Corrosion protective coatings are protective coatings used to prevent corrosion of metals and alloys. These coatings form a protective layer over metals to isolate them from moisture, oxygen, and other corrosive elements. They find extensive usage in construction, automotive, oil & gas, marine, and other industries.
The global Corrosion Protective Coatings Market is estimated to be valued at US$25.25 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the corrosion protective coatings market include development of eco-friendly coatings. Stringent environmental regulations regarding the usage of VOCs is driving manufacturers to focus on developing sustainable and environment-friendly coating solutions. Eco-friendly corrosion protective coatings are made from plant-based materials and have lower VOC emissions. They have high performance in protecting substrates and cause minimum impact on the environment.
SWOT Analysis
Strength: Corrosion protective coatings provides long-term protection to assets from corrosion damage thus reducing maintenance and replacement costs. It also increases the lifespan of materials and structures.
Weakness: Strict environmental regulations regarding the use of toxic substances in coatings formulation. Increase in raw material costs.
Opportunity: Growing infrastructure development activities in emerging economies offer huge growth opportunities. Increasing spending on oil and gas, marine, power generation industries will drive the demand.
Threats: Availability of substitutes like galvanization and other surface treatments. Economic slowdowns can negatively impact end-use industries and hamper the market growth.
Key Takeaways
The global corrosion protective coatings market share is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing infrastructure development activities across the world. Rapid urbanization and investment in transportation, energy and utility sectors will drive the market.
Regional analysis
Asia Pacific region dominates the global corrosion protective coatings market due to major manufacturing and construction hubs in China, India, Japan and other developing nations. Increasing FDI inflow for infrastructure projects in the region will augment the demand. North America and Europe also offers lucrative growth opportunities with presence of large oil & gas and automotive industries.
Key players operating in the corrosion protective coatings market are The Sherwin Williams Company, Akzo Nobel NV, PPG Indsutries, Inc., The Sherwin-Williams Company, and Kansal Paint Co., Ltd. Major players are focusing on developing sustainable and eco-friendly coating solutions to penetrate big-ticket projects and comply with changing environment norms. They are also investing in emerging markets through partnerships and mergers
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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