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Corrosion Protection Coatings Market, By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, and Chlori

Published Date: March 2021 | Report Code : CH2168973

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Corrosion Protection Coatings Market, By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, and Chlorinated Rubber), By Technology (Solvent, Water, and Powder), By End-Use Industry (Oil and Gas, Marine, Infrastructure, Petrochemical, Power Generation, and Others (Aerospace and Defense, Primary Metal and Mining Operations, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting (2016-2028)

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

Domain : Chemicals

Report Code : CH2168973

Status : Published March 2021

The Global Corrosion Protection Coatings Market is anticipated to grow at a CAGR of 5.7% during the forecast period from 2020 to 2028. A corrosion protection coating is a covering applied to the surface of a material to stop corrosion. Corrosion prevention coatings are applied mostly to prevent the substrate from corrosion through a variety of procedures and processes.

The corrosion prevention coating has been anticipated to encounter remarkable development because of the rising need from end-use industries and oil and gas, manufacturing, and infrastructure sectors. Growing applications of epoxy-based paints and coatings in manufacturing industries for corrosion protection are expected to promote industry growth over the predicted period.

Furthermore, additional advantages offered by epoxy-based coatings, like improved strength and durability, are expected to increase product need over the coming years. Rising government-funded infrastructure and connected projects in developing economies and initiatives taken by the U.S. and Europe to reduce the volatile organic compounds (VOC) content in the epoxy-based products are anticipated to operate the development of bio-based corrosion protection coatings products in the region.

Corrosion Protection Coatings Market  Fig 1

FIGURE 1: GLOBAL CORROSION PROTECTION COATINGS MARKET

The losses caused by corrosion can be extremely high on a monetary basis and give rise to a direct threat towards the well-being of general property, together with the life of people. The Society of Civil Engineers (ASCE) in 2011 anticipated the loss due to corrosion in the US to be greater than USD 500 billion each year.

The rising application scope of corrosion protection coatings in end-use industries, together with the increasing expenditure for emerging modern coating technology is expected to generate a positive market outlook for product demand over the predicted period. Furthermore, strict government rules and regulations to control and reduce the usage of volatile organic compounds in the coatings and paints industry are expected to promote the growth of modern products that can encounter environmental norms over the forthcoming years.

Various government instructions and rules are promoting the utilization of eco-friendly coatings in different nations like India, China, and Malaysia, which is also expected to increase the demand for corrosion prevention coatings over the predicted period.

The global corrosion protection coatings market report has been segmented by type, technology, and end-use industry.

Corrosion Protection Coatings Market  Fig 2FIGURE 2: GLOBAL CORROSION PROTECTION COATINGS MARKET SEGMENTATION

Global Corrosion Protection Coatings Market, By Type

By type, the global corrosion protection coatings market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber. Epoxy is a major type of corrosion protection coating that captured the highest market share in the global market in 2020 and is expected to remain the largest segment till the forecast period. The development of this segment can be mostly attributed to outstanding corrosion prevention and waterproof properties of epoxy coatings.

Global Corrosion Protection Coatings Market, By Technology

By technology, the global corrosion protection coatings market is segregated into solvent, water, and powder. The solvent-based technology segment has captured the highest market share due to their superior cohesion and fast-drying attribute, together with their global applications.

Global Corrosion Protection Coatings Market, By End-Use Industry

By end-user industry, the global corrosion protection coatings market has been segmented into oil and gas, marine, infrastructure, petrochemical, power generation, and others ( aerospace & defense, primary metal and mining operations, and others). The oil and gas industry is dominating the corrosion protection coatings market. This is because of the large volume of corrosion protection shielding used in this industry. The development of oil rigs in the South China Sea and expenditures in oil and gas infrastructure in China, India, Japan, Indonesia, and other nations are anticipated to increase the demand for corrosion protection coatings in the industry further.

Global Corrosion Protection Coatings Market, By Region

By region, the global corrosion protection coatings market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is expected to record the highest CAGR in the global corrosion protection coatings market till the end of the forecast period. This can be mainly attributed to the increasing infrastructure development and the presence of big petrochemical and power generation corporations in the region. Rapid industrialization and government initiatives for the development of public infrastructure in the Asia Pacific are also promoting market development in the region.

Corrosion Protection Coatings Market  Fig 3

FIGURE 3: GLOBAL CORROSION PROTECTION COATINGS MARKET (USD MILLION), PRE-COVID, AND POST-COVID MARKET ESTIMATION FORECAST 2020-2028.

What does this Report Provide?

This report provides a detailed understanding of the global corrosion protection coatings market demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global corrosion protection coatings market. The major market drivers, challenges, and opportunities for the global corrosion protection coatings market have also been covered in the report. This report further includes the market share of the leading companies operating in the global corrosion protection coatings market, along with their production capacities and the growth strategies adopted by them.

Some Recent Developments in the Global Corrosion Protection Coatings Market

  • In September 2020, a global leader in renewable energy solutions, Vestas and the leading global provider of coating solutions, Hempel, joined hands in a modern strategic association to collaborate around inventive solutions for surface prevention of wind turbines. This collaboration assists in developing more inventive and renewable coating solutions to assist CO2 footprint. This strategic cooperation will allow Vestas and Hempel to raise each other’s strengths to invent and unlock future value together.
  • In May 2020, Hempel invested USD 3.51 billion for the construction of a modern factory in Yantai Chemical Industrial Park, China. It will have a manufacturing capability of higher than 100,000 tons per year and will be inaugurated in 2021. This growth focuses on distributing inventive and more renewable coating solutions to its consumers in the zone.

What does this Report Provide?

This report provides a detailed understanding of the global corrosion protection coatings demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global corrosion protection coatings market.

The major market drivers, challenges, and opportunities for the global corrosion protection coatings market have also been covered in the report. This report further includes the market share of the leading companies operating in the global corrosion protection coatings market, along with their production capacities and the growth strategies adopted by them.

Market Segmentation:

By Type:

  • Epoxy
  • Polyurethane
  • Acrylic
  • Alkyd
  • Zinc
  • Chlorinated Rubber

By Technology:

  • Solvent
  • Water
  • Powder

By End-Use Industry:

  • Oil and Gas
  • Marine
  • Infrastructure
  • Petrochemical
  • Power Generation
  • Others (aerospace and defense, primary metal and mining operations, and others)

By Region:

North America Corrosion Protection Coatings Market

  • North America, by Country
    • US
    • Canada
    • Mexico
  • North America, by Type
  • North America, by Technology
  • North America, by End-Use Industry

Europe Corrosion Protection Coatings Market

  • Europe, by Country
    • Germany
    • Russia
    • UK
    • France
    • Italy
    • Spain
    • The Netherlands
    • Rest of Europe 
  • Europe, by Type
  • Europe, by Technology
  • Europe, by End-Use Industry

Asia Pacific Corrosion Protection Coatings Market

  • Asia Pacific, by Country
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Indonesia
    • Rest of Asia Pacific 
  • Asia Pacific, by Type
  • Asia Pacific, by Technology
  • Asia Pacific, by End-Use Industry

Middle East & Africa Corrosion Protection Coatings Market

  • Middle East & Africa, by Country 
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa
  • Middle East & Africa, by Type
  • Middle East & Africa, by Technology
  • Middle East & Africa, by End-Use Industry

South America Corrosion Protection Coatings Market

  • South America, by Country 
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • South America, by Type
  • South America, by Technology
  • South America, by End-Use Industry

Major Companies: In this report, the following major companies are studied: Akzo Nobel N.V., PPG Industries, Inc., Jotun A/S, The Sherwin-Williams Company, Kansai Paint Co. Ltd., Hempel A/S, Chugoku Marine Paints, Axalta Coatings Systems, Nippon Paint Co., Ltd., Teknos, Advanced Nanotech labs, Ancatt Inc., The Magni Group, Inc., Secoa Metal Finishing LLC., and others.

Objectives of this Report:

  • To estimate the market size for the corrosion protection coatings market on a regional and global basis.
  • To identify major segments in the corrosion protection coatings market and evaluate their market shares and demand.
  • To provide a competitive scenario for the corrosion protection coatings market with major developments observed by key companies in the historic years.
  • To evaluate key factors governing the dynamics of corrosion protection coatings market with their potential gravity during the forecast period.
  • To evaluate the leading company-wise pricing analysis for mentioned applications

Customization:

This study is customized to meet your specific requirements:

  • By sub-segment
  • By client-specific country, type, and application market analysis
  • Pricing analysis along with the potential list of customers
  • Product-specific competitive analysis

For more information, contact: [email protected]

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