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% during the forecast period. The growing demand for corrosion protection coatings from end-use industries, such as marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and others, drives the corrosion protection coatings market.
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.
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.
- 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.
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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.
- 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.
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.
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