Corrosion protective coatings are coatings applied to metallic surfaces to prevent rusting and corrosion. They typically consist of polyurethanes, epoxies, and acrylics. These coatings prevent corrosion through a barrier between the metal surface and the environment. They protect commercial buildings, pipelines, oil rigs, offshore platforms, and ships.
The global corrosion protective coatings market is estimated to be valued at US$ 29.09 Mn in 2023 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 Dynamics:
Increasing usage of corrosion protective coatings in oil and gas industry is estimated to drive the growth of corrosion protective coatings market over the forecast period. Oil and gas industry requires extensive use of corrosion protective coatings on pipelines, rigs, offshore platforms, storage tanks and other equipment exposed to harsh conditions to prevent corrosion and increase longevity. As per the report by the International Energy Agency, global oil demand is expected to rise by 3.3 million barrels per day by 2024. This rising demand for oil is expected to boost investments in exploration and production activities, pipeline infrastructure development which in turn is expected to drive the demand for corrosion protective coatings. Additionally, stringent government regulations regarding corrosion control and prevention is also expected to support market growth over the forecast period.
SWOT Analysis
Strength: Corrosion protective coatings have high durability and effectiveness in protecting substrates from corrosion for extended periods of time. They provide strong barriers against corrosive elements like water, chemicals, and weathering. Corrosion protective coatings also enhance the aesthetic appeal and functionality of substrates.
Weakness: Stringent environmental regulations on VOC emissions during coating application poses challenges for industry players. High costs associated with specialized application equipment and skilled labor also affects the corrosion protective coatings market negatively.
Opportunity: Increasing investments in infrastructure development and growing oil and gas industry in Middle East and Asia Pacific present lucrative opportunities. Rapid industrialization in developing nations of Africa and South America boosts demand.
Threats: Availability of inexpensive alternatives like galvanization limits the market scope. Economic slowdowns can negatively impact the coating consumption. Fluctuations in raw material prices is also a concern.
Key Takeaways
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 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Regional analysis related content comprises The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period owing to rapid industrialization and infrastructure development activities in major countries like China and India. North America and Europe are other prominent markets attributed to robust construction and manufacturing industries.
Key players related content comprises 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.
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https://www.newswirestats.com/corrosion-protective-coatings-market-size-share-growth-outlook-2023/
