Recent Developments & Attractive Business Opportunities in Corrosion Protection Coatings Market Industry

The global corrosion protection coatings market size is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%during the forecast period. The growing demand for corrosion protection coatings from end-use industries, such as marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and others,drives the corrosion protection coatings market. This demand has encouraged many companies to adopt various developmental strategies in the corrosion protection coatings industry to increase their presence in the market. The growth strategies, such as partnership & collaboration, investment & expansion, and new product development were adopted by the players to increase their foothold and maintain sustained growth in the corrosion protection coatings market.

Browse?270 market data Tables and?68 Figures spread through?341 Pages and in-depth TOC on "Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-use Industry (Marine, Oil & Gas, Petrochemical) and Region - Global Forecast"

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Corrosion protection coatings are mainly used in as marine, oil & gas, petrochemical, infrastructure, power generation, water treatment, etc. The oil & gas industry dominated the corrosion protection coatings market in 2019. This dominance is due to the high volume of corrosion protection coatings used in this industry. The development of oil fields in the South China Sea and investments in oil & gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for corrosion protection coatings. The rapidly growing biofuel industry is also expected to add value to the demand for a large number of corrosion protection coatings products, which would drive the market. The slump in oil prices is estimated to prove to be a short-term restraint for the corrosion protection coatings market.

The corrosion protection coatings market in APAC is projected to register the highest CAGR, in terms of value, between 2020 and 2025. This growth is attributed to the growing petrochemical, infrastructure, and power generation industries. Rapid industrialization and improved living standards in APAC are also driving the market. The high growth of emerging economies in the region makes APAC an attractive market for corrosion protection coatings manufacturers. In addition, the increasing awareness and decline in prices of corrosion protection coatings have been supporting sale growth of corrosion protection coatings in the region.

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There are various small, medium, and large players operating in the market. Some of the major market players include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel A/S (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems?(US), Nippon Paint Co., Ltd. (Japan) and Teknos (Finland). They have adopted various developmental strategies such as partnership & collaboration, new product launches, and investments &expansion to increase share in the market.

Akzo Nobel is a key player in the corrosion protection coatings market. The company is active in the fields of decorative paints, performance coatings, and specialty chemicals. It has a strong customer base and operates in many countries of Europe, North America, APAC, South America, and the Middle East. The company has business activities in more than 80 countries around the world. It has a wide product portfolio. It has 548 offices and manufacturing sites across the globe.Akzo Nobel holds the top position in the market due to its strong product portfolio and the various organic and inorganic strategies undertaken during 2017–2020. The company also manufactures customized solutions. It has leveraged its strong financial background and distribution network to expand its business across Europe and various countries across the globe.The company continuously focuses on its organic & inorganic growth. This will boost the growth of the company and also its corrosion protection coatings ?business, globally. ?????????????

• In October 2019, Akzo Nobel launched the Interpon Redox range of high-performance corrosion protection coatings through its Powder Coatings business. The product caters to the demand from industries such as cable cars, chemical plants, window frames, and wind turbines.

PPG Industriesis the second most active company in the corrosion protection coatings market. The company manufactures and distributes industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers. PPG also delivers protective coating solutions for a wide range of industries. The company has advanced coating systems that have proven protection from corrosion, high temperatures, and fire; ensures durability and aesthetic performance that will protect valuable assets and meets the specific needs of any environment. The company operates in more than 70 countries with customers in construction, consumer products, industrial & transportation markets, and aftermarkets across the globe.The company is continuously focusing on organic and inorganic growth strategies, which are expected to increase its presence and revenue globally.

In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.

Recent Developments in Corrosion Protection Coatings Market

• In September 2020, A global leader in sustainable energy solutions, Vestas and world-leading supplier of coating solutions, Hempel, are teaming up in a new strategic partnership to cooperate around innovative solutions for surface protection of wind turbines. This partnership helps in developing more innovative and sustainable coating solutions to help reduce CO2 footprint. This strategic partnership will allow vestas and Hempel to elevate each other’s strengths with the aim of innovating and unlocking future value together.
• In May 2020, Hempel invested USD 3.51 billion for the construction of a new factory in Yantai Chemical Industrial Park, China. It will have a production capacity of more than 100,000 tons per year and will be inaugurated in 2021. This expansion focuses on delivering innovative and more sustainable coating solutions to its customers in the region.
• In February 2020, PPG collaborated with Dow on Sustainable Future Program to reduce carbon impacts. The partnership focuses on advances in anti-corrosion coating products for steel designed to deliver reduced greenhouse gas (GHG) emissions through increased energy efficiency while helping to lessen the high maintenance costs of steel infrastructure.
• In October 2019, Akzo Nobel launched the Interpon Redox range of high-performance corrosion protection coatings through its Powder Coatings business. The product caters to the demand from industries such as cable cars, chemical plants, window frames, and wind turbines.
• In September 2019, Sherwin-Williams launched a new and upgraded version of CarClad Macropoxy HS 4200. With this new product development, the company is expected to better serve its customer.
• In August 2019, PPG introduced PPG AQUAPON WB EP, a water-based epoxy coating featuring a fast-drying, ultra-low volatile organic compound (VOC) formulation. It offers excellent performance in scrub, abrasion, chemical, and corrosion resistance. The coating product is expected to cater to the demand from commercial, institutional, and manufacturing facilities.
• In July 2019, Akzo Nobel added three new production lines at its Changzhou powder coatings plant in China – the company’s largest facility of its kind in the world. The USD 3.3 million investment will support additional supplies of acrylic powder coatings, metallic powder coatings, and powder primers for the automotive sector, strengthening Akzo Nobel’s ability to deliver more locally produced premium products.

The corrosion protection coatings market is projected to grow from USD 6.9 billion in 2020 to USD 8.9 billion by 2025, at a CAGR of 5.3%, between 2020 and 2025.Corrosion protection coatings are used for protecting metal, concrete, and other components from degradation caused by moisture, oxidation, and exposure to chemicals and saltwater. In this report, corrosion protection coatings cover only heavy- to medium-duty anticorrosion coatings.The demand for corrosion protection coatings is increasing in themarine, oil & gas, petrochemical, infrastructure, power generation, water treatment and others.Heavy- to medium-duty industries, such as marine, oil & gas, petrochemical, water treatment, power generation, and infrastructure, are specialized with high-performance anti-corrosion coatings, used to protect surfaces by creating a barrier between the surface and corrosive agents. These corrosion protection coatings are applied to substrates exposed to highly corrosive environments.

Based on type, the corrosion protection coatings market is segmented into epoxy, polyurethane, acrylic, alkyd, zinc, chlorinated rubber, and others. Epoxy is a major type of corrosion protection coatings, which accounted for the largest share. This is mainly attributed to excellent corrosion protection, water resistance, and widespread applications of epoxy-based corrosion protection coatings. In addition, epoxy-based corrosion protection coatings can be used in multi-component coatings with other types.

Based on technology, the corrosion protection coatings market is segmented into water-based, solvent-based, powder-based and others.The solvent-based technology segment accounted for the largest market share due to better adhesion, faster drying property, and widespread applications. However, the technology is being replaced by water-based technology due to environmental regulations that limit the VOC emissions from solvents in coating systems. Water-based is the fastest-growing technology in the corrosion protection coatings market.

Based on end-use industry, the corrosion protection coatings market is segmented into the marine, oil & gas, petrochemical, infrastructure, power generation, water treatment and others.the rapid growth of these industries is expected to contribute to the growth of the corrosion protection coatings market. The oil & gas industry dominated the corrosion protection coatings market in 2019. This dominance is due to the high volume of corrosion protection coatings used in this industry. The development of oil fields in the South China Sea and investments in oil & gas infrastructure in China, Japan, Indonesia, India, and other countries are projected to increase the demand for corrosion protection coatings. The rapidly growing biofuel industry is also expected to add value to the demand for a large number of corrosion protection coatings products, which would drive the market. The slump in oil prices is estimated to prove to be a short-term restraint for the corrosion protection coatings market.

The corrosion protection coatings market in APAC is projected to register the highest CAGR, in terms of value, between 2020 and 2025. This growth is attributed to the growing petrochemical, infrastructure, and power generation industries. Rapid industrialization and improved living standards in APAC are also driving the market. The high growth of emerging economies in the region makes APAC an attractive market for corrosion protection coatings manufacturers. In addition, the increasing awareness and decline in prices of corrosion protection coatings have been supporting sale growth of corrosion protection coatings in the region.

The corrosion protection coatings market has various small, medium, and large players. Some of the major market players include Akzo Nobel N.V. (Netherlands), PPG Industries, Inc., (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel A/S (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems?(US), Nippon Paint Co., Ltd. (Japan) and Teknos (Finland) among others, have framed their strategies to penetrate and create bases in these emerging markets.Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the corrosion protection coatings market over the next five years.