Corrosion is the deterioration of metal which is caused by the reaction of the metal and environment. Corrosion can be dangerous for household as well as industrial environments. Dangerous of all corrosion is that at industrial place where corrosion takes place in electrical power plants or chemical processing plants. Plants shutdowns can occur due to corrosion. Hence, corrosion needs to be taken care of on timely basis. To prevent corrosion, protective coatings are widely used in the end-user industries. Corrosion protective coatings are used which help prevent corrosion, thereby preventing damages and accidents. Corrosion protective coatings prevent corrosion of metals by placing a thin film of coatings which avoids exposure to moisture or industrial chemicals present in the atmosphere.

Growing construction activities in the emerging economies has boosted demand for corrosion protective coatings in the global market. High demand for waterborne coatings to improve the performance of steel structure and materials used in the commercial and residential structures is one of the factors driving growth of global corrosion protective coatings in the construction industry. Hence, construction industry is expected to boost high demand for corrosion protective coatings in the global market. In addition, the rising demand for ships and growing shipbuilding industry has also led to high demand for corrosion protective coatings. Therefore, marine industry is also expected to contribute to the growth of global corrosion protective coatings market.

Corrosion protective coatings market is expected to reach US$ 39.78 Bn by 2029, growing at a CAGR of 7.1% during the forecast period 2021-2029.

Purpose of the Report

The purpose of this strategic research study titled “Global Corrosion Protective Coatings Market - Growth, Future Prospects & Competitive Analysis, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global corrosion protective coatings market.

Target Audience

• Industry Investors
• Research Professionals
• Emerging Companies
• Raw Material Suppliers/ Buyers
• Product Suppliers/ Buyers
• Research Institutes

USP and Key Offerings

The report titled “Global Corrosion Protective Coatings Market - Growth, Future Prospects & Competitive Analysis, 2021 – 2029” offers strategic insights into the global corrosion protective coatings market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on materials, end-use, technology and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading corrosion protective coatings management vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:

• Current and future market trends to justify the forthcoming attractive markets within corrosion protective coatings industry
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2018 – 2019)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global corrosion protective coatings market, of growth, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors.

Construction accounted for major share of global corrosion protective coatings market in 2020 and is expected to retain its position in the near future. Growing construction activities in the emerging economies has boosted demand for corrosion protective coatings in the global market. High demand for waterborne coatings to improve the performance of steel structure and materials used in the commercial and residential structures is one of the factors driving growth of global corrosion protective coatings in the construction industry. Hence, construction industry is expected to boost high demand for corrosion protective coatings in the global market. Marine industry accounted as the second largest market for corrosion protective coatings market in 2020. It is expected to gain market share in the near future due to growing tourism industry worldwide. The rising demand for ships and growing shipbuilding industry has led to high demand for corrosion protective coatings. Therefore, marine industry is also expected to contribute to the growth of global corrosion protective coatings market. Automotive followed marine in terms of demand for corrosion protective coatings. The large tankers which carry oil and gas need to be corrosion resistant to prevent any chemical reaction to take place. Hence, the tankers are coated with corrosion protective coatings to avoid hazards. Oil and gas, Industrial and other applications are also expected to boost growth of global corrosion protective coatings market in the near future. 

Water-borne corrosion protective coatings accounted as fastest growing segment in 2020. Water-borne coatings make use of water as a solvent and hence are known as eco-friendly coatings which are easy to apply. These coatings consist of almost 80% water along with small quantities of other solvents such as glycol ethers. They are known to be environment friendly coatings as the European and US regulations have set a standard to have VOC content of less than 3.5 pounds per gallon of water. Advantages of water-borne corrosion protective coatings have led to high demand from various end-user industries in the market. Some of the advantages include low VOC levels and HAP emissions, good resistance to abrasion and heat, reduce air emissions and less coating is required to cover the surface area. Therefore, waterborne corrosion protective coatings are anticipated to increase market share and retain its position during the forecast period. Solvent-borne corrosion protective coating accounted as the largest market in 2020 and is expected to increase in the near future. These coatings contain about 25% solids and high organic solvent content. Solvent-borne formulations are widely used in industrial coatings, automotive coatings and printing inks among other coatings. These coatings are expected to generate demand for corrosion protective coatings in the market due to growing demand from industrial and automotive applications in the global market. Powder-based coatings are also expected to experience high demand in the near future due to growing building & construction and other end-user industries in the emerging economies worldwide.

Asia Pacific accounted for major share of global corrosion protective coatings market in 2020 and is expected to retain its position in the near future. Growing construction industry in the region is one among the major factor boosting growth of global corrosion protective coatings market. Rising demand for corrosion protective coatings in industries such as automotive and shipbuilding is also promoting growth of global corrosion protective coatings market in the region. North America accounted for more than 27% revenue share of global corrosion protective coatings market in 2020 and is expected to increase in the near future. Increasing demand for corrosion protective coatings from automotive sector in the region is expected to fuel growth of corrosion protective coatings in the region. Rising research and development activities in shipbuilding and other end-user industries to increase shelf life of metals are expected to boost high growth of Europe corrosion protective coatings market. Other regions such as Latin America and Middle East & Africa are also expected to contribute to the growth of global corrosion protective coatings market during the forecast period.

Growing demand for corrosion protective coatings majorly from construction, automotive and industrial applications has led to the growth of global corrosion protective coatings market. Epoxy accounted for larger share of the global corrosion protective coatings market in 2020. Epoxy coatings are durable coatings which are used for a variety of applications from adhesives to paints and coatings for metals and floor. It is mainly used as coatings or paints. High demand is experienced for epoxy over other materials as it is tough, provides quick drying and acts as a protective coating for metals. Epoxies as compared to other materials are easy to apply which make them useful for various applications in small scale as well as large scale industries worldwide. Automotive, marine and construction industries are the major consumers to contribute to high demand for epoxies in the market. Hence, epoxy coatings are expected to generate high growth which in turn is expected to boost growth of global corrosion protective coatings market. Polyurethane coatings followed epoxy in terms of demand in 2020. Polyurethane coatings provide a thin film of high gloss finish protective layer on metals with exceptional weathering performance characteristics. Polyurethane coatings are known to be used in all industrial markets to provide a durable smooth finish which has superior resistance to abrasion, chemical exposure and corrosion. Hence, high demand is reported for polyurethane coatings from various industries, thereby contributing to growth of corrosion protective coatings market. Other materials such as alkyd, acrylic and zinc are also projected to boost growth of global corrosion protective coatings market during the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Corrosion Protective Coatings (CPC) market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Corrosion Protective Coatings (CPC) market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Corrosion Protective Coatings (CPC) market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Corrosion Protective Coatings (CPC) market?
• Which is the largest regional market for Corrosion Protective Coatings (CPC) market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Corrosion Protective Coatings (CPC) market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Corrosion Protective Coatings (CPC) market worldwide?