by Corrosion protective coatings are surface treatments applied to metals and alloys in order to protect them from corrosion. These coatings act as a barrier between the metal surface and the environment. They are widely used in various industries such as oil & gas, marine, infrastructure and construction to extend the lifespan of materials and structures. Common corrosion protective coatings include epoxy, alkyd, zinc and acrylic coatings. The protective properties of these coatings make them essential for corrosion control in harsh environments.
The global Corrosion Protective Coatings Market is estimated to be valued at US$ 25.25 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
One of the key trends in the corrosion protective coatings market is the increasing demand for high performance and environment-friendly coatings. Manufacturers are focusing on developing advanced coating technologies using nanotechnology and self-healing ingredients. For instance, nano enamel coatings offer superior corrosion resistance and durability. Growing environmental regulations regarding the use of VOCs in coatings are further driving the demand for green coatings manufactured using water-based technologies. Rapid industrialization and infrastructure development projects across emerging economies of Asia Pacific and Middle East are also contributing significantly to the growth of the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the corrosion protective coatings market due to high capital requirement for manufacturing plants and equipment. Also, established vendors dominate the distribution channel.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers can negotiate lower prices from vendors due to the availability of a variety of alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers of raw materials. Suppliers cannot influence pricing.
Threat of new substitutes: The threat of substitutes is moderate as there are alternatives available such as galvanizing and anodizing. However, they have limitations.
Competitive rivalry: The competitive rivalry is high due to the presence of many national and international vendors competing on pricing and product differentiation.
Key Takeaways
The global corrosion protective coatings market Growth is expected to witness high exhibiting CAGR of 6.3% over the forecast period, due to increasing infrastructure development activities. The construction industry widely uses corrosion protective coatings for protecting steel and concrete structures from corroding.
North America dominates the global corrosion protective coatings market, followed by Europe and Asia Pacific. The US accounts for the largest market share in the North American region due to the huge demand from oil and gas industries. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rapid industrialization and infrastructure development in China and India.
Key players operating in the corrosion protective coatings market are The Sherwin Williams Company, Akzo Nobel NV, PPG Indsutries, Inc., The Sherwin-Williams Company, and Kansal Paint Co., Ltd. Sherwin Williams and AkzoNobel garner the largest market share due to their wide distribution network and continuous investment in new product development.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
