Corrosion Protective Coatings Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032
The global Corrosion Protective Coatings market size was estimated to be US$ 10.5 Billion in 2022 and is expected to reach US$ 15 Billion by 2032 at a CAGR of 3.6%.
The report titled 'Global Corrosion Protective Coatings Market - Growth, Share, Opportunities, and Competitive Analysis, 2023 - 2032' offers strategic visions into the global algae product market along with the market size (Revenue - US$ Mn and Volume - Kilo Tons) and estimates for the duration 2023 - 2032.
Corrosion resistant coatings protect metal components against degradation due to moisture, salt spray, oxidation or exposure to a variety of environmental or industrial chemicals. Anti-corrosion coating allows for added protection of metal surfaces and act as a barrier to inhibit the contact between chemical compounds or corrosive materials.
The factors that are driving the growth of the corrosion protective coatings market is majorly due to growing demand for corrosion protective coatings majorly from construction, automotive and industrial applications. Also High demand for waterborne coatings to improve the performance of steel structure and materials used in the commercial and residential structures is one of the factors driving growth of global corrosion protective coatings in the construction industry. In addition, the rising demand for ships and growing shipbuilding industry has also led to high demand for corrosion protective coatings.
The global corrosion protective coatings market is segmented on the basis of material, end-users, technology and geography. Based on the material, the market is segmented into alkyd, acrylic, epoxy, polyurethane, and zinc. Among these, Epoxy accounted for larger share of the global corrosion protective coatings market in 2016. Epoxy coatings are durable coatings which are used for a variety of applications from adhesives to paints and coatings for metals and floor. On the basis of end-user, the global corrosion protective market is segmented into construction, marine, automotive, oil and gas, industrial and others. In terms of technology, the market is segmented into water borne, solvent borne, and powder based. Among these, Water-borne corrosion protective coatings accounted as fastest growing segment in 2016. Water-borne coatings make use of water as a solvent and hence are known as eco-friendly coatings which are easy to apply. These coatings consist of almost 80% water along with small quantities of other solvents such as glycol ethers. By geography, the market is fragmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America comprises U.S., Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report.
Amongst the aforementioned regional segments in the global corrosion protective coatings market, Asia Pacific accounted for major share of global corrosion protective coatings market in 2015 and is expected to retain its position in the near future. Growing construction industry in the region is one among the major factor boosting growth of global corrosion protective coatings market. Rising demand for corrosion protective coatings in industries such as automotive and shipbuilding is also promoting growth of global corrosion protective coatings market in the region.
Some of the key players operating in the corrosion protective coatings market with more significant product development include and are not limited to Ashland Inc., Axalta Coatings Inc., BASF Coatings GmbH, Hempel A/S, International Paint Limited, Jotun A/S, Koch Knight LLC, PPG Industries Inc., Steuler-KCH GmbH, The Sherwin-Williams Company and TIP TOP Oberflächenschutz Elbe GmbH among others.
Market Segmentation:
By Material
- alkyd
- acrylic
- epoxy
- polyurethane
- zinc
By End-users
- construction
- marine
- automotive
- oil and gas
- industrial
- others
By Technology
- water borne
- solvent borne
- powder based
By Geography
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
