The globalCorrosion 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.
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 epoxy-based corrosion protection coatings to lead the market, by type, during the forecast period.
Epoxy is estimated to lead the market during the forecast period. It is widely used in corrosion protection coating because of its excellent adhesion, corrosion protection, and chemical resistance properties. The properties of epoxy-based coatings can be enhanced by the suitable addition of additives and modifiers to meet the required specifications. They are hard and offer resistance to humidity, abrasion, water, acid, alkali, and seawater. They possess low volatility and are water cleanable. These properties make them ideal for use in metallic surfaces such as cast iron and aluminium.
Shipbuilding and maintenance & repair in the marine sector are the major applications of epoxy corrosion protection coating. Infrastructure, oil & gas, and petrochemical are the other significant end-use industries of epoxy corrosion protection coatings. Fusion bonded epoxy powder coatings are used for corrosion protection in steel pipes and fittings in the oil & gas industry and water transmission lines.
- 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. 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.
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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. 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.
Major players operating in the corrosion protection coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel A/S (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (US), Nippon Paint Co., Ltd. (Japan) and Teknos (Finland).
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