The global Corrosion Protective Coating Market size was USD 10.1 Billion in 2022 and is expected to reach USD 14.23 Billion in 2032, and register a rapid revenue CAGR of 4% during the forecast period.
Rising demand for Corrosion Protective coatings in various end-use sectors, including OG, marine, construction, and automotive, is a major factor driving market revenue growth. Need for Corrosion Protective coatings has increased as a result of rising costs of building infrastructure and use of metals in these sectors.
Major players in the market include Jotun, Hempel A/S, Ashland Inc., RPM International, Sherwin-Williams, BASF SE, Axalta Coating Systems Ltd., PPG Industries, and AkzoNobel N.V. These companies are focusing on research and development activities to meet market competition and evolving end-user needs.
The growth of the global anti-corrosion coating market is expected to be driven by several factors during the forecast period. The construction and automotive industries' increased demand for steel is one of the key drivers. Additionally, the growth of the marine industry in Asia-Pacific and North America, as well as infrastructure upgrades in various regions, will contribute to the global demand for anti-corrosion coatings. However, regulatory measures implemented by governments to manage environmental risks may limit the growth of anti-corrosion coatings. On the other hand, research and development efforts to produce bio-based anti-corrosion coatings present lucrative growth opportunities.
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In terms of resin type, solvent-borne products hold a significant market share in industries such as automotive, manufacturing, and construction due to their superior cohesiveness and ease of application as thin films. However, the high volatile organic compound (VOC) content and flammability of solvent-borne coatings pose challenges. Waterborne coatings are expected to be the fastest-growing segment, with an estimated compound annual growth rate (CAGR) of over 13.7% from 2019 to 2027. Waterborne coatings offer advantages such as lower toxicity, improved air quality, and enhanced appearance, driving their demand in various end-use industrial applications.
Among the different application sectors, the production sector holds the largest share, driven by the use of waterborne coatings in the building industry to enhance the shelf life of steel structures. The construction sector also benefits from the cost-effectiveness and lower volume damage per unit area provided by waterborne coatings compared to solvent-borne coatings. In the marine segment, the demand for Corrosion Protective coatings is driven by the increasing use of industrial ships in the tourism industry and the need to prevent corrosion and scaling in oil gas tankers.
In terms of regional outlook, Europe is expected to witness significant growth due to the booming automotive sector, while North America will register supportive growth driven by the demand from oil and gas, marine, and power production industries. Latin America will experience growth due to increasing infrastructural and industrial activities, and the Middle East and Africa will expand due to rising oil exploration activities.
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Mergers and acquisitions are prevalent in the Corrosion Protective coating industry, with companies seeking to enhance their market presence. Startups with innovative compositions and technologies are also entering the market, offering growth opportunities. For example, Cortec Corporation specializes in Corrosion Protective technology based on vapor phase inhibition. Additionally, companies are adopting strategies such as mergers and acquisitions to strengthen their market position and gain a larger market share.
Experts predict promising developments in the adoption of Corrosion Protective coating technology, with an emphasis on COVID-19 protection equipment and supplies. New entrants in the market are expected to focus on innovation and advanced technologies to simplify operations and reduce costs. The adoption of new technologies in emerging economies is also expected to drive industry growth.
In summary, the global Corrosion Protective Coating market is poised for significant growth, driven by the demand from various sectors and regions. The market offers opportunities for innovation and expansion, with a focus on sustainable and bio-based coatings. Mergers, acquisitions, and strategic partnerships will shape the competitive landscape as companies aim to strengthen their positions in the market.
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