The global corrosion protection coatings market size is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%. Worldwide, corrosion causes huge financial losses in many industries. It also gradually weakens structures posing a threat to property and life. Corrosion protection coating is one of the most effective and economical solutions for tackling corrosion. They act as a barrier between the surface and the corrosion agent and prolong the life of the structure as well as enhance its efficiency.
Browse 111 market data Tables and 66 Figures spread
through 236 Pages and in-depth TOC on "Corrosion
Protection Coating 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"
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Corrosion protection coatings are mainly used in as
marine, oil & gas, petrochemical, infrastructure, power generation, water
treatment, etc. The oil & gas industry dominated the corrosion protection
coatings market in 2019. This dominance is due to the high volume of corrosion
protection coatings used in this industry. The development of oil fields in the
South China Sea and investments in oil & gas infrastructure in China,
Japan, Indonesia, India, and other countries are projected to increase the
demand for corrosion protection coatings. The rapidly growing biofuel industry
is also expected to add value to the demand for a large number of corrosion
protection coatings 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.
The corrosion protection coatings market in APAC is
projected to register the highest CAGR, in terms of value, between 2020 and
2025. This growth is attributed to the growing petrochemical, infrastructure,
and power generation industries. Rapid industrialization and improved living
standards in APAC are also driving the market. The high growth of emerging
economies in the region makes APAC an attractive market for corrosion
protection coatings manufacturers. In addition, the increasing awareness and
decline in prices of corrosion protection coatings have been supporting sale
growth of corrosion protection coatings in the region.
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Akzo Nobel is a key player in the corrosion protection coatings
market. The company is active in the fields of decorative paints, performance
coatings, and specialty chemicals. It has a strong customer base and operates
in many countries of Europe, North America, APAC, South America, and the Middle
East. The company has business activities in more than 80 countries around the
world. It has a wide product portfolio. It has 548 offices and manufacturing
sites across the globe. Akzo Nobel holds the top position in the market due to
its strong product portfolio and the various organic and inorganic strategies
undertaken during 2017–2020. The company also manufactures customized
solutions. It has leveraged its strong financial background and distribution
network to expand its business across Europe and various countries across the
globe.The company continuously focuses on its organic & inorganic growth.
This will boost the growth of the company and also its corrosion protection
coatings business, globally.
- In October 2019, Akzo Nobel launched the
Interpon Redox range of high-performance corrosion protection coatings
through its Powder Coatings business. The product caters to the demand
from industries such as cable cars, chemical plants, window frames, and
wind turbines.
PPG Industries is
the second most active company in the corrosion protection coatings market. The
company manufactures and distributes industrial and automotive coatings to
manufacturing companies, adhesives & sealants to the automotive industry,
metal pretreatments & related chemicals for industrial and automotive
applications, and packaging coatings to aerosol, food, and beverage container
manufacturers. PPG also delivers protective coating solutions for a wide range
of industries. The company has advanced coating systems that have proven
protection from corrosion, high temperatures, and fire; ensures durability and
aesthetic performance that will protect valuable assets and meets the specific
needs of any environment. The company operates in more than 70 countries with
customers in construction, consumer products, industrial & transportation
markets, and aftermarkets across the globe. The company is continuously
focusing on organic and inorganic growth strategies, which are expected to
increase its presence and revenue globally.
- In February 2020, PPG collaborated with Dow on
Sustainable Future Program to reduce carbon impacts. The partnership focuses
on advances in anti-corrosion coating products for steel designed to
deliver reduced greenhouse gas (GHG) emissions through increased energy
efficiency while helping to lessen the high maintenance costs of steel
infrastructure..
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