Corrosion Protection Coatings Market

The Corrosion Protection Coatings market is projected to grow from USD 10.4 billion in 2023 to USD 12.4 billion by 2028, at a CAGR of 3.5% between 2023-2028 respectively. Demand for high-efficiency high performance Corrosion Protection Coatings to offer lucrative opportunities in the market.

Attractive Opportunities in the Corrosion Protection Coatings Market

To know about the assumptions considered for the study, Request for Free Sample Report

Source: Expert Interviews, Secondary Sources, and MarketsandMarkets Analysis

Market Dynamics

Driver: Innovations in modern structures

Countries such as China, India, and the US are investing significantly in infrastructural developments. Worldwide infrastructural spending is expected to reach USD 9 trillion by 2025, an increase from USD 4.0 trillion in 2021. This is expected, in turn, to provide momentum to the corrosion protection coatings market, as these find applications in various infrastructural activities. Many governments worldwide such as the US, China, India, and Germany have passed legislations for the modernization of their water, electrical, and transit infrastructure given the damage caused to it due to corrosion. The increased spending on corrosion protection measures in modern infrastructure is expected to be a long-term driver for the corrosion protection coatings market.

Restraint: Stringent environmental regulations

Regulations were targeted at curtailing emissions of volatile organic compounds (VOC) from coatings. REACH and LEED GreenSeal GC-03 2nd Ed., 1997 specifies the VOC content in grams per liter (g/l) for corrosion protection coatings. Such regulations have added pressure on manufacturers of coatings to comply with the required standards by reducing the VOC content while simultaneously trying to better or maintain the quality and performance of these coatings. These regulations have also impacted the prices of corrosion protection coatings as the regulations required changes in the technology used to produce coatings. These have been solvent-based coatings with moderate-to-high solid content.

Opportunities: Emerging countries offer significant growth opportunities

The emerging markets of corrosion protection coatings such as China, India, Thailand, and Brazil offer high growth opportunities for the players in the market. Currently, these countries account for the lowest per-capita consumption of coatings in the world and thus offer the potential for growth. Opportunities for market growth in these countries have further increased due to the development of their domestic industries which are consuming corrosion protection coatings significantly. Major players such as PPG Industries (US) and AkzoNobel (Netherlands) have restructured their strategies by placing high importance on penetrating and creating bases in these emerging markets.

Challenge: Increasing competition from local players

The corrosion protection coatings market is dominated by a few major global players. Companies such as PPG Industries (US), AkzoNobel (Netherlands), and Jotun A/S (Norway) lead the market in terms of revenue and product development. The market also comprises several small local players such as Diamond Vogel Paints (US) and SK Formulations India Pvt. Ltd. (India) who lack the financial or technological strength to counter the global majors. Local players are gradually gaining an edge through increased R&D initiatives and focus on limited geographic regions. They identify the needs and demands in the local market and fulfill them with application-specific products. Companies such as AnCatt (US) and Greenkote PLC (US) are emerging competitors to the current leading market players.

Market Ecosystem: Corrosion Protection Coatings

Paints and Coatings are formed of solvent, binder, additives, hardeners, and pigments which are supplied by a number of raw material manufacturers and suppliers or distributors. These are used for their protective characteristics in different end-use industries such as marine, infrastructure, oil & gas, power generation, water treatment, and others. The paints and coatings industry is nowadays focusing on advanced, cost-effective, high-performance materials that offer permeability, thereby increasing the product’s shelf life. It is undergoing continuous technological up-gradation concerning the design and development of raw materials.

Infrastructure end-use industry is the fastest-growing segment in Corrosion Protection Coatings market between 2023 and 2028.

In the infrastructure sector, the Asia Pacific region accounts for the largest market growth for corrosion protection coatings. The rising investments in the infrastructure sectors in China, India, Indonesia, and the Philippines are rising demand. The need for additional infrastructure for utilities, transportation, and airports, bridges and dams, as well as commercial and manufacturing facility development plans, are the main drivers for corrosion protective coatings market growth.

Solvent-based Coating is the largest segment in the Corrosion Protection Coatings between 2023 and 2028.

Solvent-based technology refers to the use of organic solvents as the primary vehicle for delivering the active components in corrosion protection coatings. These coatings typically consist of a mixture of resin, pigments, additives, and a solvent, which helps in the application, drying, and film formation process. Solvent-based coatings can provide excellent adhesion to various substrates, including metals, concrete, or wood. They can also offer good chemical resistance, durability, and resistance to abrasion and weathering. The film formed by these coatings typically exhibits good mechanical properties.

Asia Pacific is the fastest-growing Corrosion Protection Coatings market.

Asia Pacific is a centre of international investment and thriving industrial sectors, owing to low-cost labour and inexpensive land availability. The increasing industrial, infrastructure & construction, marine, and oil & gas industries are driving up demand for corrosion protective coatings. The Asia Pacific power industry is expanding, which will likely increase the market for corrosion protection coatings.

India generates the majority of its power from coal and plans to enhance solar energy generation with fresh solar projects by 2025. These factors contribute to Asia Pacific's increased need for corrosion protection coatings.

To know about the assumptions considered for the study, download the pdf brochure

Key Market Players

Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan) are the key players in the global Corrosion Protection Coatings market.

Please visit 360Quadrants to see the vendor listing of Top paint and coating companies 

Want to explore hidden markets that can drive new revenue in Corrosion Protection Coatings Market?

Unlock Insights

Scope of the Report

This research report categorizes the Corrosion protection coatings market based on resin type, technology, end-use industry, and region.

By Resin Type:

• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Zinc
• Chlorinated Rubber
• Others

By Technology:

• Water-based
• Solvent-based
• Powder
• Other Technologies

By End-use Industry:

• Marine
• Oil & Gas
• Petrochemical
• Infrastructure
• Power Generation
• Water Treatment

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Recent Developments

• In April 2022, AkzoNobel completed the acquisition of Colombia-based paints and coatings company, Grupo Orbis. The transaction includes the Pintuco paints and coatings business, Andercol and Poliquim (resins, emulsions, adhesives and specialty chemicals), Mundial (paints and related product distribution services) and Centro de Servicios Mundial (shared services center).
• In June 2021, Hempel acquired a unique technology developed by Das Lack Enertherm (DLE). The company is expected to now be able to penetrate the insulation coatings market and bring new business opportunities for Hempel.
• In April 2021, The Sherwin-Williams Company acquired the business and assets of the European industrial coatings business of Sika AG which will help the company to enhance their corrosion protection coatings business.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst