What are the Historical Developments and Current Growth Metrics of the Corrosion Protection Coating Market?
The corrosion protection coating market has seen considerable growth due to a variety of factors.
• In recent times, the corrosion protection coating market has seen robust growth. Its projection will see it rise from $17.82 billion in 2024 to $18.93 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The historical period's boost can be credited to the progression of infrastructure, expansion in the automotive industry, a heightened emphasis on green construction, industrial manufacturing upturn, and aerospace industry demands.
What Does Future Hold for The Corrosion Protection Coating Market Size?
The Corrosion Protection Coating market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the corrosion protection coating market is anticipated to witness significant growth, and it is projected to reach a valuation of $24.98 billion by 2029, increasing at a compound annual growth rate (CAGR) of 7.2%.
Factors contributing to this growth during the projection period involve increasing demand for environmentally friendly coatings, growth of the energy sector, a heightened emphasis on asset durability, water and wastewater treatment, and strict environmental regulations. Market trends likely to shape the forecast period include a move towards waterborne coatings, breakthroughs in nanotechnology, the use of smart coatings, rising demand for UV-curable coatings, a transition to powder coatings, and advances in anti-corrosion coating technologies.
What Are The Primary Growth Drivers In The Corrosion Protection Coating Market?
The expansion of the oil and gas sector is predicted to accelerate the growth of the market for corrosion protection coatings. Economic advancement plays a crucial role in driving the need for oil and gas commodities. This escalating demand triggers the necessity for corrosion protection coatings, which assist in the defence of steel structures in the oil and gas and petrochemical operations against corrosion. For example, data in March 2023 from the US Energy Information Administration, a US federal statistical system that collects, processes, and circulates energy information, shows an elevation in U.S. crude oil production to 12.4 million b/d in 2023, up from a record 11.7 million b/d in 2022. Moreover, as of September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas each day (Bcf/d), marking the most considerable annual natural gas usage in the history of the U.S. compared to the previous year. Hence, the escalating demand for oil and gas is expected to fuel the corrosion protection coatings market.
What Is The Segmentation Of The Global Corrosion Protection Coating Market?
The corrosion protection coating market covered in this report is segmented –
1) By Resin Type: Epoxy, Polyurethane, Zinc, Alkyd, Acrylic, Chlorinated Rubber, Other Types
2) By Technology: Water-Based, Solvent-Based, Powder-Based, Other Technologies
3) By End-Use Industries: Marine, Oil And Gas, Petrochemical, Infrastructure, Power Generation, Water Treatment, Other End-users
Subsegments:
1) By Epoxy: High-Performance Epoxy, Water-Based Epoxy, Solvent-Based Epoxy
2) By Polyurethane: Aliphatic Polyurethane, Aromatic Polyurethane, Water-Based Polyurethane
3) By Zinc: Zinc-Rich Primers, Zinc Dust Coatings
4) By Alkyd: Oil-Based Alkyd, Water-Based Alkyd
5) By Acrylic: Water-Based Acrylic, Solvent-Based Acrylic
6) By Chlorinated Rubber: High-Temperature Chlorinated Rubber, General Purpose Chlorinated Rubber
7) By Other Types: Silicate Coatings, Phenolic Coatings, Bituminous Coatings
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What Emerging Trends Are Shaping The Corrosion Protection Coating Market Landscape?
The rise of technological advancements has become a primary trend making waves in the corrosion protection coating arena. Firms dominant in the sector are channeling efforts into delivering novel corrosion coating solutions to solidify their stance in the market. For instance, Hempel, a company providing coating solutions rooted in Denmark, unveiled a groundbreaking fast-drying CUI coating, termed Hempaprime CUI 275, in June 2022. Hempaprime CUI 275, an alkylamine-cured epoxy paint, enhances efficiency and fortifies corrosion protection at energy production and oil and gas plants with its extraordinarily quick overcoating intervals and extensive temperature resistance.
Who Are the Key Players In The Corrosion Protection Coating Market?
Major companies operating in the corrosion protection coating market include:
• Jotun A/S
• Hempel A/S
• RPM International Inc.
• Akzo Nobel N.V.
• The Sherwin-Williams Company
• BASF SE
• Axalta Coating Systems LLC
• PPG Industries Inc.
• 3M Company
• Koninklijke DSM N.V.
• Heubach GmbH
• Renner Herrmann S.A.
• The Magni Group Inc.
• Wacker Chemie AG
• Bluechem Group
• Nippon Paint Holdings Co. Ltd.
• Rust-Oleum Corporation
• Krylon Products Group
• Valspar Corporation
• Henkel AG & Co. KGaA
• Sika AG
• The Dow Chemical Company
• Covestro AG
• Berger Paints India Limited
• Chugoku Marine Paints Ltd.
• Hempel (USA) Inc.
• Carboline Company
• International Paint Ltd.
• Sherwin-Williams Protective & Marine Coatings
• Tnemec Company Inc.
• Ameron International Corporation
What Are The Regional Insights Into The Corrosion Protection Coating Market?
Asia-Pacific was the largest region in the corrosion protection coating market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the corrosion protection coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
