The epoxy based corrosion protection coatings to lead the market, by type, during 2020 to 2025

CITY, Country, 2021-Nov-10 — /EPR Network/ —

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.

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.

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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.

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.

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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 Industries is 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.

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