing biofuel industry is also expected to add value to the demand for a large number of corrosion protection coatings products, which would drive the market. The slump in oil prices is estimated to prove to be a short-term restraint for the corrosion protection coatings market.

The corrosion protection coatings market in Asia Pacific is projected to register the highest CAGR, in terms of value, between 2022 and 2027. This growth is attributed to the growing petrochemical, infrastructure, and power generation industries. Rapid industrialization and improved living standards in APAC are also driving the market. The high growth of emerging economies in the region makes Asia Pacific an attractive market for corrosion protection coatings manufacturers. In addition, the increasing awareness and decline in prices of corrosion protection coatings have been supporting sale growth of corrosion protection coatings in the region.

The corrosion protection coatings market has various small, medium, and large players. Some of the major market players 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) among others, have framed their strategies to penetrate and create bases in these emerging markets.Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the corrosion protection coatings market over the next five years.