The Corrosion Protection Coating Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Corrosion Protection Coating Global Market Report 2024, The corrosion protection coating market size has grown strongly in recent years. It will grow from $16.84 billion in 2023 to $17.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to infrastructure development, automotive sector growth, increased focus on sustainable construction, rise in industrial manufacturing, aerospace industry requirements.
The corrosion protection coating market size is expected to see strong growth in the next few years. It will grow to $23.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to demand for eco-friendly coatings, expansion of the energy sector, growing focus on asset longevity, water and wastewater treatment, stringent environmental regulations. Major trends in the forecast period include shift towards waterborne coatings, advancements in nanotechnology, adoption of smart coatings, demand for uv-curable coatings, shift towards powder coatings, development of anti-corrosion coating technologies.
The growing oil and gas industry is expected to propel the corrosion protection coatings market. Economic growth is a significant factor influencing demand for oil and gas products. This rising demand for oil and gas increases demand for corrosion protection coatings that aid in protecting steel structures in the oil and gas and petrochemical industries from corrosion. For instance, according to the U.S. Energy Information Administration, in 2021, the United States’ petroleum consumption averages about 19.78 million barrels per day (b/d), including about a million b/d of biofuels. The total petroleum consumption in the United States was approximately 8% higher in 2021 than in 2020. Therefore, the growing demand for oil and gas will drive the market for corrosion protection coatings.
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The corrosion protection coating market covered in this report is segmented –
1) By Resin Type: Epoxy, Polyurethane, Zinc, Alkyd, Acrylic, Chlorinated Rubber, Other Types
2) By Technology: Water-based, Solvent-based, Powder-based, Other Technologies
3) By End-Use Industries: Marine, Oil and Gas, Petrochemical, Infrastructure, Power Generation, Water Treatment, Other End-users
Technological innovations have emerged as a key trend gaining popularity in the corrosion protection coating market. Major companies operating in corrosion protection coatings are focused on providing innovative corrosion coating products to strengthen their market position. For instance, in June 2022, Hempel, a Denmark-based coating solution company, introduced a new fast-drying CUI coating, Hempaprime CUI 275. Hempaprime CUI 275 is a fast-drying, alkylamine-cured epoxy paint that increases productivity and improves corrosion protection at energy generation and oil and gas facilities by having extremely short overcoating intervals and broad temperature resistance.
The corrosion protection coating market report table of contents includes:
1. Executive Summary
2. Corrosion Protection Coating Market Characteristics
3. Corrosion Protection Coating Market Trends And Strategies
4. Corrosion Protection Coating Market – Macro Economic Scenario
5. Global Corrosion Protection Coating Market Size and Growth
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31. Global Corrosion Protection Coating Market Competitive Benchmarking
32. Global Corrosion Protection Coating Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Corrosion Protection Coating Market
34. Corrosion Protection Coating Market Future Outlook and Potential Analysis
35. Appendix
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