The global Corrosion Protection Coatings Market size is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%.Worldwide, corrosion causes huge financial losses in many industries.
Browse 111 market data Tables and 66 Figures spread through 236 Pages and in-depth TOC on "Corrosion Protection Coating Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure),And Region – Global Forecast to 2025"
The corrosion protection coatings market in APAC is expected to register the highest CAGR during the forecast period.
The market for corrosion protection coatings in APAC is projected to register high growth, and the trend is projected to continue during the forecast period. It is the fastest-growing corrosion protection coatings market globally. This is mainly attributed to economic development, followed by heavy investment across industries such as petrochemical, oil & gas, infrastructure, power generation, and industrial. APAC is the most promising market and is expected to be the same in the near future. Additionally, global manufacturers are shifting their production facilities to APAC to take advantage of the low labor cost and cater to the demand in the local market.
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Oil & gas industry to lead the corrosion protection coatings market during the forecast period
Corrosion protection coatings are widely used in end-use industries such as marine, oil & gas, petrochemical, infrastructure, power generation, and water treatment. Hence, the rapid growth of these industries is expected to contribute to the growth of the corrosion protection coatings market. The oil & gas industry dominated the corrosion protection coatings market in 2019. This dominance is due to the high volume of corrosion protection coatings used in this industry. The development of oil fields in the South China Sea and investments in oil & gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for corrosion protection coatings. The rapidly growing biofuel industry is also expected to add value to the demand for a large number of corrosion protection coatings products, which would drive the market. The slump in oil prices is estimated to prove to be a short-term restraint for the corrosion protection coatings market.
Major players operating in the corrosion protection coatings market include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel A/S (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (US), Nippon Paint Co., Ltd. (Japan) and Teknos (Finland).
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