Global Corrosion Protection Coatings Market Size To Worth USD 41.6 Billion by 2032 | CAGR of 5.3%
Category: Chemicals & MaterialsGlobal Corrosion Protection Coatings Market Size To Worth USD 41.6 Billion by 2032
According to a research report published by Spherical Insights & Consulting, the Global Corrosion Protection Coatings Market Size to grow from USD 30.9 Billion in 2022 to USD 41.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
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Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on "Global Corrosion Protection Coatings Market Size, Share, and COVID-19 Impact, By Type: Water-based, Solvent-based, Powder and Others; By Material: Polyurethane, Epoxy, Acrylic, Alkyd, Zinc and Others; By End User: Building & Construction, Oil & Gas, Marine, Aerospace and Defense, Automotive & Rail and Others By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/corrosion-protection-coatings-market
The gradual degradation of materials brought on by chemical interactions with the environment is known as corrosion. Corrosion protection coatings are specialty coatings that are applied to surfaces to mitigate or prevent corrosion. These finishes act as a screen between the surface and corrosive elements like moisture, chemicals, gases, or salts, effectively protecting the underlying material. Concrete, metals (including steel, aluminium, and iron), and even some kinds of polymers can all be coated to prevent corrosion. The coatings act as a barrier to protect the substrate from the corrosive substances, slowing or stopping the corrosion process.
COVID 19 Impact
Numerous businesses have had significant problems since the pandemic, and the corrosion-protective coatings market was no exception. In truth, companies and industrial facilities in several sectors have been subject to lockdown laws enforced by governments of various nations. In addition to this, the lockdown measures were adopted by numerous organisations, which severely interrupted the supply chain. The primary end-use sectors of the oil and gas and maritime transportation industries saw a considerable decline in demand for corrosion protection coatings.
Several countries, like the U.S., India, and China, are investing a lot of money to build infrastructure. Given the harm caused by corrosion, several governments throughout the world, including those in Germany, India, China, and the United States, have enforced strict regulations for improvements in electrical, water, and transit infrastructure. Additionally, a major market driver will be the rising costs associated with implementing corrosion prevention measures in contemporary infrastructure. For the major market participants, the expanding markets for corrosion protection coatings in places like Brazil, Thailand, India, and China provide a variety of prospects. Different industry participants, such as AkzoNobel and PPG Industries, have altered their marketing strategies by placing a premium on expanding and penetrating bases on developing markets.
Corrosion protection coatings are only a band-aid and will ultimately fail. Elements like UV radiation exposure, potent chemicals, mechanical abrasion, or temperature fluctuations might hasten the degradation process. Regular inspection, maintenance, and reapplication may be needed to offer continued protection. It can be challenging and time-consuming to apply corrosion protection coatings. Getting consistent and complete coating can be challenging, especially on complicated or challenging-to-reach surfaces.
Type Insights
Solvent based segment holds the largest market share over the forecast period
On the basis of type, the global corrosion protection coatings market is segmented into Water-based, Solvent-based, Powder and Others. Among these, solvent based technology segment is dominating the market over the forecast period. Ballast tanks, chemical storage tanks, pipelines, gas conduits, cooling towers and smoke stacks are examples of industrial equipment. Additionally, solvent-based corrosion protection coatings require less time to cure, a favourable environment with humidity and excellent temperature, as well as being resistant to abrasion.
Material Insights
Acrylic segment is dominating the market with the largest market share
Based on the material, the global corrosion protection coatings market is segmented into Polyurethane, Epoxy, Acrylic, Alkyd, Zinc and Others. Among these, acrylic segment accounted the largest market share over the forecast period. The segment's strong characteristics, such as resistance to oxidation and weathering, are the primary driver of market expansion. Water-based acrylic coatings are simple to use.
End Use Insights
Oil and Gas segment dominates the market over the forecast period
On the basis of end use, the global corrosion protection coatings market is segmented into Building & Construction, Oil & Gas, Marine, Aerospace and Defense, Automotive & Rail and Others. Among these, the oil and gas segment is anticipated to dominate the market over the forecast period. The market's expansion is attributable to the segment's growing use of corrosion protective coating. In addition, anticorrosion coating improves surface smoothness and abrasion resistance while lowering the danger of microorganisms.
Regional Insights
Asia Pacific segment is dominating the market with the largest market share
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Asia Pacific region is dominating the market with the largest market share over the forecast period. This high proportion can be ascribed to countries like China, India, and Japan's increasing interest in electric cars (EVs). The presence of various automakers that are doing R&D activities in the region, such as Tata Motors, Mahindra & Mahindra Ltd, and Bajaj Auto Ltd., will further boost industry expansion throughout the anticipated time frame.
North America, on the other hand is witnessing the fastest market growth over the forecast period. The countries having the biggest markets are the US, Brazil, and Mexico. The growth in spending on new construction and maintenance of bridges, rail networks, and structural components of non-residential structures, particularly in North America, during the past ten years has boosted the area's requirement for protective coatings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Corrosion Protection Coatings Market based on the below-mentioned segments:
Corrosion Protection Coatings Market, Type Analysis
- Water-based
- Solvent-based
- Powder
- Others
Corrosion Protection Coatings Market, Material Analysis
- Polyurethane
- Epoxy
- Acrylic
- Alkyd
- Zinc
- Others
Corrosion Protection Coatings Market, End Use Analysis
- Building & Construction
- Oil & Gas
- Marine
- Aerospace and Defense
- Automotive & Rail
- Others
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