Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, and Others), Technology (Solvent, Water, Powder, and Others), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 10 billion mark in 2022 and is expected to hit US$ 13.5 billion by 2030, recording a CAGR of 4% during the forecast period.
Increasing demand for protecting the structural surface from corrosion to drive market growth
The increasing necessity of protecting structural surfaces from corrosion and improving their durability is expected to drive the corrosion protection coating market. In addition, technological development in enhancing the UV shielding and abrasion resistance properties of the structural coating surfaces is likely to increase the product demand globally. Furthermore, increasing paint and coating usage on various automotive parts and machinery is anticipated to drive global market growth.
Within the report, the global market is segmented into resin type, technology, end-use industry, and geography. By resin type, the market is further segmented into epoxy, polyurethane, acrylic, and others. By technology, the market is segregated into the solvent, water, powder and others. By end-use industry, the global market is segregated into marine, oil & gas, petrochemical, infrastructure and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Rising demand for sustainably-made paints and coatings to fuel market growth
Rising demand for eco-friendly paint and coating solutions to avoid the incidences of nose & throat infection from inhaling synthetic coating solutions is likely to offer newer market growth opportunities. In addition, government support in promoting the development of sustainable paint and coating solutions is expected to support the material's demand globally. The epoxy-based coating solutions' excellent corrosion protection and water resistance capability result in the epoxy segment holding a significant market share.
Increasing anticorrosion coating's usage in various application areas to drive market growth
Corrosion protection coatings are used in various application areas such as marine, oil & gas, petrochemical, and infrastructure. Increasing demand for protective coatings to protect ships, vessels, and tankers from corrosion are expected to drive the market growth. In addition, rising materials' usage in other industries such as oil & gas, petrochemical, and infrastructure is also expected to support the product demand.
Recent strategic developments in the corrosion protection coating market
The corrosion protection coating market has undergone several significant developments, and a few of these have been mentioned below:
- In April 2022, Akzo Nobel N.V. acquired Grupo Orbis, a Colombian paint and coating company, to expand its business presence in the Latin American region.
- In April 2022, The Sherwin-Williams Company acquired Sika AG's European industrial coating business to expand its presence in the corrosion protection coating market.
Several players drive the corrosion protection coating market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. AKZONOBEL N.V., PPG INDUSTRIES INC., JOTUN GROUP, THE SHERWIN-WILLIAMS COMPANY, and KANSAI PAINT CO., LTD. are among the leading companies operating in the corrosion protection coating market.
The target audience for the report:
- Composite materials manufacturer
- Composite materials suppliers and dealers
- Composite materials exporters
- Chemicals and materials industry-related associations, organizations, forums, and alliances
- Government bodies, such as policymakers and regulating authorities
- Venture capitalists, private equity firms, and start-up companies
- End users of corrosion protection coating
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the global market has been segmented based on:
- Resin Type:
- Epoxy
- Polyurethane
- Acrylic
- Others
- Technology:
- Solvent
- Water
- Powder
- Others
- End-Use Industry:
- Marine
- Oil & Gas
- Petrochemical
- Infrastructure
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- AKZONOBEL N.V.
- PPG INDUSTRIES INC.
- JOTUN GROUP
- THE SHERWIN-WILLIAMS COMPANY
- KANSAI PAINT CO., LTD.
The List of Companies
- AKZONOBEL N.V.
- PPG INDUSTRIES INC.
- JOTUN GROUP
- THE SHERWIN-WILLIAMS COMPANY
- KANSAI PAINT CO., LTD.