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.
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.
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 :
End Use :
Form Type :
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, End Use, Form Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.9%.
The oil & gas and marine industries, which experience significant corrosion, are the main drivers of demand for corrosion protection polymer coatings.
Major global Corrosion Protection Polymer Coating Market players are STEULER – KCH GmbH, Akzo Nobel NV, Jotun A/S, Axalta Coating Systems, Polycorp Limited, Koch Knight LLC, Ashland Global Holdings, Inc., The Sherwin Williams Company, PPG Industries, Inc., and BASF Coating GmbH.
Due to the high VOC content of solvent-based corrosion protection polymer coatings, many governments have imposed restrictions on the manufacture and distribution of solvent-based coatings by businesses.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Corrosion Protection Polymer Coating market.
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