Corrosion Protection Polymer Coating Market Trends [2031]

Report Description

Corrosion Protection Polymer Coating Market Outlook 2031

The global corrosion protection polymer coating market size was USD 10.05 Bn in 2022 and is likely to reach USD 13.58 Bn by 2031, expanding at a CAGR of 3.4 % during 2023–2031. The market growth is attributed to the increasing demand from various end-use industries.

Rapid infrastructure development and increasing demand from the metal industry are expected to drive the corrosion protection polymer coating market in the coming years. Metal surfaces react with oxygen, due to prolonged exposure to the surrounding humidity. Polymer coating enhances the durability and performance of the metals by creating a barrier between the metal surface and surrounding air & moisture. This helps manufacturers to extend the life span of products. The increasing demand for strong metals such as iron and steel is expected to drive the market during the forecast period. For instance,

• According to the data published on October 30, 2023, about 2.6 billion metric tons of usable iron ore was produced in 2022 globally.

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Corrosion protection polymer coating is a polymer film that protects the metal surface from reacting with the atmospheric humidity. It prevents metal objects from oxidation, rusting, corrosion, abrasion, and degradation, and thereby enhancing their life span. It is majorly used in industries such as oil & gas, construction, petrochemicals, and power. It is mainly used on industrial equipment, machinery, and tools to enhance their durability metrics.

They are available in water-based, solvent-based, and powder-based forms, with each form having different applications. The increasing number of manufacturing and metal industries as well as the growing global construction activities are anticipated to propel the market during the forecast period.

The COVID-19 pandemic hindered the market, due to the sudden halt in industrial operations across the globe. Local and international travels were banned, due to the COVID-19 restrictions to control the spread of the virus. The production units of the polymer coatings were shut down during the pandemic, due to the shortage of raw materials and lack of workforce.

In the post-pandemic phase, the COVID-19 restrictions were lifted by the governments, which helped the market gradually recover from losses as various end-use industries resumed their operations. The petroleum prices spiked globally, which significantly altered consumer choice that  helped the market recover, with the rapid surge in the demand for electric vehicles.

Impact of Artificial Intelligence (AI) in the Corrosion Protection Polymer Coating Market

The use of artificial intelligence is likely to provide substantial propulsion to the corrosion protection polymer coating market in the coming years. Incorporation of AI and machine learning in the predictive maintenance software is expected to save time and labor for the manufacturers. AI helps automate everyday mundane tasks for the production staff, and thereby improving productivity. Machine learning helps automating tasks such as packaging, order tracking, and maintaining the workflow for players in the market.

Corrosion Protection Polymer Coating Market Dynamics

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Major Drivers

Increasing demand for durable metals from several industries drives the market. Industries such as automotive, infrastructure, manufacturing, and others require metals as raw materials to produce various items. Items such as industrial machinery, vehicle bodies, and building & infrastructure-related items are majorly manufactured using steel, iron, aluminum, and other sturdy metals.

They are polymer-coated to improve their wear resistance and to make them rust-proof. The rising demand for iron and steel from a majority of industries is expected to drive the market during the projection period. For instance,

• According to a report published on July 26, 2023, there were about 1.9 billion metric tons of crude steel, produced in 2022 across the globe.

Existing Restraints

Rising environmental concerns are likely to hamper the market during the forecast period. The polymer coatings are traditionally manufactured using the petroleum and its derivatives. Their manufacturing process releases harmful greenhouse gases that pollute the environment. This makes it difficult for the players in the industry to meet the stringent emission rules by the governments, which is likely to impede the market growth in the coming years.

Emerging Opportunities

­Studies to develop sustainable polymer coatings is expected to create lucrative growth opportunities for the market during the forecast period. Traditional process of polymer coatings harms the environment. Players in the market are investing in conducting researches to create effective eco-friendly solutions that potentially replace the existing solutions. This is anticipated to provide substantial growth opportunities for the market in the coming years.

Scope of the Corrosion Protection Polymer Coating Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Corrosion Protection Polymer Coating Market Segment Insights

Type Segment Analysis

Based on type, the corrosion protection polymer coating market is divided into polyurethane, epoxy, zinc, acrylic, and chlorinated rubber. The epoxy segment expected to hold a key share of the market during the projection period, owing to its strong adhesive properties. Epoxy coatings are majorly used in the construction, infrastructure, and automotive industries.

They provide high-performance heavy-duty coatings to the materials, which help them withstand extreme environments. The increasing number of construction projects and the rising demand from the automotive industry drives the epoxy segment.

The polyurethane segment is projected to hold the major share of the market during the projection period, owing to the superior protection offered by the coatings to materials. Polyurethane coatings provide effective abrasion, corrosion, and chemical resistance to a metal surface. This makes these coatings suitable for the diverse applications in the metal manufacturing as well as the automotive industry.

Advanced, polyurethane-coupled, and corrosion-resistant coatings help metal surfaces last long and prevent any degradation, thereby promoting the durability of the materials. The rising demand for durable corrosion-resistant coatings from the automotive industry is expected to drive the segment in the coming years.

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Technology Segment Analysis

Based on technology, the global market is segregated into solvent, water, and powder. The powder segment is expected to expand during the forecast period, due to the ease of handling of the product. Powdered-based polymer coats do not require solvents, thereby reducing the emissions.

The powdered-based nylon coatings are popular among industries to enhance the anti-corrosion protective layer for heavy metal machinery, tools, and equipment. Industries such as automotive, water processing, and medical frequently use this type of coatings. Furthermore, increasing advancements in the formulations of powdered coatings are expected to fuel the segment in the coming years. For instance,

• On November 13, 2023, Akzo Nobel N.V. launched a Qualicoat class one certified architectural powder coating, which is able to be cured at 150◦C. The company aims to reduce emissions and enhance sustainability with the help of this product.

The solvent segment is projected to register a high CAGR during the forecast period due to their ease of application. They have short drying times, which simplifies the application, lasts for long time, and cuts down production time. They provide strong adhesion and robust corrosion resistance. The solvent-based polymer coatings are increasingly tolerant of frequent weather changes and high-temperature applications.

Therefore, the rising demand for solvent-based coatings from the marine industry for offshore applications is expected to drive the segment during the forecast period.

End-use Segment Analysis

Based on end-use, the corrosion protection polymer coating market is segmented into marine, infrastructure, oil & gas, automotive, water treatment, and power generation. The oil & gas segment is expected to dominate the market during the forecast period, owing to the increasing demand for petroleum and derivatives for industrial as well as residential use.

The rapid growth of industries such as petrochemicals, textiles, transportation, and manufacturing is attributed to the increasing demand for oil and gas. This leads to the increasing number of global oil refineries, oil fields, and gas distribution pipelines across the globe. The corrosion-resistant polymer coatings offer robust and significant barriers to these structures, which helps oil manufacturers safely extract and transport the flammable substance.

This factor is expected to boost the segment in the coming years. The automotive segment is anticipated to register a robust growth rate during the forecast period, owing to the rising demand for commercial and private vehicles. The automotive industry uses a variety of corrosion protection coatings for internal and external applications for a majority of vehicles.

The automotive industry witnesses a surge in the demand for private and commercial vehicles with the rising global population. The rising trend of owning a private vehicle ultimately increases the demand for mopeds, scooters, bikes, cars, and others. Increasing local and international travel generates the high demand for passenger vehicles. Furthermore, the rising demand for electronic vehicles is anticipated to fuel the market growth in the coming years. For instance,

• According to the report published by the International Energy Agency (IEA), on April 26, 2023, global sales of electric cars are expected to grow by 35% in 2023, as compared to 10 million electric cars were sold in 2022 globally. 

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Regional Outlook

In terms of region, the global corrosion protection polymer coating market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is expected to hold a key share of the market during the forecast period, owing to the increasing government investments in infrastructure funding. Countries such as the US and Canada undertake an increasing number of construction projects. For instance,

• According to data published on March 27, 2023, the US generated about USD 24 million and USD 16 million from the construction for communication and transportation in 2022, respectively.

The increasing technological advancements in the automotive and manufacturing industries are expected to drive the market in North America during the projection period. Asia pacific is expected to dominate the market during the assessment period, owing to the rapid industrialization in the region. The region consists of a majority of automotive, oil & gas, and metal manufacturing industries, due to the geographical advantage for investors, and cheap labor.

The region also consists of developing economies such as India, China, Singapore, and Indonesia that are leading manufacturers of metals. India and China have the high consumer demand for construction, due to the rapidly increasing population. For instance,

• According to a report published on August 8, 2023, India was marked as the country that has undergone the high number of infrastructure projects, generating about USD 25 million as of May 2022.

The rising demand for oil excavation and the petrochemical industry in the region is projected to boost the market in the coming years.

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