The corrosion protection coatings market is projected to grow from USD 10.1 billion in 2022 to USD 12.3 billion by 2027, at a CAGR of 4.1%, between 2022 and 2027
Corrosion protection coatings are used in almost all heavy industries, and different types of corrosion protection coatings cater demand from various industries as per their requirements. The corrosion protection coatings market has been segmented based on end-use industry into marine, oil & gas, petrochemical, infrastructure, power generation, water treatment, and others (defense & space, primary metals & mining operations, cargo containers, pulp & paper mills, and other processes including textiles and food & beverage processing plants).
New York, June 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Corrosion Protection Coating Market by Resin Type, Technology, End-Use Industry & Region - Global Forecast to 2027" - https://www.reportlinker.com/p05993625/?utm_source=GNW
The epoxy corrosion protection caotings to lead the market during the forecast period.
Based on resin type, epoxy is expected to lead the corrosion protection coatings market.The epoxy corrosion protection coatings segment accounted for the largest share of the market in 2021.
The higher demand for epoxy is majorly attributed to its superior corrosion protection, water resistance, and widespread applications. Epoxies are tough against most chemicals and make excellent 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 estimated to observe high growth due to the growing demand from the industrial and infrastructure sectors.The water-based corrosion protection coatings technology uses water as the primary solvent.
The coating includes up to 80% water; therefore, no solvent is required when using this technology.It is environmentally friendly, as it emits lesser VOC.
However, this technology needs to be further improved to enhance the performance of water-based coatings over solvent-based coatings and to decrease the cost of production.
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 projected to account for the largest share during the forecast period.In this industry, intense and hazardous operations are carried out.
Corrosion protection coatings are used in the oil & gas pipelines (new & repair), which include land-based & offshore activities.This industry is growing rapidly, as many refineries worldwide are converting into integrated plants.
This has enabled in the development of infrastructure, which has contributed to the growth of the corrosion protection coatings market.
Asia Pacific corrosion protection coatings market is estimated to register the highest CAGR during the forecast period.
Asia Pacific is the fastest-growing corrosion protection coatings market globally.This is mainly due to economic growth, followed by large investments across all industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial.
Asia Pacific is the more promising market and is expected to be the same during the forecast period.
Information was gathered from secondary research and 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 to verify the market size of several segments and subsegments.
• By Company Type: Tier 1 – 46%, Tier 2 – 43%, and Tier 3 – 27%
• By Designation: C Level – 21%, D Level – 23%, and Others – 56%
• By Region: North America – 37%, Asia Pacific– 26%, Europe – 23%, Middle East & Afrfica – 10%, and South America – 4%
The key companies profiled in this report are AkzoNobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun Group (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel Group (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (US), Nippon Paint Holdings Co., Ltd. (Japan) and Teknos (Finland).
• This report provides detailed segmentation of the corrosion protection coatings market based on resin type, technology, end-use industry, and region. Resin 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, Asia Pacific, the Middle East & Africa and South America.
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