Corrosion protective coatings are surface coatings widely used to protect metal structures from corrosion caused by environmental factors such as moisture, chemicals, and abrasion. Some key products in this market include epoxy resins, polyurethane resins, alkyd resins, acrylic resins, and vinyl resins. Epoxy resin-based coatings are the most commonly used type owing to their excellent adhesion, chemical, and moisture resistance properties along with good mechanical strengths. These coatings find applications in oil & gas pipelines, marine, automotive manufacturing, building & construction, and other industrial sectors to protect structural assets from degradation. With growing infrastructure development activities across both developed and developing economies, the demand for corrosion protective coatings is increasing considerably.
The global Corrosion Protective Coatings Market is estimated to be valued at US$ 29.09 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the corrosion protective coatings market is the increasing offshore and onshore oil & gas activities. Corrosion caused due to environmental conditions severely impacts oil & gas pipelines and assets. This has increased the usage of high-performance epoxy and polyurethane based corrosion protective coatings for applications such as pipeline coatings, platform deck coatings, and storage tank coatings. According to industry estimates, over 60% of the global corrosion protective coatings demand emanates from the oil & gas industry. Another major trend is the increasing replacement demand for aging infrastructure across regions such as Europe and North America. The existing infrastructure across countries requires re-painting and re-coating every 7-10 years to maintain asset integrity which is generating steady replacement demand for corrosion protective coatings. Moreover, stringent environmental regulations regarding low VOC emissions from coatings are favoring waterborne coatings, which is expected to be a key trend.
Threat of new entrants: The corrosion protective coatings market requires high R&D investment and established distribution channels. This poses a moderate threat of new entrants.
Bargaining power of buyers: The presence of numerous buyers and substitutes provides moderate bargaining power to buyers.
Bargaining power of suppliers: The key raw materials used in corrosion protective coatings such as epoxy, zinc, alkyd are commoditized. This gives suppliers low bargaining power.
Threat of new substitutes: New substitutes such as galvanization and plastic coating poses low to moderate threat as corrosion protective coatings have functional superiority.
Competitive rivalry: The market is moderately competitive with presence of global players.
The Global Corrosion Protective Coatings Market Size is expected to witness high growth. The global Corrosion Protective Coatings Market is estimated to be valued at US$ 29.09 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific accounts for over 40% of the global market share driven by the booming construction activities in China and India. Countries such as Japan and South Korea also contribute to the regional growth. The increasing manufacturing sector in Southeast Asian countries is further spurring the demand.
Key players: 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 new product launches and capacity expansion to strengthen their position.