Corrosion Protection Coatings Market Set to Reach $12.4 Billion by 2028 with a Strong CAGR of 3.5%
The Corrosion Protection Coatings market is projected to grow to USD 12.4 billion by 2028 from USD 10.4 billion in 2023, at a CAGR of 3.5% between 2023-2028. The Corrosion Protection Coatings Market is experiencing steady growth driven by increasing demand across industries like automotive, oil & gas, and infrastructure. These coatings offer essential protection against rust and corrosion, extending the lifespan of assets and reducing maintenance costs. Rising demand for efficient processes and longer life of equipment in the industrial sectors boosts the Corrosion Protection Coatings market.
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Major players in the global Corrosion Protection Coatings market have made many research breakthroughs across the value chain to focus on shifting client demands. Mergers and acquisitions, partnerships and agreements, and new product launches have all occurred at the companies. Some of the prominent market participants include Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), Jotun A/S (Norway), The Sherwin-Williams Company (US), and Kansai Paint Co., Ltd. (Japan).
AkzoNobel N.V. is a a diversified chemical company operating its business through two major segments, namely, Decorative Coatings and Performance Coatings. Corrosion protection coating is produced under both segments. AkzoNobel N.V. has a strong customer base and operates in countries in Europe, North America, Asia Pacific, South America, and the Middle East. The company has over 28 manufacturing facilities and sales activities in more than 150 countries across the globe. It has a wide product portfolio which includes brands such as Dulux, Sikkens, Butanox, Elotex, International, and Interpon.
PPG Industries Inc. is a global manufacturer and supplier of paints, coatings, optical products, and specialty materials. It serves customers in the industrial, consumer products, transportation, and construction markets. PPG provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food & beverage container manufacturers. The company also delivers protective coating solutions for a wide range of industries. It has 156 manufacturing facilities worldwide. The company operates through two major segments, namely, Performance Coatings and Industrial Coatings. The company offers corrosion protection coatings through the Performance Coatings segment.
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The company offers advanced coating systems that provide proven protection from corrosion, high temperatures, and fire; ensure durability and esthetic performance which protect valuable assets and meet the specific needs of any environment.
In February 2021, the company launched a PPG HI-TEMP 1027 HD corrosion protection coating in North America. The product is used in various sectors including oil & gas, chemical processing, power generation, and industries such as paper mills and steel mills that rely on insulated pipelines.
During the forecast period, the Asia Pacific region is projected to emerge as the largest market for corrosion protection coatings worldwide. This suggests that demand for these coatings, which are used to prevent or mitigate corrosion on various surfaces, will be particularly strong in Asia Pacific compared to other regions. The exact reasons for this dominance may include factors such as rapid industrialization, infrastructure development, and a growing need to protect assets and equipment from corrosion in this region. Businesses operating in the corrosion protection coatings industry are likely to focus significant attention and resources on catering to the Asia Pacific market during this forecast period.
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