The global Corrosion Protection Coatings Market size is projected to grow from USD 10.1 billion in 2022 to USD 12.3 billion by 2027, at a CAGR of 4.1% during the forecast period. The increasing demand for corrosion protection coatings from end-use industries, such as marine, oil & gas, infrastructure, petrochemical, water treatment, power generation, and others, drives the market. Demand for these coatings is encouraged by many companies to formulate different developmental strategies in the corrosion protection coatings market to expand their footprint in the market. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launch, and partnership & collaboration to increase their global presence and maintain sustained growth in the corrosion protection coatings market.
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"
The
corrosion protection coatings market in Asia Pacific is forecasted to register
the highest CAGR, in terms of value, between 2022 and 2027. The growth is
attributed to the developing petrochemical, infrastructure, and power generation
industries. The rapid growth of emerging economies in the region makes Asia
Pacific an alluring market for corrosion protection coatings manufacturers.
Request Report Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=150815310
The corrosion protection coatings market in APAC is
expected to register the highest CAGR during the forecast period.
The market for corrosion protection coatings in
APAC is projected to register high growth, and the trend is projected to
continue during the forecast period. It is the fastest-growing corrosion
protection coatings market globally. This is mainly attributed to economic
development, followed by heavy investment across industries such as
petrochemical, oil & gas, infrastructure, power generation, and industrial.
APAC is the most promising market and is expected to be the same in the near
future. Additionally, global manufacturers are shifting their production
facilities to APAC to take advantage of the low labor cost and cater to the
demand in the local market.
APAC is the hub of foreign investment and booming
industrial sectors largely due to the low-cost labor and cheap availability of
lands. An increase in the demand for corrosion protection coatings can be
largely attributed to the growing industrial, infrastructure &
construction, marine, and oil & gas industries. APAC has a growing power
industry that is likely to drive the market for corrosion protection coatings.
India produces most of its power through coal and is planning to increase solar
energy generation with newer solar projects increasing the generation by 2025.
These factors contribute to the rising demand for corrosion protection coatings
in APAC.
Get Free Customization on this Report @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=150815310
There are various small, medium, and large players
operating in the market. Some of the major market players include 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). They have adopted
various developmental strategies such as partnership & collaboration, new
product launches, merger & acquisition and investments & expansion to
increase share in the market.
AkzoNobel N.V. 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, Asia Pacific, 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 28 manufacturing facilities and has sales
activities in more than 150 countries across the globe. AkzoNobel holds the top
position in the market due to its strong product portfolio and the various
organic and inorganic strategies undertaken during 2018–2022. 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 June 2021, AkzoNobel announced the
acquisition of Grupo Orbis, Colombia-based paints and coatings
company. The acquisition has helped the company to create leading global
position and drive growth in emerging markets.
PPG Industries, Inc. is the second most active company in the corrosion protection
coatings market. It is a global manufacturer and supplier of paints, coatings,
optical products, and specialty materials. It serves customers in the industrial,
consumer products, transportation, and construction markets. PPG provides
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. The company also delivers
protective coating solutions for a wide range of industries. It has 156
manufacturing facilities worldwide. The company operates through two major
segments, namely, Performance Coatings and Industrial Coatings. The company
offers corrosion protection coatings through the Performance Coatings segment.
- In February 2021, PPG launched a PPG HI-TEMP
1027 HD corrosion protection coating in North America. The product is used
in various sectors including oil & gas, chemical processing, power
generation, and industries such as paper mills and steel mills that rely
on insulated pipelines.
Read
More Information At https://www.marketsandmarkets.com/PressReleases/corrosion-protection-coating.asp
About MarketsandMarkets™
MarketsandMarkets™ provides
quantified B2B research on 30,000 high growth niche opportunities/threats which
will impact 70% to 80% of worldwide companies’ revenues. Currently servicing
7500 customers worldwide including 80% of global Fortune 1000 companies as
clients. Almost 75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
Contact MarketsandMarkets™:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Comments
Post a Comment