The corrosion protection coatings market is projected to grow from USD 10.1 billion in 2022 to USD 12.3 billion 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.
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Based on resin type, the corrosion protection coatings market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. Epoxy accounted 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 and others. 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.
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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.
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