Corrosion Protection Coatings Market worth $8.9 billion by 2025 | Key players operating in the market include Akzo Nobel N.V., PPG Industries, Jotun A/S, Sherwin-Williams Company, Kansai Paint

According to recent market research "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 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%.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.

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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 aluminum.

Solvent-based technology is estimated to account for the largest share during the forecast period. A majority of conventional coatings are solvent-based and contain about 25% solid and a relatively high organic solvent content. This coating technology emits VOC, odor, and flammability; however, it has an excellent block resistance characteristic. High-quality protective films are obtained from the use of solvent-based corrosion protection coating. The solvent-based technology offers comparatively lesser drying time for application on surfaces than other technologies that have both low and high solid contents. Solvent-based formulations are used in industrial and protective anti-corrosion coatings, among others.

The oil & gas segment is estimated to be the largest end-use industry in the corrosion protection coatings market during the forecast period.

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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.

There are various small, medium, and large players operating in the market. Some of the major market players 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). They have adopted various developmental strategies such as partnership & collaboration, new product launches, and investments & expansion to increase share in the market.

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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. Akzo 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.

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.

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