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

“The Corrosion protection coatings market is projected to register a CAGR of 3.5% between 2023 and 2028, in terms of value.”

The Corrosion protection coatings market is projected to grow from USD 10.4 Billion in 2023 to USD 12.4 Billion by 2028, at a CAGR of 3.5% between 2023-2028. The challenges related to the Corrosion protection coatings market are increasing competition from local players. Local players are gradually gaining an edge through increased R&D initiatives and focus on limited geographic regions. They identify the needs and demands in the local market and fulfill them with application-specific products.

“Acrylic resin is estimated to be the fastest growing segment in the Corrosion Protection Coatings market.”

Acrylic resins are commonly used in corrosion protection coatings due to their excellent film-forming properties, durability, and resistance to environmental factors. These resins can be formulated into various types of coatings, such as primers, topcoats, and clear sealants, to provide protection for metal surfaces against corrosion. Acrylic resins can be formulated into water-based coatings, which offer advantages such as low VOC (volatile organic compound) emissions, ease of application, and fast drying times. Waterborne acrylic coatings are environmentally friendly and comply with strict regulations regarding air quality and safety.

“Oil & Gas end-use industry to gain the maximum market share during the forecast period.”

Corrosion protection coatings play a crucial role in the oil and gas industry to prevent the degradation of equipment and infrastructure caused by corrosion. The harsh operating conditions, including exposure to moisture, aggressive chemicals, and high temperatures, make corrosion a significant concern. The selection of corrosion protection coatings depends on various factors, including the operating environment, substrate material, required lifespan, and application method. Industry standards and regulations also play a significant role in determining the appropriate coating systems for specific oil and gas applications.

“Asia Pacific is estimated to be the largest and fastest-growing segment of the Corrosion protection coatings market.”

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 labour and meet local market demand, international businesses are moving their production plants to Asia Pacific.

China, India, Japan, and South Korea are important nations in the Asia Pacific market. based on the IMF (International Monetary Fund). The economies of China and India are among the ones expanding the quickest globally. Additionally end-use industries that are anticipated to have rapid growth in the region are the nuclear power, oil & gas, and automotive industries, subsequently rising demand for Corrosion Protection Coatings.

Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.

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