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Corrosion Protective Coatings Market - insightSLICE
The rising demand for ships and the growing shipbuilding industry has led to high demand for corrosion protective coatings.
High demand for waterborne coatings to improve the performance of steel structures used in commercial and residential structures is driving the growth of the corrosion protective coatings market.” - insightSLICESANTA ROSA, CALIFORNIA, UNITED STATES, May 29, 2023/einpresswire.com / -- Uses of Corrosion Protective Coatings:
Metal parts are shielded by corrosion-resistant coverings from deterioration brought on by moisture, salt spray, oxidation, or exposure to other commercial or harmful substances. An additional layer of defense for metal surfaces is provided by anti-corrosion coatings, which function as an obstacle to prevent corrosive substances from coming into contact with one another.
Within the oil & gas and chemical industries, preventive corrosion paints are used to safeguard pipelines, machinery, nuclear reactors, and storage vessels. These industries use methods that call for high temperatures and humidity as well as dangerous and corrosive compounds. Reactor surfaces are impacted by the varied circumstances to which this machinery is subjected. the application of powerful corrosion protection
Growth and Development of the Global Corrosion Protective Coatings Market:
The global corrosion protective coatings market size was estimated to be US$ 10.5 Billion in 2022 and is expected to reach US$ 15 Billion by 2032 at a CAGR of 3.6%. The reasons that are propelling the corrosion protective coatings market's expansion are mostly attributable to increasing requirements for these materials in commercial, motor vehicles, and residential settings.
Also among the factors promoting the development of the worldwide corrosion protective coatings market in the building industry is the substantial need for aqueous coatings to enhance the functionality of steel building components and materials used in residential and commercial construction. Additionally, there is a significant demand for corrosion protection coatings due to the developing construction industry and increasing ship demand.
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Growing Regional Insights:
For industry participants, rising markets for corrosion protection coatings like India, China, Thailand, and Brazil provide significant growth potential. These nations have an opportunity for development because they now have the smallest per-capita usage of coatings in the entire globe. Due to the expansion of their domestic industries, which considerably consume corrosion protection coatings, possibilities for market expansion in these nations have expanded. Major companies like PPG Industries, Inc. and AkzoNobel Inc., have revised their strategy and given significant priority to entering and establishing bases in these developing regions.
Market Hurdles and Slowdown:
Corrosion-resistant coatings are more expensive than conventional coatings, and the price of electricity is driving up production expenses as well. The cost of raw materials increased as a result of changing prices for crude oil and exchange rates for currencies. China serves as one of the biggest markets for the production of coatings, therefore the nation's economic slowdown had an impact on the overall industry. Along with the price of basic supplies, businesses must also bear the extra cost brought on by rising energy taxes, resulting in greater operational costs and decreased profit margins.
Segmentation Based on Technology, Materials, and End-users:
The market for corrosion protection coatings is divided into regions, end users, technologies, and materials. The market is divided into epoxy, polyurethane, acrylic, alkyd, and zinc categories according to the type of substance. Of them, epoxy held a greater market share for corrosion protective coatings worldwide in 2016.
Epoxy coatings are strong coatings that are employed in a wide range of products, including bonds, paints, coatings for metallic substances, and floor coverings. The global corrosion protection market is divided into constructing, aquatic, automobiles oil and gas, manufacturing, and other sectors based on end-user. The market is divided into powder-based, solvent-based, and water-borne technological segments.
Water-borne corrosion protection coatings ranked among them as having the fastest growth rate in 2017. Since water is used as a solution in water-borne coatings, they are regarded as eco-friendly coatings that are simple to use. Almost eighty percent of these coats are made of water, with tiny amounts of other chemicals such as glycol ethers.
Fastest Growing Regions and Their Prospective Reasons:
Asia Pacific held the largest share of the worldwide corrosion protective coatings market among all geographic categories in 2023 and is anticipated to continue holding this position going forward. One of the key factors driving the development of the global market for corrosion protection coatings is the expanding construction sector in the region. The global market for corrosion protection coatings in the region is expanding due to a growing need for these coatings in sectors including shipyards and the automobile industry.
Major Companies in The Corrosion Protective Coatings Market:
The Sherwin-Williams Company, Jotun A/S, BASF Coatings GmbH, Axalta Coatings Inc., Steuler-KCH GmbH, PPG Industries Inc., International Paint Limited, Ashland Inc., Koch Knight LLC, Hempel A/S, and Oberflächenschutz Elbe GmbH are just a few of the leading companies in the corrosion protective coatings market with greater importance in innovation in their products.
Strategic Developments in This Market:
A small number of significant international firms control the market for corrosion protection coatings. Local competitors are nevertheless gradually establishing an advantage thanks to greater R&D efforts and a focus on specific geographical areas. They determine the needs and desires of the market in their area and satisfy them with products suited for each application.
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Market Segmentation:
By Material
.alkyd
.acrylic
.epoxy
.polyurethane
.zinc
By End-users
.construction
.marine
.automotive
.oil and gas
.industrial
.others
By Technology
.water borne
.solvent borne
.powder based
By Region
. North America
United States
Canada
Rest of North America
. Europe
Germany
United Kingdom
Italy
France
Spain
Rest of Europe
. Asia Pacific
Japan
India
China
Australia
South Korea
Rest of Asia Pacific
. Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of the Middle East & Africa
. South America
Brazil
Rest of South America
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