The corrosion protection coating market size was valued at USD 10 billion in 2021 and is projected to reach USD 12.5 billion by 2030, expanding at a CAGR of around 5% during the forecast period, 2022 – 2030. The growth of the market is attributed to the increasing demand from industries such as automotive, manufacturing, and oil & gas.
The purpose of a protective coating is to prevent or inhibit corrosion by adding a layer of substance to the surface of another material. A shielding layer could be non-metallic or metallic. In addition to preventing corrosion, protective coatings can be applied utilizing a variety of techniques. Polyurethanes, epoxies, and polymers are frequently used substances in non-metallic protective coatings. Zinc, aluminium, and chromium are among the materials used to make metallic protective coatings.
A large portion of the industrial coatings market is made up of corrosion protective coatings owing to its advantages. They consist of increased dimensional stability, improved toughness, chemicals & heat resistance, abrasion, and UV light. The improved adherence of these materials to steel structures at high temperatures, combined with superior weathering resistance to chemical spills and mild industrial atmosphere, is projected to increase demand.
The value chain for corrosion protection coatings is made up of raw material suppliers, producers, distributors, and end-use industries. In order to create corrosion protection, different resin components are combined with hardeners, adding value to the basic coating.
Market Trends, Drivers, Restraints, and Opportunities
- Additional advantages of epoxy-based coatings, such as increased toughness and durability are projected to drive the market in the coming years.
- Regional governments in developed economies like the U.S. and Europe are focusing more on reducing the VOC content of epoxy-based products, which is anticipated to fuel the market.
- Increasing use of substitutes in the market is expected to hinder the market growth.
- Strict environment laws to reduce VOC emission from coatings act a major factor that can hamper the market growth.
- R&D investment and technological advancement is anticipated to create immense growth opportunities for the market players during the forecast period.
Scope of the Report
The report on the global corrosion protection coating market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Corrosion Protection Coating Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022 – 2030
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Segmentation
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Technology (Powder-based, Solvent-based, Water-based, and Others), Resin Types (Chlorinated Rubber, Acrylic, Alkyd, Zinc, Polyurethane, Epoxy, and Others), End-users (Water Treatment, Power Generation, Infrastructure, Petrochemical, Oil & Gas, Marine, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Sherwin-Williams Company; Teknos; PPG Industries; Nippon Paint Holdings Co., Ltd.; Kansai Paint Co., Ltd.; Jotun Group, Inc.; Hempel Group; Chugoku Marine Paints; Axalta Coating Systems; and AkzoNobel N. V
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Market Segment Insights
The water-based segment is projected to grow at a rapid pace during the forecast period
Based on technology, the market is segregated into powder-based, solvent-based, water-based, and others. The water-based segment is projected to grow at a rapid pace during the forecast period owing to increasing demand from the infrastructure and industrial sectors. Water serves as the main solvent in the water-based corrosion prevention coatings technology. With this method, there is no need for a solvent because the coating contains up to 80% water. Being less VOC-emitting, it is environmentally safe. However, more advancements in this technology are required to reduce production costs and improve the quality of water-based coatings relative to solvent-based coatings.
The epoxy segment held a major market share in 2021
On the basis of resin types, the market is fragmented into chlorinated rubber, acrylic, alkyd, zinc, polyurethane, epoxy, and others. The epoxy segment held a major market share in 2021. Epoxy has a higher demand because of its numerous uses, high corrosion resistance, and water resistance. Epoxies are resistant to the majority of pollutants and provide excellent coatings for corrosion prevention.
The oil & gas segment is expected to account for a major market share
In terms of end-users, the market is divided into water treatment, power generation, infrastructure, petrochemical, oil & gas, marine, and others. The oil & gas segment is expected to account for a major market share. Growth of the segment is attributed to the extensive usage of corrosion protective coatings. The demand for corrosion protection coating is expected to rise as a result of developments in oil & gas infrastructure in India, Indonesia, Japan, and China as well as the expansion of oil reserves in the South China Sea.
Asia Pacific dominated the market in 2021
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market in 2021. Growth of the market in the region is attributed to expanding Petrochemical, infrastructural, and power generation industries. The market is also being driven by rapid industrialization and rising living standards in Asia Pacific. Decreasing prices and growing awareness about corrosion protection coatings is estimated to boost the market. China has experienced fast industrialization as a result of changes in industrial policies and the liberalization of foreign trade and investments. The market in Europe is anticipated to expand at a substantial rate during the forecast period due to increased investment by manufacturing enterprises in capacity expansion and development. The demand is anticipated to be fueled by growing R&D efforts in the transportation and automotive industries to enhance metal chemistry and extend the shelf life.
Segments
The global corrosion protection coating market has been segmented on the basis of
Technology
- Powder-based
- Solvent-based
- Water-based
- Others
Resin Types
- Chlorinated Rubber
- Acrylic
- Alkyd
- Zinc
- Polyurethane
- Epoxy
- Others
End-users
- Water Treatment
- Power Generation
- Infrastructure
- Petrochemical
- Oil & Gas
- Marine
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- The Sherwin-Williams Company
- Teknos
- PPG Industries
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- Jotun Group, Inc.
- Hempel Group
- Chugoku Marine Paints
- Axalta Coating Systems
- AkzoNobel N.V
Competitive Landscape
Key players competing in the corrosion protection coating market include The Sherwin-Williams Company; Teknos; PPG Industries; Nippon Paint Holdings Co., Ltd.; Kansai Paint Co., Ltd.; Jotun Group, Inc.; Hempel Group; Chugoku Marine Paints; Axalta Coating Systems; and AkzoNobel N.V. Some of these players are using several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
- In June 2021, AkzoNobel announced that it has acquired the paint and coatings company Grupo Orbis in Colombia. The company has created a leading position globally due to the acquisition, which has also helped to fuel expansion in emerging areas.
- In June 2021, A novel technology created by Das Lack Enertherm (DLE) was acquired by Hempel Group. The company was able to enter the insulation coatings market owing to the acquisition, which also brought new business opportunities.