Pune, India, April 07, 2021 (GLOBE NEWSWIRE) -- The Global Corrosion Protection Coatings Market Size is anticipated to grow at a CAGR of 5.7% during the forecast period from 2020 to 2028. A corrosion protection coating is a covering applied to the surface of a material to prevent or stop corrosion. The covering shields materials that are metallic or non-metallic. Corrosion protection coatings are applied mainly to protect the substrate from corrosion through a variety of processes and procedures.
The corrosion protection coatings market has been estimated to experience significant growth due to the increasing demand from end-use industries and from manufacturing, oil & gas, and infrastructure sectors. Increasing application of epoxy-based paints and coatings in manufacturing industries for corrosion prevention is anticipated to promote industry development over the predicted period.
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Moreover, additional advantages provided by epoxy-based coatings, such as enhanced durability and strength, are anticipated to increase product demand over the coming years. Increasing government-funded infrastructure and related projects in emerging economies and initiatives taken by the U.S. and Europe to lower the volatile organic compounds (VOC) content in the epoxy-based products are expected to drive the growth of bio-based corrosion protection coating products in the regions.
Increasing application scope of corrosion protection coatings in end-use industries, combined with the rising expenditure for developing modern coating technology, is anticipated to create a positive market outlook for product demand over the predicted period.
Additionally, strict government rules and regulations to restrict and lower the utilization of volatile organic compounds in the coatings & paints industry are estimated to promote the development of new products that can meet environmental norms over the coming years.
Different government guidelines and actions are encouraging the use of eco-friendly coatings in various nations like China, India, and Malaysia, which is also anticipated to drive the demand for corrosion prevention coatings over the predicted period.
Some Noted Developments Considered in the Report:
- September 2020 - A worldwide leader in renewable power solutions, Vestas and a world-class distributor of coating solutions, Hempel, have collaborated in a new planned venture to contribute inventive solutions for surface protection of wind turbines. This cooperation will assist the growth of more inventive and renewable coating solutions to help lower carbon dioxide footprints.
- May 2020 – Hempel spent USD 3.50 billion for the manufacturing of a modern mill in Yantai Chemical Industrial Park, China. It will have a manufacturing capacity of greater than 100,000 tons per year and will be launched in 2021. The company will concentrate on providing inventive and more renewable coating solutions to its customers in the zone.
- February 2020 – PPG joined with DOW on Strategic Future Program to lower carbon impacts. The cooperation is concentrating on the development of anti-corrosion coating products for steel created to provide lowered greenhouse gas release through enlarged energy planning while assisting in reducing the excessive maintenance price of the steel infrastructure framework.
COVID-19 Impact on Global Corrosion Protection Coatings Market
QMI team has been closely monitoring the impact of COVID-19 on the corrosion protection coatings market, and it has been observed that the demand for corrosion protection coatings has slowed down during the pandemic time. But it is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.
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Demand & supply of products, supply of raw materials, and manufacturing facilities have been completely disrupted, which has resulted in weak product and service demand. Among various industries, chemical and materials, aviation, oil & gas, and electronics industries have suffered huge financial losses. This has created weak demand for corrosion protection coatings from chemical and materials industries. All these factors have been mentioned and analyzed in this report.
Global Corrosion Protection Coatings Market, By Type
By type, the global corrosion protection coatings market has been segmented into epoxy, polyurethane, acrylic, alkyd, zinc, and chlorinated rubber. Epoxy is a crucial type of corrosion prevention coating that captured the largest market share in the global market in 2020 and is anticipated to remain the largest segment till the forecast period. The growth of this segment can be mainly attributed to excellent corrosion protection and water-repellent properties of epoxy coatings.
Global Corrosion Protection Coatings Market, By Technology
By technology, the global corrosion protection coatings market has been segmented into solvent, water, and powder. The solvent-based technology segment has captured the highest market share because of their better cohesion and quick-drying attribute, along with their worldwide applications.
Global Corrosion Protection Coatings Market, By End-Use Industry
By end-use industry, the global corrosion protection coatings market has been segmented into oil & gas, marine, infrastructure, petrochemical, power generation, and others (aerospace & defense, primary metal and mining operations, and others). The oil & gas industry is dominating the corrosion protection coatings market. This is due to the large volume of corrosion prevention shielding utilized in this industry. The growth of oil rigs in the South China Sea and expenditures in oil and gas infrastructure in China, India, Japan, Indonesia, and other nations are estimated to raise the need for corrosion protection coatings in the industry further.
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Global Corrosion Protection Coatings Market, By Region
By region, the global corrosion protection coatings market has been segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is anticipated to record the highest CAGR in the global corrosion protection coatings market till the end of the forecast period. This can be mainly attributed to the increasing infrastructure development and the presence of big petrochemical and power generation corporations in the region. Rapid industrialization and government initiatives for the development of public infrastructure in Asia Pacific are also boosting market growth in the region.
Some Major Findings of the Corrosion Protection Coatings Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- An in-depth global corrosion protection coatings market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global corrosion protection coatings market, which include Akzo Nobel N.V., PPG Industries, Inc., Jotun A/S, The Sherwin Williams Company, Kansai Paint Co., Ltd., Hempel A/S, Chugoku Marine Paints, and Teknos, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global corrosion protection coatings market.
- Impact of COVID-19 on global corrosion protection coatings market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Corrosion Protection Coatings Market, By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, and Chlorinated Rubber), By Technology (Solvent, Water, and Powder), By End-Use Industry (Oil and Gas, Marine, Infrastructure, Petrochemical, Power Generation, and Others (Aerospace and Defense, Primary Metal and Mining Operations, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting (2016-2028)”, in-depth analysis along with the table of contents (ToC).
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