The global corrosion protection coatings market size is projected to grow from USD 10.1 billion in 2023 to USD 12.3 billion by 2027, at a CAGR of 4.1%. 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 270 market data Tables and 68 Figures spread through 341 Pages and in-depth TOC on “Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure) & Region – Global Forecast to 2027”
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This demand has encouraged many companies to adopt various developmental strategies in the corrosion protection coatings industry to increase their presence in the market. The growth strategies, such as partnership & collaboration, investment & expansion, and new product development were adopted by the players to increase their foothold and maintain sustained growth in the corrosion protection coatings market.
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.
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.
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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.
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