Corrosion protective coatings are protective coatings that shield the surfaces of materials and infrastructure from environmental damage, chemical attack, and corrosion. Some common corrosion protective coatings include epoxy, alkyd, acrylic, and others. They are used in the protection of structures like steel pipelines, oil rigs, storage tanks, ships, offshore platforms, automotive components, and steel building components from corrosion.
The global corrosion protective coatings market is estimated to be valued at US$ 29.09 billion in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The global corrosion protective coatings market is expected to be flourished by rising construction activities. Expansion of the construction industry, driven by increasing investment in infrastructure development projects, is creating substantial demand for corrosion protective coatings. According to a study published by Global Construction Perspectives and Oxford Economics, the worldwide construction output is projected to grow by 85% to reach $15.5 trillion by 2030, compared to $8.4 trillion in 2020. Asia Pacific region is expected to witness largest growth in construction activities due to upcoming mega infrastructure projects in countries like India, China, Indonesia, Vietnam, and others. Growing need for protection of steel structures from corrosion during construction will propel the demand for corrosion protective coatings.
Market Dynamics:
“Corrosion Protective Coatings Market to Flourish with Rising Construction Activities” referred to one key opportunity for corrosion protective coatings market – rising construction activities. Expansion in construction industry globally due to upcoming infrastructure projects is one of the major growth drivers for corrosion protective coatings market. Rapid urbanization and industrialization in developing economies are important factors contributing to infrastructure growth. Mega construction projects planned in Asia Pacific and Middle East regions will drive the demand for corrosion protective coatings from construction industry.
Another key driver for this market is strict environmental and government regulations regarding corrosion control. Various governments and environmental agencies have framed stringent norms and standards for effective corrosion management of industrial assets, infrastructure and public utilities. Adherence to such regulations has become imperative for companies, which is positively impacting the market demand. Growing industrialization and focus on asset integrity management will further aid the expansion of global corrosion protective coatings market over the forecast period.
Segment Analysis
The corrosion protective coatings market can be segmented on the basis of type, technology, and end-use industry. Based on type, the market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, and others. The epoxy segment dominates the market and accounts for over 35% share due to its superior properties such as high resistance to chemical and moisture corrosion compared to other coatings.
PEST Analysis
Political: Stringent regulations regarding VOC emissions from coatings in developed economies boost demand for eco-friendly coatings.
Economic: Growth of end-use industries such as oil & gas, infrastructure, and automotive drives the market. Recovery in the construction sector post-COVID is positively impacting demand.
Social: Rising awareness about surface protection and extending asset life supports adoption.
Technological: Developments in powder and waterborne coatings help reduce environmental impact compared to traditional solvent-borne types.
Key Takeaways
The Global Corrosion Protective Coatings Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global corrosion protective coatings market is estimated to be valued at US$ 29.09 billion in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region accounts for over 40% share led by China and India. This is attributed to increasing infrastructure development and industrial activity. Europe is another major market supported by stringent coating VOC regulations and growth in the transportation sector.
Key players
Key players operating in the corrosion protective coatings market are AstraZeneca PLC/AB, Bayer AG, Pfizer Inc., Cadila Pharmaceuticals Limited, Eisai Pharmaceuticals India Pvt. Ltd, Santarus, Inc., Wyeth, LLC, Janssen Pharmaceutica, Takeda Pharmaceutical Company Limited, Sanofi S.A, Aurobindo Pharma, Perrigo Company plc, Dr. Reddy’s Laboratories, Aralez Pharmaceuticals Inc., RedHill Biopharma Ltd (ADR) and Cipla Limited.
