The global corrosion protection coatings market size is projected to grow from USD 10.1 billion in 2022 to USD 12.3 billion by 2027, at a CAGR of 4.1% during the forecast period. The increasing demand for corrosion protection coatings from end-use industries, such as marine, oil & gas, infrastructure, petrochemical, water treatment, power generation, and others, drives the market. Demand for these coatings is encouraged by many companies to formulate different developmental strategies in the corrosion protection coatings market to expand their footprint in the market. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launch, and partnership & collaboration to increase their global presence and maintain sustained growth in the corrosion protection coatings market.
Corrosion protection coatings find major applications in marine, oil & gas, infrastructure, petrochemical, power generation, water treatment, etc. The oil & gas industry accounted for the major share of the corrosion protection coatings market in 2021. The growth is due to the high volume of corrosion protection coatings used in this industry. The oil fields development in the South China Sea and growing investments in oil & industry in China, Japan, Indonesia, India, and other countries are projected to drive the demand for corrosion protection coatings.
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The corrosion protection coatings market in Asia Pacific is forecasted to register the highest CAGR, in terms of value, between 2022 and 2027. The growth is attributed to the developing petrochemical, infrastructure, and power generation industries. The rapid growth of emerging economies in the region makes Asia Pacific an alluring market for corrosion protection coatings manufacturers.
There are various small, medium, and large players operating in the market. Some of the major market players include AkzoNobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun Group (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel Group (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (US), Nippon Paint Holdings Co., Ltd. (Japan) and Teknos (Finland). They have adopted various developmental strategies such as partnership & collaboration, new product launches, merger & acquisition and investments & expansion to increase share in the market.
AkzoNobel N.V. is a key player in the corrosion protection coatings market. The company is active in the fields of decorative paints, performance coatings, and specialty chemicals. It has a strong customer base and operates in many countries of Europe, North America, Asia Pacific, South America, and the Middle East. The company has business activities in more than 80 countries around the world. It has a wide product portfolio. It has 28 manufacturing facilities and has sales activities in more than 150 countries across the globe. AkzoNobel holds the top position in the market due to its strong product portfolio and the various organic and inorganic strategies undertaken during 2018–2022. The company also manufactures customized solutions. It has leveraged its strong financial background and distribution network to expand its business across Europe and various countries across the globe.The company continuously focuses on its organic & inorganic growth. This will boost the growth of the company and also its corrosion protection coatings business, globally.
PPG Industries, Inc. is the second most active company in the corrosion protection coatings market. It 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, and 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.
Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure) & Region - Global Forecast to 2027
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