Corrosion protection coatings are used in almost all heavy industries, and different types of corrosion protection coatings meet the demand of various industries according to their needs. The corrosion protection coatings market has been segmented on the basis of end-use industry into marine, oil and gas, petrochemical, infrastructure, power generation, water treatment and others (defense and space, primary metals and mining operations, freight containers, pulp and paper mills and other processes, including textiles and food and beverage processing plants).
New York, June 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Corrosion Protective Coatings Market by Resin Type, Technology, End-Use Industry and Region – Global Forecast to 2027 “- https://www.reportlinker.com/p05993625/?utm_source=GNW
Epoxy corrosion protection coatings will dominate the market over the forecast period.
Based on resin type, epoxy is expected to dominate the corrosion protection coatings market. The epoxy corrosion protection coatings segment accounted for the largest market share in 2021.
The higher demand for epoxy is mainly attributed to its superior corrosion protection, water resistance and widespread applications. Epoxies are resistant to most chemicals and make excellent corrosion protection coatings.
The water-based segment is expected to grow faster in the corrosion protection coatings market over the forecast period.
On the basis of technology, the water-based segment is expected to witness strong growth due to increasing demand from industry and infrastructure sectors. Water-based corrosion protection coating technology uses water as the primary solvent.
The coating comprises up to 80% water; therefore, no solvent is required when using this technology. It is environmentally friendly, as it emits fewer VOCs.
However, this technology still needs to be improved to improve the performance of water-based coatings over solvent-based coatings and to reduce the cost of production.
The corrosion protection coatings market in the oil and gas end-use industry is expected to hold the largest share during the forecast period.
Based on the end-use industry, oil and gas is expected to account for the largest share during the forecast period. In this industry, intense and dangerous operations are carried out.
Corrosion protection coatings are used in oil and gas pipelines (new and under repair), which include onshore and offshore operations. This industry is growing rapidly, as many refineries around the world are being transformed into integrated factories.
This has enabled the development of infrastructure, which has contributed to the growth of the corrosion protection coatings market.
The Asia-Pacific corrosion protection coatings market is estimated to register the highest CAGR during the forecast period.
Asia-Pacific is the fastest growing global corrosion protection coatings market. This is mainly due to economic growth, followed by large investments in all industries such as petrochemicals, oil and gas, infrastructure, power generation and industry.
Asia-Pacific is the most promising market and is expected to be the same during the forecast period.
Information was gathered from secondary research and in-depth interviews were conducted with CEOs, CMOs, other innovation and technology managers, and executives from various key organizations operating in the coatings market Corrosion Protection Products to verify the market size of several segments and sub-segments.
• By business type: Level 1: 46%, Level 2: 43% and Level 3: 27%
• By designation: level C – 21%, level D – 23% and others – 56%
• By region: North America – 37%, Asia-Pacific – 26%, Europe – 23%, Middle East and Africa – 10% and South America – 4%
Key companies profiled in this report are AkzoNobel NV (Netherlands), PPG Industries, Inc., (US), Jotun Group (Norway), The Sherwin-Williams Company (US), Kansai Paint Co., Ltd (Japan), Hempel Group (Denmark), Chugoku Marine Paints (Japan), Axalta Coating Systems (USA), Nippon Paint Holdings Co., Ltd. (Japan) and Teknos (Finland).
• This report provides a detailed segmentation of the Corrosion Protection Coatings market based on resin type, technology, end-use industry and region. Resin type is divided into epoxy, polyurethane, zinc, alkyd, acrylic, chlorinated rubber and others. The technology is divided into water-based, solvent-based, powder-based and others. Based on end-use industry, the market has been segmented into marine, oil and gas, petrochemical, infrastructure, power generation, water treatment, and other industries. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.
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From an insightful perspective, this research report focuses on different levels of analyzes – industry analysis (industry trends), market share analysis of key players and company profiles, which together understand and discuss basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
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