Corrosion protective coatings are surface coatings applied to metals and alloys in order to prevent corrosion underthe influence of their environment such as acids, alkalis, salts or other corrosive materials. These coatings provide a protective barrier between the surface and the environment. Theyfind widespread applications in various industry verticals such as marine, oil & gas, power generation, transportation, infrastructure etc.
The global Corrosion Protective Coatings Market is estimated to be valued at US$ 29.09 Mn in 2023 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.
Market key trends:
Rising infrastructural developments across developed and developing economies have been the key trends driving the growth of corrosion protective coatings market. Governments across the world are investing heavily in infrastructure projects like roadways, bridges, tunnels, railways etc. which require extensive usage of metals and alloys vulnerable to corrosion. Coatings play a vital role in protecting the infrastructure from corrosion thereby increasing their service life. According to the World Bank, global investment in infrastructure is expected to rise by nearly 80% to USD 90 trillion between 2016 and 2040. This rising infrastructural spending is anticipated to continue driving demand for corrosion protective coatings globally over the forecast period.
Segment Analysis
The global corrosion protective coatings market is segmented by type into epoxy, polyurethane, acrylic, alkyd and others. The epoxy sub-segment dominates the market due to its exceptional properties including excellent adhesion, moisture resistance and chemical resistance. Epoxy coatings offer superior gloss retention and color stability, which makes them suitable for protecting structures and pipes exposed to harsh environmental conditions.
Key Takeaways
The Global Corrosion Protective Coatings Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The global Corrosion Protective Coatings Market is estimated to be valued at US$ 29.09 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Regional analysis - Asia Pacific region currently dominates the market and is expected to continue its dominance due to strong growth in end use industries like oil and gas, marine, infrastructure etc. in countries like China and India.
Key players analysis - 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.
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https://www.newsstatix.com/corrosion-protective-coatings-market-size-share-growth-outlook-2023/
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