Corrosion Protection Coatings Market worth $8.9 billion by 2025 - Exclusive Report by MarketsandMarkets™
The epoxy based corrosion protection coatings to lead the market, by type, during the forecast period.
CHICAGO, Nov. 23, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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%.
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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.
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 aluminum.
Shipbuilding and maintenance & repair in the marine sector are the major applications of epoxy corrosion protection coating. Infrastructure, oil & gas, and petrochemical are the other significant end-use industries of epoxy corrosion protection coatings. Fusion bonded epoxy powder coatings are used for corrosion protection in steel pipes and fittings in the oil & gas industry and water transmission lines.
The solvent-based technology segment is estimated to account for the largest share of the Corrosion Protection Coatings Market, by technology, during the forecast period.
Solvent-based technology is estimated to account for the largest share during the forecast period. A majority of conventional coatings are solvent-based and contain about 25% solid and a relatively high organic solvent content. This coating technology emits VOC, odor, and flammability; however, it has an excellent block resistance characteristic. High-quality protective films are obtained from the use of solvent-based corrosion protection coating. The solvent-based technology offers comparatively lesser drying time for application on surfaces than other technologies that have both low and high solid contents. Solvent-based formulations are used in industrial and protective anti-corrosion coatings, among others.
The oil & gas segment is estimated to be the largest end-use industry in the corrosion protection coatings market during the forecast period.
In the oil & gas industry, intense and hazardous operations are carried out. Corrosion protection coatings are used in the oil & gas pipelines (new & repair), and this also includes onshore & offshore operations and storage tanks. This industry has been developing rapidly, as many refineries globally are converting to integrated plants. This has resulted in the development of infrastructure, which has helped the growth of the corrosion protection coatings market. The rapidly growing biofuel industry is also expected to add value to the demand for a large number of corrosion protection coating 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 development of oil fields in the South China Sea and investments in infrastructure in China, Japan, Indonesia, and India are projected to increase the demand for corrosion protection coatings. The development of new and better types of corrosion protection coatings is expected to increase the demand in this sector.
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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.
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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Browse Adjacent Markets: Chemical Market Research Reports & Consulting
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