Latest Update on Corrosion Protection Coatings Market

January 8, 2022

Author: Rahul Lunawat

The global Corrosion Protection Coatings Market size is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%.Worldwide, corrosion causes huge financial losses in many industries.

Browse 111 market data Tables and 66 Figures spread through 236 Pages and in-depth TOC on "Corrosion Protection Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure), And Region – Global Forecast to 2025"

The epoxy-based corrosion protection coatings to lead the market, by type, during the forecast period.

Epoxy is estimated to lead the market during the forecast period. It is widely used in corrosion protection coating because of its excellent adhesion, corrosion protection, and chemical resistance properties. The properties of epoxy-based coatings can be enhanced by the suitable addition of additives and modifiers to meet the required specifications. They are hard and offer resistance to humidity, abrasion, water, acid, alkali, and seawater. They possess low volatility and are water cleanable. These properties make them ideal for use in metallic surfaces such as cast iron and aluminium.

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The corrosion protection coatings market in APAC is expected to register the highest CAGR during the forecast period.

The market for corrosion protection coatings in APAC is projected to register high growth, and the trend is projected to continue during the forecast period. It is the fastest-growing corrosion protection coatings market globally. This is mainly attributed to economic development, followed by heavy investment across industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial. APAC is the most promising market and is expected to be the same in the near future. Additionally, global manufacturers are shifting their production facilities to APAC to take advantage of the low labor cost and cater to the demand in the local market.

APAC is the hub of foreign investment and booming industrial sectors largely due to the low-cost labor and cheap availability of lands. An increase in the demand for corrosion protection coatings can be largely attributed to the growing industrial, infrastructure & construction, marine, and oil & gas industries. APAC has a growing power industry that is likely to drive the market for corrosion protection coatings. India produces most of its power through coal and is planning to increase solar energy generation with newer solar projects increasing the generation by 2025. These factors contribute to the rising demand for corrosion protection coatings in APAC.

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PPG Industries is the second most active company in the corrosion protection coatings market. The company manufactures and distributes 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. PPG also delivers protective coating solutions for a wide range of industries. The company has advanced coating systems that have proven protection from corrosion, high temperatures, and fire; ensures durability and aesthetic performance that will protect valuable assets and meets the specific needs of any environment. The company operates in more than 70 countries with customers in construction, consumer products, industrial & transportation markets, and aftermarkets across the globe. The company is continuously focusing on organic and inorganic growth strategies, which are expected to increase its presence and revenue globally.

In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.

Major players operating in the corrosion protection coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel A/S (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (US), Nippon Paint Co., Ltd. (Japan) and Teknos (Finland).

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