Corrosion Protective Coatings Market will grow at Highest Pace Owing To Rising Usage In Power Sector

 
Corrosion Protective Coatings Market

The corrosion protective coatings market comprises of paints, coatings, and systems that are applied to metal surfaces to prevent them from corrosion. These coatings form a protective layer that shields the metallic surface from environmental factors such as moisture, oxygen, and pollutants that can cause corrosion. Corrosion protective coatings find extensive usage in industries such as oil & gas production, marine, water treatment, infrastructure, automotive, and power generation due to their corrosion inhibiting and protective properties. They protect critical infrastructure and equipment from premature failure caused by corrosion while reducing maintenance and replacement costs. The growing power sector across the globe is driving increased demand for corrosion protective coatings to protect transmission towers, turbines, reactors and other critical equipment. 

The global corrosion protective coatings market is estimated to be valued at US$ 29.09 billion in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.


Key Takeaways
Key players operating in the corrosion protective coatings market are AstraZeneca PLC/AB, Bayer AG, Pfizer Inc., Cadila Pharmaceuticals Limited, Eisai Pharmaceuticals India Pvt. Ltd, Santarus, Inc., Wyeth, LLC, Janssen Pharmaceutica, Takeda Pharmaceutical Company Limited, Sanofi S.A, Aurobindo Pharma, Perrigo Company plc, Dr. Reddy's Laboratories, Aralez Pharmaceuticals Inc., RedHill Biopharma Ltd (ADR) and Cipla Limited. These players are focusing on developing innovative formulations to suit diverse corrosion protection requirements of end-use industries.

The Corrosion Protective Coatings Market Size is witnessing high growth owing to rising demand from oil & gas industry, marine, infrastructure and power sector. Critical infrastructure across industries require effective corrosion protection to increase asset life and reduce maintenance costs. Furthermore, stringent environmental regulations pertaining to corrosion induced failures are driving increased adoption of advanced coatings.

Continuous technological advancements are aiding development of novel corrosion resistant coatings such as intumescent coatings, line protective coatings and others. Players are investing in R&D to expand their product portfolios and provide customized solutions with improved performance characteristics as per specific industrial demands. Development of bio-based, environment-friendly coatings formulations presents lucrative growth opportunities.

Market Trends
Increased offshore and underwater construction activities are fueling demand for high-performance marine coatings with increased resistance to corrosion, abrasion and fouling. Development of nano-reinforced and self-healing coatings catering to stringent requirements of these applications is a key trend.

Growing industrialization and infrastructure development across emerging economies of Asia Pacific and Latin America are driving the replacement rate of old pipelines and storage tanks. This is boosting consumption of advanced 3-layer polyolefin and fusion bonded epoxy coatings for long-term corrosion protection of steel structures.

Market Opportunities
Rise of the aerospace industry and demand for lightweight structures presents opportunities for manufacturers to develop exceptional corrosion resistant metallic and composite coatings.

Recovery of oil & gas sector after pandemic lows is augmenting offshore exploration and production activities. This is expected to drive demand for intensive protection coating solutions suitable for harsh offshore environments over the forecast period.

Impact of COVID-19 on Corrosion Protective Coatings Market Growth
The COVID-19 pandemic significantly impacted the corrosion protective coatings market. During the initial lockdown phases in 2020, construction activities were halted which reduced the demand for corrosion protective coatings. Supply chain disruptions also affected the procurement of raw materials. With projects being stalled, the demand from end-use industries like oil & gas, marine, infrastructure and construction witnessed a downfall.

As restrictions eased in late 2020 and 2021, economic activities resumed gradually. Mega infrastructure projects also restarted which boosted the demand for corrosion protective coatings. However, rising raw material prices due to shortages put pressure on the margins of coating manufacturers. The demand is recovering steadily as projects complete and new projects are announced. Going forward, focus on infrastructure development especially in developing nations is expected to drive the market post pandemic. Manufacturers are also improving formulations to enhance properties and suit changing environmental regulations.

Geographical Regions with High Corrosion Protective Coatings Market Value
In terms of value, the corrosion protective coatings market is concentrated in Asia Pacific and North America regions. Countries like China, Japan, India and United States have a strong presence of end-use industries driving coating consumption. Asia Pacific accounts for over 35% of the global market value led by China. Mega infrastructure projects, expansion of oil & gas industry and momentum in manufacturing sector increases coating usage. North American market is valued at over US$ 7 billion supported by infrastructure revamp in United States through policy push.

Fastest Growing Region for Corrosion Protective Coatings Market
The Middle East region is expected to witness the fastest growth in the corrosion protective coatings market during the forecast period. Megaprojects under the US$ 500 billion National Vision 2030 plan in Saudi Arabia will boost demand. UAE is also investing heavily in infrastructure, real estate and tourism. Ongoing expansion of oil & gas industry and upcoming projects in GCC countries provide robust opportunities. Supportive government policies and initiatives to diversify economies fuel the demand for advanced coatings. Hence, Middle East offers immense growth potential for corrosion protective coatings manufacturers.

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