Corrosion Protection Coatings 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
The corrosion protection coatings market is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%, between 2020 and 2025. The corrosion protection coatings market depends heavily on the performance of marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and other industries. Corrosion protection coatings are used for protecting metal, concrete, and other components from degradation caused by moisture, oxidation, and exposure to chemicals and saltwater.
The epoxy corrosion protection caotings to lead the market during the forecast period.
Based on type, epoxy is expected to lead the corrosion protection coatings market. Epoxy 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. In the past few decades, epoxy coatings (high solids coatings, solvent-free coatings, powder coatings, and water-based coatings) have evolved from high VOC systems to more environmentally-friendly technologies because of the stringent government regulations that limit the VOC content of corrosion protection coatings.
The water-based segment is expected to grow faster in the corrosion protection coatings market during the forecast period.
Based on technology, the water-based segment is expected to witness high growth due to its increasing demand from the industrial and infrastructure sectors. The water-based corrosion protection coatings technology uses water as the primary solvent. The coating contains up to 80% water; therefore, no solvent is required when using this technology. It is also known to be environmentally friendly, as it emits lesser VOC, that is, less than 3.5 pounds per gallon of water as per the US and European regulations. However, this technology needs to be further developed to improve the performance of water-based coatings over solvent-based coatings and to reduce the cost of production. Currently, the cost of producing water-based corrosion protection coatings is considerably higher than that of solvent-based corrosion protection coatings.
The corrosion protection coatings market in the oil & gas end-use industry is expected to hold the largest share during the forecast period.
Based on end-use industry, oil & gas is estimated to account for the largest share 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.
APAC corrosion protection coatings market is estimated to register the highest CAGR during the forecast period.
APAC 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.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the corrosion protection coatings market, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.
By Company Type: Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
By Designation: C Level – 21%, D Level – 23%, and Others – 56%
By Region: North America – 23%, Europe – 37%, APAC – 26%, and Rest of the World – 14%
The key companies profiled in this report are 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).
This report provides detailed segmentation of the corrosion protection coatings market based on type, technology, end-use industry, and region. Type is divided into epoxy, polyurethane, zinc, alkyd, acrylic, chlorinated rubber and others. Technology is divided into water-based, solvent-based, powder-based and others. Based on end-use industry, the market has been segmented into marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and other industries. Based on the region, the market has been segmented into the North America, Europe, APAC, the Middle East & Africa and South America.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.