The global Corrosion Protective Coatings Market Growth Accelerated by Adoption of Advanced Coatings
Corrosion protective coatings have been widely adopted across industries due to their ability to prevent corrosion and protect metal surfaces. Corrosion protective coatings are available in various styles including epoxy, polyurethane, zinc and aluminum coatings. They find extensive applications in oil & gas industry, marine, infrastructure and transportation as they protect pipelines, offshore structures, bridges and vehicles from corrosion caused by humidity, chemicals and harsh weather conditions.
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 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Development of advanced coating formulations like hydrophobic and self-healing coatings have boosted the adoption of corrosion protective coatings. These advanced coatings provide enhanced corrosion protection even in harsh marine and industrial environments. They have self-healing properties which allow minor damages to the coating layer to be repaired autonomously. This increases the durability and lifetime of coating. Their hydrophobic nature also prevents water and moisture absorption which are major causes of corrosion. Owing to such superior properties compared to conventional coatings, demand for advanced corrosion protective coatings is growing rapidly across industries. This trend is expected to drive significant growth of the overall corrosion protective coatings market during the forecast period.
Segment Analysis
The global corrosion protective coatings market is dominated by the epoxy sub-segment, which accounts for more than 30% share of the total market. Epoxy coatings are widely used in heavy construction, aerospace, oil & gas pipelines and refineries as they provide excellent adhesion and chemical resistance. They form a hard and inert film on metal surfaces, protecting them from corrosion caused by water, chemicals, acids and alkalis. Epoxy coatings are more expensive than other types but offer superior barrier protection, making them suitable for critical infrastructure.
Key Takeaways
The Global Corrosion Protective Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 6.8% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific region currently dominates the market and is expected to maintain its lead through 2030. Factors such as rapid industrialization, infrastructure development and expansion of oil & gas industry in China and India are driving the demand for corrosion protective coatings in the region. Countries like India are also witnessing strong growth supported by government initiatives to modernize infrastructure. North America and Europe are other major markets driven by maintenance and renovation needs in developed markets. However, Asia Pacific region is expected to witness fastest growth over the forecast period driven by continued infrastructure development projects.
Key players related content
Key players operating in the corrosion protective coatings market are GTL , BI Incorporated, Corrisoft, SuperCom, Spillman Technologies (a Motorola Solutions company), Tribridge (now DXC Technology), Appriss Inc., Northpointe Inc. (a subsidiary of Constellation Software), Tyler Technologies Inc., Capita PLC, IBM Corporation, Encartele Inc., Telmate LLC (a subsidiary of GTL), Keefe Group (a subsidiary of TKC Holdings Inc.), Securus Technologies Inc. (now part of Aventiv Technologies).
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