Corrosion Protection Polymer Coating Market

Corrosion Protection Polymer Coating Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Corrosion Protection Polymer Coating Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 8,143.6 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.9% and is expected to reach a valuation of US$ 13,139.3 Mn by 2032 end.

Throughout the projected period, the market is anticipated to grow in response to rising demand for dependable and continuous applications of corrosion protection polymer coatings including industrial equipment, aircraft, conveyor equipment, various types of machinery, and automotive parts.

Market Dynamic

RISE IN DEMAND FROM OIL & GAS AND MARINE SECTOR

There is a high level of corrosion in the oil & gas and marine sectors because these industries suffer from a high level of corrosion. Deep offshore installations, transportation through pipelines, refinery equipment in the oil & gas sector, and seawater corrosion in the marine transport sector are some of the most common problems that are solved by corrosion protection polymer coatings.

STRINGENT REGULATION AND HIGHLY VOLATILE COMPOUND CONTENT HAMPER THE MARKET GROWTH

Solvent-based corrosion protection polymer coatings possess a high amount of VOC content which has led to many governments limiting the production and sale of solvent-based coatings by companies. Many regulations like Clean Air Act Guidelines and Standards for Solvent Use and Surface Coating Industry by the United States Environmental Protection Agency are implemented to control the emission of VOC through various types of coatings.

THE RISE IN EXPANSION AND RENOVATION PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

With the world population increasing and industrialization being an important aspect of a country’s development, the infrastructure industries have flourished rapidly thereby, driving up demand. As a result, the construction industry has been witnessing an increase in demand as new building projects are being started up, which is further increasing market growth. The major demand drivers for this market include increasing applications of metal materials such as aluminum alloys, stainless steel, and titanium in various industries including transportation equipment and marine vessels.

COVID-19 Impact

Numerous industries had been impacted by the global COVID-19 pandemic, including the Corrosion Protection Polymer Coatings Market. The supply chain was greatly disrupted as many businesses followed the lockdown protocols. The primary end-use industries of corrosion protection polymer coatings such as oil & gas and marine transportation saw a substantial decrease in demand.

According to OPEC, global oil demand had decreased by 9.8 mb/d in 2020. However, the global COVID-19 situation is looking to improve now that many people are getting vaccinated and governments are lifting lockdowns. As such, it is expected that from 2022 to 2027 the market will grow substantially.

Market Segments Covered in Report

Product Type :

• Epoxy
• Polyurethane
• Alkyd
• Acrylic
• Fluoropolymer
• Vinyl Ester & Flake-filled Vinyl Ester

End Use :

• Marine
• Oil and Gas
• Power Generation
• Construction
• Automotive
• Transportation
• Chemicals
• Mining & Metallurgy
• Others

Form Type :

• Solvent-borne
• Waterborne
• Powder-based

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why are Epoxy coatings projected to ensure the most revenue during the forecast period?

The epoxy segment held the largest revenue share of 38.0% in the Corrosion Protection Polymer Coatings Market in 2021. Epoxy coatings provide excellent resistance to corrosion and heat and are quick to dry, tough, and protective for metal surfaces. Unlike traditional powder coatings, epoxy coatings are quick and easy to apply.

Why is the oil & gas industry expected to expand the fastest during the forecast period?

Corrosion protection coatings are used in oil & gas pipelines (new or repaired) for corrosion protection. Corrosion protection coatings are used on all types of metal pipes, including steel, stainless steel, and aluminum. These products are primarily used to prevent corrosion. The demand for corrosion protection coatings is driven by the rapid industrialization of the petrochemical industry and the growth of the bio-fuel industry, which are likely to add value to a large number of corrosion protection coating products over time.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, The Asia-Pacific (APAC) region held the largest share of 58.3% by geography in the Corrosion Protection Polymer Coatings Market in 2021 which is due to the rising demand for this type of coating in the oil & gas and marine transportation sector. The countries such as China, Japan, the Republic of Korea, and the Philippines have a high demand for this product in the industry.
• The U.S. is the main driver of regional growth in North America, which has the second-largest proportion of the Corrosion Protection Polymer Coating market The marine transport sector, which is the biggest consumer of corrosion protection coatings among other end-uses, is increasing its allocation for Corrosion Protection Polymer Coatings production and in turn, this will positively impact on the overall demand of Corrosion Protection Polymer Coatings.

Competition Analysis

Major corporations have planned to enhance their production techniques to lower the adverse imprint of corrosion protection polymer coating manufacturing on the global environment.

Some of the key developments that have taken place in the Corrosion Protection Polymer Coating Market include:

• On November 30, 2021, The Interpon W line of Interpon products, which was recently introduced by AkzoNobel N.V., is intended primarily for furniture, kitchen, and bathroom products as well as building and construction materials. They are made to be quick-acting, heat-sensitive substrates-friendly protective coatings.
• On September 16, 2020, A strategic relationship is formed between Vestas, a global leader in energy solutions, and Hempel, a leading provider of coating solutions, to create surface protection options for wind turbines, including corrosion prevention polymer coatings.

A list of some of the key suppliers present in the market are:

• Polycorp Limited
• Koch Knight LLC
• STEULER – KCH GmbH
• Akzo Nobel NV
• Jotun A/S, Axalta Coating Systems
• Ashland Global Holdings, Inc.
• The Sherwin-Williams Company
• PPG Industries, Inc.
• BASF Coating GmbH

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.