The report "Corrosion Protection Coating Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-use Industry (Marine, Oil Gas, Petrochemical) and Region - Global Forecast to 2027" is projected to grow from USD 10.1 Billion in 2022 to USD 12.3 Billion by 2027, at a CAGR of 4.1% between 2022 and 2027. Various factors such as rising losses due to corrosion and modernization of infrastructure are also expected to drive the market during the forecast period. Reductions in costs on maintenance due to corrosion and growing industries in the emerging markets offer lucrative growth opportunities for manufacturers.
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Oil Gas is the largest end-use industry segment of the overall corrosion protection coatings market.
Corrosion protection coatings are used in oil gas pipelines (new repair) which include onshore offshore operations and storage tanks. This industry has been developing rapidly as various refineries globally are converting to integrated plants. This has resulted in the development of infrastructure which has helped the growth of the corrosion protection coatings market. The rapidly growing bio-fuel industry is also expected to add value to the demand for a large number of corrosion protection coating products which is expected to drive the market.
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Acrylic is the fastest-growing resin type segment of the overall corrosion protection coatings market.
Acrylic resins are known for their corrosion protective properties such as resistance to chemicals, water, and alkaline cleaners. Acrylic corrosion protection coatings are based on acrylic resin and water as film-forming agents and are made from an acrylic monomer, a methacrylic acid monomer, and a water-based solvent. They have high demand owing to their easy-to-apply-and-remove nature and durability, as well as their low VOC content with the use of water-based technology. Acrylics also have color and gloss retention.
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China is the largest corrosion protection coatings market in Asia Pacific during the forecast period.
The high consumption of corrosion protection coatings in the country can be attributed to the significant growth of the oil gas and petrochemicals industry, increased investments for new and existing plant expansions, and steady growth of the energy power sector. The growth is driven by foreign investments because of low-cost labor and accessible raw materials that are increasing the country’s production. Investors find the industrial market in China attractive; there have been many collaborations and joint ventures between foreign and Chinese companies. The country has undergone massive globalization and consolidation, with heavy capital investments and development projects in the infrastructure sector to maintain its position in the competitive global market.
The key players profiled in the corrosion protection coatings market report are AkzoNobel N.V. (Netherlands), PPG Industries Inc. (US), Jotun Group (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan).
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