Global Corrosion Protection Coatings (Epoxy, PU, Acrylic, Zinc, Chlorinated Rubber) Markets, 2023

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16 Aug, 2023, 21:00 ET

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DUBLIN, Aug. 16, 2023 /PRNewswire/ -- The "Global Corrosion Protection Coatings Market by Resin Type (Epoxy, PU, Acrylic, Zinc, Chlorinated Rubber), Technology (Water, Solvent, Powder), End-use (Oil & Gas, Marine, Infrastructure, Power Generation, Water Treatment), & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Corrosion protection coatings market is on a trajectory of growth, with an anticipated ascent from USD 10.4 Billion in 2023 to USD 12.4 Billion by 2028, reflecting a steady CAGR of 3.5% during the period from 2023 to 2028.

Asia Pacific emerges as the epicenter of rapid expansion in the global corrosion protection coatings market. This momentum is propelled by robust economic growth and substantial investments across diverse sectors, including petrochemicals, oil & gas, infrastructure, power generation, and industrial applications.

The region stands as a beacon of potential, with an outlook that holds steady into the foreseeable future. The migration of international enterprises to Asia Pacific for manufacturing operations, buoyed by cost-effective labor and local market demand, further amplifies this trend.

Notably, China, India, Japan, and South Korea are pivotal players shaping the Asia Pacific market landscape, garnering recognition from the International Monetary Fund (IMF) for their accelerated economic expansion. China and India, in particular, boast some of the world's fastest-growing economies. Moreover, industries such as nuclear power, oil & gas, and automotive are poised for rapid growth in the region, translating into heightened demand for corrosion protection coatings.

Nevertheless, the Corrosion protection coatings market grapples with challenges posed by intensifying competition from local contenders. These regional players are gaining ground through focused research and development efforts, catering to specific geographic niches. Attuned to local needs and demands, they are adept at delivering application-specific products, driving their ascendancy in the market.

In this dynamic landscape, prominent players spearheading the corrosion protection coatings arena include Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan).

Acrylic resin is estimated to be the fastest growing segment in the Corrosion Protection Coatings market

Acrylic resins are commonly used in corrosion protection coatings due to their excellent film-forming properties, durability, and resistance to environmental factors.

These resins can be formulated into various types of coatings, such as primers, topcoats, and clear sealants, to provide protection for metal surfaces against corrosion. Acrylic resins can be formulated into water-based coatings, which offer advantages such as low VOC (volatile organic compound) emissions, ease of application, and fast drying times. Waterborne acrylic coatings are environmentally friendly and comply with strict regulations regarding air quality and safety.

Oil & Gas end-use industry to gain the maximum market share during the forecast period

Corrosion protection coatings play a crucial role in the oil and gas industry to prevent the degradation of equipment and infrastructure caused by corrosion. The harsh operating conditions, including exposure to moisture, aggressive chemicals, and high temperatures, make corrosion a significant concern.

The selection of corrosion protection coatings depends on various factors, including the operating environment, substrate material, required lifespan, and application method. Industry standards and regulations also play a significant role in determining the appropriate coating systems for specific oil and gas applications.

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