CAGR: 5%Current Market Size: USD 10.7 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global corrosion protection polymer coating market is expected to grow from USD 10.7 Billion in 2022 to USD 15.8 billion by 2030, at a CAGR of 5% during the Projection period 2023-2030. The growth of the corrosion protection polymer market is mainly driven by rising demand.
The term "corrosion protection coatings" refers to a kind of coating that is commonly divided into three categories: coating, corrosion processes, and barriers between the environment and the substrate material. It helps shield items from oxidation, deterioration, and other chemical-based processes that could affect metals and alloys. One of the key factors fueling the growth of the corrosion protection coatings market is the rise in demand for the process from manufacturing sectors around the world. The market's expansion is accelerated by the increased use of coating applications in end-user sectors like oil and gas, manufacturing, infrastructure, and automotive thanks to their improved toughness and durability. The demand for coatings is further influenced by the rise in demand due to their properties such as chemical and heat resistance, UV radiation, abrasion, enhanced toughness, and dimensional stability. There is also an increase in the need for efficient processes and extended equipment life. Additionally, the corrosion protection coatings market is positively impacted by stringent government laws and regulations, the growth of end-user industries, technological advancements in contemporary buildings, and the rise in worries about losses and damage from corrosion. Additionally, the introduction of eco-friendly coatings provides market participants with lucrative chances during the Projection period. As these coatings assist in safeguarding priceless assets and extending the lifespan of machines, the corrosion protection coatings market is anticipated to expand steadily. These coatings are in high demand across a wide range of industries because they protect goods, machinery, and equipment. Demand is anticipated to increase even more as developing economies' infrastructure, building, and maritime sectors expand quickly.
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Market Dynamics:
Drivers:
Due to increased demand from end-use sectors like oil & gas, manufacturing, and automotive, the market is anticipated to rise. Over the course of the Projection period, the industry's growth is anticipated to be driven by an increase in the usage of epoxy-based paints and coatings for general corrosion protection in production industries. In addition, demand is anticipated to increase as a result of further advantages of epoxy-based coatings, such as increased toughness and durability. Additionally, a growing regional focus on reducing the VOC content in epoxy-based products in developed economies like the U.S. and Europe is anticipated to spur the development of bio-based products.
Restraints:
Due to the high VOC content of solvent-based corrosion prevention polymer coatings, many governments have imposed restrictions on the manufacture and distribution of solvent-based coatings by businesses. To restrict the emission of VOC through various types of coatings, numerous laws, such as Clean Air Act Guidelines and Standards for Solvent Use and Surface Coating Industry, are in place.
Opportunities:
Because industrialization is a crucial component of a nation's development and the world's population is growing, the demand for infrastructure has increased significantly. Due to the start-up of new construction projects, the construction sector has been experiencing an increase in demand, which is fueling additional market expansion. Growing uses of metal resources like titanium, stainless steel, and aluminum alloys in a variety of industries, including marine vessels and transportation equipment, are the main demand generators for this industry.
Challenges:
On the other hand, it is anticipated that high energy and raw material costs as well as strict environmental laws will limit market expansion. The corrosion protection coatings market is anticipated to face challenges in the Projection period due to the high level of local competition.
Segmentation Analysis:
The global corrosion protection polymer coating market has been segmented based on type, technology, application, and region.
By Type
The type segment is polyurethane, epoxy, zinc, alkyd, chlorinated rubber, acrylic, and others. The epoxy segment led the largest share of the corrosion protection polymer coating market with a market share of around 27% in 2022. Epoxy coatings are quick to dry, strong, and protective for metal surfaces while offering great resistance to heat and corrosion. Epoxy coatings, as opposed to conventional powder coatings, are rapid and simple to apply.
By Technology
The technology segment is solvent-based, water-based, powder-based, and others. Solvent-based led the largest share of the corrosion protection polymer coating market with a market share of around 40% in 2022. Due to their better cohesiveness and thin film applications, solvent-borne products accounted for a sizable portion of market demand in the automotive, manufacturing, and construction industries. Over the Projection period, rising industrialization and expanding use of steel in the construction of plant structures are anticipated to be the primary growth drivers for corrosion protection goods.
By Application
The application segment is oil and gas, construction, petrochemical, marine, infrastructure, water treatment, power generation, and others. The construction segment led the largest share of the corrosion protection polymer coating market with a market share of around 30% in 2022. Over the Projection period, demand is anticipated to increase due to increased usage of aqueous coatings in the construction sector and increased focus on extending the lifespan of steel used in residential and commercial building infrastructure. Additionally, the increasing use of waterborne paints in the building industry due to an improvement in indoor air quality is anticipated to fuel growth. In comparison to solvent-borne corrosion protection coatings, cheaper application costs and low volume consumption per unit area is projected to drive demand in the construction industry during the coming few years. The construction industry is anticipated to benefit from rising consumer migration to urban areas in the developing nations of the Asia Pacific and the Middle East & Africa.
Global Corrosion Protection Polymer Coating Market- Sales Analysis.
The sale of the corrosion protection polymer coating market expanded at a CAGR of 3.5% from 2016 to 2022.
Due to several factors, corrosion-protective coatings make up a sizeable portion of the industrial coatings market. These include enhanced toughness, dimensional stability, and resistance to UV light, abrasion, chemicals, and heat. Over the Projection period, the market is anticipated to grow due to increased demand for VOC-free powder and fusion-bonded epoxy products from sectors such as pipeline construction and oil & gas because of their superior sealing and corrosion protection.
Over the Projection period, it is anticipated that demand for waterborne goods would increase due to their low toxicity and flammability as well as their reduced emissions of harmful gases. Additionally, increased R&D expenditures to create bio-based epoxy resins are predicted to support growth during the Projection period. The value chain for corrosion protection coatings is made up of raw material providers, producers, distributors, and end-use industries. By combining different resin ingredients with hardeners throughout the manufacturing process, corrosion protection is created, adding value to the basic coating. Many times, different coatings are mixed with different additives to enhance and change their characteristics and give corrosion protection along with other functions like lubricant or cleaning fluid.
Thus, owing to the aforementioned factors, the global corrosion protection polymer coating market is expected to grow at a CAGR of 5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the corrosion protection polymer coating market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the corrosion protection polymer coating market and held a 45% share of the market revenue in 2022.
Global Corrosion Protection Polymer Coating Market- Country Analysis:
Germany's corrosion protection polymer coating market size was valued at USD 0.112 billion in 2022 and is expected to reach USD 0.141 billion by 2030, at a CAGR of 3% from 2023 to 2030. Due to the expansion of several businesses, including manufacturing, shipbuilding, construction, and the automotive industry, as well as the availability of raw materials and lower labor prices in the area.
China’s corrosion protection polymer coating market size was valued at USD 0.240 billion in 2022 and is expected to reach USD 0.354 billion by 2030, at a CAGR of 5% from 2023 to 2030. China is a significant producer and consumer of corrosion protection coatings, and the country's increasing urbanization is promoting the expansion of end-use industries like building, power generation, and chemicals. According to estimates, the market examined in China is dominated by the infrastructure industry. With 20% of all worldwide building investments, the nation has the largest construction market in the world. China is a large producer of chemicals worldwide, making it a center for chemical processing. The need for protective coating in this industry is anticipated to rise during the Projection period as a result of the rising demand for various chemicals worldwide.
India's corrosion protection polymer coating market size was valued at USD 0.192 billion in 2022 and is expected to reach USD 0.265 billion by 2030, at a CAGR of 4% from 2023 to 2030. The main players in this region concentrate on creating superior water, acid, chemical, and hydrocarbon-resistant high-performance corrosion protection coatings. The additional areas for improvement under consideration are ease of cleaning, increased longevity, and lower maintenance costs. R&D initiatives supported by sizable financial commitments are necessary to make these advances.
Key Industry Players Analysis:
To increase their market position in the global corrosion protection polymer coating market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5% |
Market Size |
10.7 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Technology, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Intercept Technology, Inc., Chempace Corporation, Omnipure Filter Co., Inc., Price-Driscoll Corp., Nalco Water Pretreatment Solutions, Everkem Diversified Products, Edco Supply Corporation, Seacole Speciality Chemical, Mil-Spec Packaging of GA, Inc., Askew Industrial Corp., and HPI Processes, Inc. |
By Type |
|
By Technology |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Corrosion Protection Polymer Coating Market By Type:
Global Corrosion Protection Polymer Coating Market By Technology:
Global Corrosion Protection Polymer Coating Market By Application:
Global Corrosion Protection Polymer Coating Market By Region:
Global corrosion protection polymer coating market is expected to reach USD 15.8 billion by 2030.
Global corrosion protection polymer coating market size is USD 10.7 Billion in 2022
Due to increased demand from end-use sectors like oil & gas, manufacturing, and automotive, the market is anticipated to rise. Over the course of the Projection period, the industry's growth is anticipated to be driven by an increase in the usage of epoxy-based paints and coatings for general corrosion protection in production industries.
The corrosion protection polymer coating market is projected to have a CAGR of 5%.
Based on the application, the corrosion protection polymer coating market is segmented into oil and gas, construction, petrochemical, marine, infrastructure, water treatment, power generation, and others.
Political Factors- The disruption of the corporate environment brought on by military policies, terrorist threats, and other political upheaval does not pose an immediate threat to the United States. The corrosion protection polymer coating market has experience managing operations under challenging conditions. The new government policies in the United States may boost investor confidence in the area of Basic Materials. Given that the populace is more likely to embrace the suggested policies, it is safe to infer that they will last longer than the authorised term of the current US administration. Other stakeholders, like non-governmental organisations, pressure & protest groups, and activist movements, are crucial to American policymaking.
Economic Factors- Increased trade policy liberalisation by the US could aid the corrosion protection polymer coating market in expanding its investments in previously untapped markets. The Basic Materials sector in the United States has human resources with moderate to high skill levels. corrosion protection polymer coating market can use it to not only enhance services in the US but also to take use of the trained labour force to open up prospects abroad. Despite the fact that consumer disposable income has remained consistent, rising social inequality will have a negative effect on consumers' attitudes and, as a result, their purchasing habits. The fortunes of corrosion protection polymer coating market in the United States may be impacted by government action in the basic materials sector, particularly in the chemical manufacturing business.
Social Factors- Media organisations are essential in shaping American public opinion. In the United States, traditional and social media are both expanding quickly. corrosion protection polymer coating market can take advantage of this trend to position and advertise its products more effectively. In general, over the past decade and a half, a larger population in the United States has had access to necessary services. Increased investment in public services is to blame for this. As liberalisation progresses, there is a laxer attitude toward health and safety. The cost of failure is too great in the United States, hence corrosion protection polymer coating market needs to avoid adopting these views. In the USA, gender roles are changing. corrosion protection polymer coating market can experiment with several ideas to assist and accommodate these changing gender roles.
Technological Factors- There isn't a strong culture of technology transfer in the Basic Materials industry, and businesses frequently hesitate to share or licence inventions for fear of turning collaborators into rivals. This can give you some useful insight into what your rivals are considering and the direction of the Chemical Manufacturing business model. More and more players are likely to invest in R&D if the United States has stronger protections for IPR and other intellectual property rights. The majority of firms are vying for new breakthroughs that will allow them to increase their market share in the United States because the technology in the chemical manufacturing sector has not yet matured.
Environmental Factors- Realistic goals have been set by the Paris Climate Agreement for the US national government to follow. This might lead to more examination of corrosion protection polymer coating market environmental standards in the US. Another attractive topic for the corrosion protection polymer coating market is renewable technologies. It can take advantage of the current market trends. The US is offering financial aid to businesses looking to invest in renewable energy. Customer awareness has also elevated environmental concerns to the forefront of corrosion protection polymer coating market strategy. Customers anticipate corrosion protection polymer coating market to uphold and even go above legal requirements in order to play a responsible role in the community. For market like corrosion protection polymer coating market, waste management, particularly for plants adjacent to major centres, has become increasingly important.
Legal Factors- In the past ten years, data protection has become a crucial component of both privacy concerns and intellectual property rights. corrosion protection polymer coating market needs to think about whether the US has a reliable system in place to guard against data breaches. Are these standards in line with those of global organisations like the World Trade Organization, the European Union, etc? In the United States, intellectual property rights, including patents, copyrights, and others, are legally protected.
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