Press release
Corrosion Protection Coating Market to Surpass $24.27 Billion by 2029 | Key Trends & Insights
Corrosion Protection Coating
How Will the Corrosion Protection Coating Market Grow by 2025 in Terms of Size and Growth?
The market size for corrosion protection coating has seen a consistent growth over the past few years. It is projected to progress from $17.82 billion in 2024 to $18.68 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. The historic surge can be credited to factors such as advancement in infrastructure, expansion in the automotive industry, growing emphasis on eco-friendly construction, increase in industrial production, and the demands of the aerospace sector.
What Are the Estimated Growth Rates for the Corrosion Protection Coating Industry Through 2029?
In the upcoming years, the market size for corrosion protection coating is expected to experience significant growth, reaching $24.27 billion in 2029 at a 6.8% compound annual growth rate. This anticipated growth can be linked to several factors such as the increasing demand for environmentally friendly coatings, expansion in the energy sector, a rising emphasis on asset longevity, water and wastewater treatment, and strict environmental regulations. Key trends for the forecast period comprise the shift towards waterborne coatings, nanotechnology advancements, the adoption of intelligent coatings, increased demand for UV-curable coatings, inclination towards powder coatings, and the emergence of new anti-corrosion coating technologies.
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What Are the Strategic Drivers Boosting Corrosion Protection Coating Market Performance?
The advancement of the oil and gas sector is projected to fuel the market growth for corrosion protection coatings. The economic expansion plays a vital role in the surge in demand for oil and gas products, consequently escalating the need for corrosion protection coatings. These coatings significantly contribute to safeguarding steel structures in the oil, gas, and petrochemical industries against corrosion. For example, the US Energy Information Administration reported in March 2023 that the U.S. crude oil production increased to 12.4 million b/d in 2023, up from a record 11.7 million b/d in 2022. In addition, there was an unprecedented yearly consumption of natural gas in the U.S., which averaged 86.6 billion cubic feet per day (Bcf/d) in September 2022. As such, the escalating demand for oil and gas products is sure to promote the corrosion protection coatings market.
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What Are the Segments in the Corrosion Protection Coating Market?
The corrosion protection coating market covered in this report is segmented -
1) By Resin Type: Epoxy, Polyurethane, Zinc, Alkyd, Acrylic, Chlorinated Rubber, Other Types
2) By Technology: Water-Based, Solvent-Based, Powder-Based, Other Technologies
3) By End-Use Industries: Marine, Oil And Gas, Petrochemical, Infrastructure, Power Generation, Water Treatment, Other End-users
Subsegments:
1) By Epoxy: High-Performance Epoxy, Water-Based Epoxy, Solvent-Based Epoxy
2) By Polyurethane: Aliphatic Polyurethane, Aromatic Polyurethane, Water-Based Polyurethane
3) By Zinc: Zinc-Rich Primers, Zinc Dust Coatings
4) By Alkyd: Oil-Based Alkyd, Water-Based Alkyd
5) By Acrylic: Water-Based Acrylic, Solvent-Based Acrylic
6) By Chlorinated Rubber: High-Temperature Chlorinated Rubber, General Purpose Chlorinated Rubber
7) By Other Types: Silicate Coatings, Phenolic Coatings, Bituminous Coatings
What Are the Key Adoption Trends in the Corrosion Protection Coating Market?
Tech advancements have turned out to be a crucial developing trend in the corrosion protection coating industry. Major industry players have turned their attention to creating innovative corrosion-resistant covers to solidify their standings in the market. For instance, in June 2022, Hempel, a coating solutions provider from Denmark, unveiled a rapid-drying CUI coating called Hempaprime CUI 275. This alkylamine-cured epoxy paint enhances productivity and boosts corrosion resistance at energy and oil & gas facilities due to its remarkably brief overcoating periods and extensive temperature resistance.
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Which Companies Lead the Competitive Landscape of the Corrosion Protection Coating Industry?
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
Where Are the Key Corrosion Protection Coating Market Opportunities by Region?
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.
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