Corrosion Protection Coatings Market Growth Analysis: Key Drivers, Trends, and Forecasts from Recent Research

The Corrosion Protection Coatings Market is driven by growing demand in industries like oil & gas, marine, and infrastructure. Key players include AkzoNobel, PPG Industries, Sherwin-Williams, and Jotun, focusing on advanced, eco-friendly coatings. Innovation in water-based and high-performance coatings will shape future market growth.
The Corrosion Protection Coatings market is projected to grow to USD 12.4 billion by 2028 from USD 10.4 billion in 2023, at a CAGR of 3.5% between 2023-2028. Rising demand for efficient processes and longer life of equipment in the industrial sectors boosts the Corrosion Protection Coatings market. This research report covers major aspects of the industry including drivers, restraints, historical and current trends, regulatory scenarios, and technological advancements. It provides the industry overview withCorrosion Protection Coatings market growth [https://www.marketsandmarkets.com/Market-Reports/corrosion-protection-coating-market-150815310.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=corrosionprotectioncoating] analysis and historical & futuristic cost, revenue, demand and supply data (as applicable).

Opportunities: Emerging countries offer significant growth opportunities

The emerging markets of corrosion protection coatings such as China, India, Thailand, and Brazil offer high growth opportunities for the players in the market. Currently, these countries account for the lowest per-capita consumption of coatings in the world and thus offer the potential for growth. Opportunities for market growth in these countries have further increased due to the development of their domestic industries which are consuming corrosion protection coatings significantly. Major players such as PPG Industries (US) and AkzoNobel (Netherlands) have restructured their strategies by placing high importance on penetrating and creating bases in these emerging markets.

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Epoxy is the largest segment of the overall Corrosion protection coatings market.

Epoxy-based corrosion protection coatings have been widely used and are in high demand in various industries. Epoxy coatings are known for their excellent corrosion resistance and durability, making them suitable for applications in sectors such as infrastructure, marine, and oil and gas. Such coatings offer durability, versatility, adhesion, ease of application, and aesthetics along with good corrosion resistance. In many end-use industries, there are strict regulations and standards regarding corrosion protection. Epoxy coatings often meet or exceed these requirements, ensuring compliance and maintaining the integrity of structures or equipment.

Water-based technology is the fastest-growing segment in the market during the forecast period.

Water is the main solvent in the water-based corrosion prevention coatings technology. Up to 80% of the coating is made of water. Therefore, when employing this technology, a solvent is not needed. In accordance with US and European laws, it produces fewer VOCs, which are less than 3.5 pounds per gallon of water, making it environmentally friendly.

To increase the performance of water-based coatings over solvent-based coatings and lower the cost of production, this technology is continuously developing. Currently, water-based corrosion protection coatings are costlier than solvent-based corrosion protection coatings. Polyacrylates, polyvinyl ethers, and polyurethane resins serve as the coating technology's binder materials.

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Asia Pacific is the largest market for Corrosion Protection coatings globally during the forecast period

The global market for corrosion protection coatings is expanding at the quickest rate in Asia Pacific. Economic growth, followed by significant investment in a variety of sectors, including petrochemical, oil & gas, infrastructure, power generation, and industrial, are primarily responsible for this. The most potential market is in Asia Pacific, and it is likely to be the case in the foreseeable future. Additionally, to take advantage of the cheap labor and meet local market demand, international businesses are moving their production plants to Asia Pacific.

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Major players in the global Corrosion Protection Coatings market have made many research breakthroughs across the value chain to focus on shifting client demands. Mergers and acquisitions, partnerships and agreements, and new product launches have all occurred at the companies. Some of the prominent market participants include Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan).

AkzoNobel N.V. is a a diversified chemical company operating its business through two major segments, namely, Decorative Coatings and Performance Coatings. Corrosion protection coating is produced under both segments. AkzoNobel N.V. has a strong customer base and operates in countries in Europe, North America, Asia Pacific, South America, and the Middle East. The company has over 28 manufacturing facilities and sales activities in more than 150 countries across the globe. It has a wide product portfolio which includes brands such as Dulux, Sikkens, Butanox, Elotex, International, and Interpon.

PPG Industries Inc. is a global manufacturer and supplier of paints, coatings, optical products, and specialty materials. It serves customers in the industrial, consumer products, transportation, and construction markets. PPG provides 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 & beverage container manufacturers. The company also delivers protective coating solutions for a wide range of industries. It has 156 manufacturing facilities worldwide. The company operates through two major segments, namely, Performance Coatings and Industrial Coatings. The company offers corrosion protection coatings through the Performance Coatings segment.

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