Corrosion Protection Coating Market Report 2024 - Corrosion Coating Market Size, Trends, And Demand

"The Business Research Company recently released a comprehensive report on the Global Corrosion Protection Coating Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The corrosion protection coating market size has grown strongly in recent years. It will grow from $16.84 billion in 2023 to $17.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to infrastructure development, automotive sector growth, increased focus on sustainable construction, rise in industrial manufacturing, aerospace industry requirements.

The corrosion protection coating market size is expected to see strong growth in the next few years. It will grow to $23.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to demand for eco-friendly coatings, expansion of the energy sector, growing focus on asset longevity, water and wastewater treatment, stringent environmental regulations. Major trends in the forecast period include shift towards waterborne coatings, advancements in nanotechnology, adoption of smart coatings, demand for uv-curable coatings, shift towards powder coatings, development of anti-corrosion coating technologies.

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Market Drivers and Trends:
The expanding industrial sector is expected to boost the growth of the corrosion protection coating market going forward. The industrial sector refers to a category of economic activity centered around the production of goods and services through the transformation of raw materials and resources. The industrial sector, propelling infrastructure projects such as building construction, bridge development, and transportation system expansion, significantly increases the demand for corrosion protection coatings to guarantee the longevity and resilience of the created assets. For instance, in July 2023, according to the report published by Statistics Canada, a Canada-based government agency, approximately 19.5% of businesses in the manufacturing sector expressed intentions to expand their current business or organization location within the next 12 months, more than twice the percentage observed in the arts, entertainment, and recreation sector (8.2%) and nearly triple the overall business average (6.7%). Nearly 9.0% of manufacturing businesses planned to expand to other locations within the same province, a figure comparable to those in administrative and support, waste management, and remediation services (9.1%). Additionally, over 5.5% of manufacturing businesses had plans to expand internationally, with similar aspirations reported by 5.3% of businesses in arts, entertainment, and recreation, and 4.5% in wholesale trade. Therefore, the expanding industrial sector is driving the growth of the corrosion protection coating market.

Technological innovations have emerged as a key trend gaining popularity in the corrosion protection coating market. Major companies operating in corrosion protection coatings are focused on providing innovative corrosion coating products to strengthen their market position. For instance, in June 2022, Hempel, a Denmark-based coating solution company, introduced a new fast-drying CUI coating, Hempaprime CUI 275. Hempaprime CUI 275 is a fast-drying, alkylamine-cured epoxy paint that increases productivity and improves corrosion protection at energy generation and oil and gas facilities by having extremely short overcoating intervals and broad temperature resistance.

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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
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

Corrosion Protection Coating Market 2024 Key Insights:
• The corrosion protection coating market size is expected to see strong growth in the next few years. It will grow to $23.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Impact Of The Oil And Gas Industry On The Corrosion Protection Coatings Market
• Technological Trends In The Corrosion Protection Coating Market
• Asia-Pacific was the largest region in the corrosion protection coating market in 2023

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This release was published on openPR.