Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- 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.
Premium Insights
- Corrosion Protection Coatings Market to Witness High Growth in Infrastructure Segment Between 2023 and 2028
- Epoxy to be Largest Segment Between 2023 and 2028
- Marine End-Use Industry Segment to Lead Corrosion Protection Coatings Market During Forecast Period
- China to Dominate Global Market During Forecast Period
- India to be Fastest-Growing Corrosion Protection Coatings Market Between 2023 and 2028
Market Dynamics
Drivers
- Increasing Losses and Damage due to Corrosion
- Increasing Need for Efficient Processes and Longer Life of Equipment
- Innovation in Modern Structures
- Growth in End-Use Industries
Restraints
- Stringent Environmental Regulations
- High Price of Raw Materials and Energy
Opportunities
- Demand for High-Efficiency High-Performance Corrosion Protection Coatings
- Significant Growth Opportunities in Emerging Economies
Challenges
- Increasing Competition from Local Players
- Rise in Use of Substitutes
Market Overview
- Types of Corrosion
- Galvanic Corrosion
- Stress Corrosion
- General Corrosion
- Localized Corrosion
- Caustic Agent Corrosion
- Factors Considered while Selecting Corrosion Protection Coatings
- Type of Surface or Substrate to be Coated
- Life Expectancy
- Ease of Access
- Compliance with Legislative and Environmental Regulations
- Value Chain Overview
- Value Chain Analysis
Case Study
- Corrosion Protection Coatings Used for Pipeline in Nuclear Power Plant
Company Profiles
Key Players
- The Sherwin-Williams Company
- Ppg Industries Inc.
- Akzonobel N.V.
- Jotun A/S
- Kansai Paint Co., Ltd.
- Axalta Coating Systems LLC
- Hempel A/S
- Chugoku Marine Paints Ltd.
- Nippon Paint Holdings Co., Ltd.
- Teknos
Other Players
- Noroo Paint & Coatings
- Diamond Vogel
- Greenkote plc
- Renner Herrmann S.A.
- Nycote Laboratories Corporation
- O3 Group
- The Magni Group, Inc.
- Secoa Metal Finishing
- Eoncoat, LLC
- Dai Nippon Toryo Co., Ltd.
- Advanced Nanotech Lab
- Huisins New Material Technology Co.
- Bluchem
- Sk Formulations India Pvt. Ltd.
- Ancatt Inc.
For more information about this report visit https://www.researchandmarkets.com/r/lm9jde
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