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Impact Of The Oil And Gas Industry On The Corrosion Protection Coatings Market: A Key Factor Shaping the Future of the Corrosion Protection Coating Market in 2025
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.
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What Is the projected market size and growth rate for the corrosion protection coating market?
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.
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.
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What new trends are reshaping the corrosion protection coating market and its opportunities?
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.
What major market segments define the scope and growth of the corrosion protection coating market?
The corrosion protection coating market size has grown strongly in recent years. It will grow from $17.82 billion in 2024 to $18.93 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. 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.
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Which region dominates 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.
Which key market leaders are driving the corrosion protection coating industry growth?
Major companies operating in the corrosion protection coating market are 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
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What Is Covered In The Corrosion Protection Coating Global Market Report?
• Market Size Forecast: Examine the corrosion protection coating market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the corrosion protection coating market for a structured understanding.
• Key Players Overview: Analyze major players in the corrosion protection coating market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the corrosion protection coating market.
• Segment Contributions: Evaluate how different segments drive overall growth in the corrosion protection coating market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the corrosion protection coating market.
• Industry Challenges: Identify potential risks and obstacles affecting the corrosion protection coating market.
• Competitive Landscape: Review strategic developments in the corrosion protection coating market, including expansions, agreements, and new product launches.
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