Corrosion Protection Coatings Market worth $12.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 21, 2023 /PRNewswire/ -- The report "Corrosion Protection Coatings Market by Resin Type (Epoxy, PU, Acrylic, Zinc, Chlorinated Rubber), Technology (Water, Solvent, Powder), End-use (Oil & Gas, Marine, Infrastructure, Power Generation, Water Treatment), & Region - Global Forecast to 2028", is projected to grow from USD 10.4 billion in 2023 to USD 12.4 billion by 2028, at a CAGR of 3.5%. Growing end-use industries to boost the Corrosion protection coatings market. The infrastructure end-use industry is emerging as the fastest-growing industry for the corrosion protection coatings market.

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Epoxy is the largest segment of the overall Corrosion protection coatings market.

Epoxy-based corrosion protection coatings have been widely used and are in high demand in various industries. Epoxy coatings are known for their excellent corrosion resistance and durability, making them suitable for applications in sectors such as infrastructure, marine, and oil and gas. Such coatings offer durability, versatility, adhesion, ease of application, and aesthetics along with good corrosion resistance. In many end-use industries, there are strict regulations and standards regarding corrosion protection. Epoxy coatings often meet or exceed these requirements, ensuring compliance and maintaining the integrity of structures or equipment.

Water-based technology is the fastest-growing segment in the market during the forecast period.

Water is the main solvent in the water-based corrosion prevention coatings technology. Up to 80% of the coating is made of water. Therefore, when employing this technology, a solvent is not needed. In accordance with US and European laws, it produces fewer VOCs, which are less than 3.5 pounds per gallon of water, making it environmentally friendly.

To increase the performance of water-based coatings over solvent-based coatings and lower the cost of production, this technology is continuously developing. Currently, water-based corrosion protection coatings are costlier than solvent-based corrosion protection coatings. Polyacrylates, polyvinyl ethers, and polyurethane resins serve as the coating technology's binder materials.

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Asia Pacific is the largest market for Corrosion Protection coatings globally during the forecast period

The global market for corrosion protection coatings is expanding at the quickest rate in Asia Pacific. Economic growth, followed by significant investment in a variety of sectors, including petrochemical, oil & gas, infrastructure, power generation, and industrial, are primarily responsible for this. The most potential market is in Asia Pacific, and it is likely to be the case in the foreseeable future. Additionally, to take advantage of the cheap labor and meet local market demand, international businesses are moving their production plants to Asia Pacific.

The key players profiled in the Corrosion protection coatings market report are Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan).

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