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Corrosion Protective Coatings (CPC) Market by Materials (Alkyd, Acrylic, Epoxy, Polyurethane and Zinc), End-Users (Construction, Marine, Automotive, Oil & Gas, Industrial and Others) And Technology (Water-borne, Solvent-borne and Powder Based) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023

Corrosion is the deterioration of metal, which is caused by the reaction of the metal with the environment. Corrosion can be dangerous in the household as well as industrial environments. The most dangerous of all corrosion is at industrial places where corrosion takes place in electrical power plants or chemical processing plants. Plant shutdowns can occur due to corrosion. Hence, corrosion needs to be taken care of on a timely basis. To prevent corrosion, protective coatings are widely used in end-user industries. Corrosion-protective coatings are used, which help prevent corrosion, thereby preventing damages and accidents. Corrosion-protective coatings prevent the corrosion of metals by placing a thin film of coatings, which avoids exposure to moisture or industrial chemicals present in the atmosphere.

Growing construction activities in emerging economies have boosted the demand for corrosion-protective coatings in the global market. The high demand for waterborne coatings to improve the performance of steel structures and materials used in commercial and residential structures is one of the factors driving the growth of global corrosion protective coatings in the construction industry. Hence, the construction industry is expected to boost demand for corrosion-protective coatings in the global market. In addition, the rising demand for ships and the growing shipbuilding industry has also led to high demand for corrosion-protective coatings. Therefore, the marine industry is also expected to contribute to the growth of the global market for corrosion-protective coatings.

The corrosion protective coatings market is expected to reach US$ 27.9 billion by 2023, growing at a CAGR of 7.1% during the forecast period of 2016–2023.

 Purpose of the Report

The purpose of this strategic research study titled "Global Corrosion Protective Coatings Market: Growth, Future Prospects, and Competitive Analysis, 2016–2023" is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global corrosion protective coatings market.

Target Audience

  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • Raw Material Suppliers and Buyers
  • Product Suppliers and Buyers
  • Research Institutes

Overall, the research study provides a holistic view of the global market for corrosion protective coatings in terms of growth, offering market size and estimates for the period from 2016 to 2023, keeping in mind the above-mentioned factors.

On the basis of materials, the corrosion protective coatings market is categorized into the following categories:

  • Acrylic
  • Alkyd
  • Epoxy
  • Zinc
  • Polyurethane

Growing demand for corrosion-protective coatings, primarily from construction, automotive, and industrial applications, has led to the growth of the global corrosion-protective coatings market. Epoxy accounted for a larger share of the global corrosion protective coatings market in 2015. Epoxy coatings are durable coatings that are used for a variety of applications, from adhesives to paints and coatings for metals and floors. It is mainly used in coatings or paints. High demand is experienced for epoxy over other materials as it is tough, provides quick drying, and acts as a protective coating for metals. Epoxies, as compared to other materials, are easy to apply, which makes them useful for various applications in small-scale as well as large-scale industries worldwide. Automotive, marine, and construction industries are the major consumers, which contributes to the high demand for epoxies in the market.

Hence, epoxy coatings are expected to generate high growth, which in turn is expected to boost the growth of the global corrosion protective coatings market. Polyurethane coatings followed epoxy in terms of demand in 2015. Polyurethane coatings provide a thin film of high-gloss finish protection on metals with exceptional weathering performance characteristics. Polyurethane coatings are known to be used in all industrial markets to provide a durable, smooth finish that has superior resistance to abrasion, chemical exposure, and corrosion. Hence, high demand is reported for polyurethane coatings from various industries, thereby contributing to the growth of the corrosion protective coatings market. Other materials such as alkyd, acrylic, and zinc are also projected to boost the growth of the global corrosion-protective coatings market during the forecast period.

On the basis of applications, the corrosion protective coatings market is categorized into the following end-uses:

  • Construction
  • Marine
  • Automotive
  • Oil and Gas
  • Industrial
  • Others

Construction accounted for a major share of the global market for corrosion-protective coatings in 2015 and is expected to retain its position in the near future. Growing construction activities in emerging economies have boosted the demand for corrosion-protective coatings in the global market. The high demand for waterborne coatings to improve the performance of steel structures and materials used in commercial and residential structures is one of the factors driving the growth of global corrosion protective coatings in the construction industry.

Hence, the construction industry is expected to boost demand for corrosion-protective coatings in the global market. The marine industry accounted for the second-largest market for corrosion-protective coatings market in 2015. It is expected to gain market share in the near future due to the growing tourism industry worldwide. The rising demand for ships and the growing shipbuilding industry has led to high demand for corrosion-protective coatings. Therefore, the marine industry is also expected to contribute to the growth of the global market for corrosion-protective coatings. Automotive followed marine in terms of demand for corrosion-protective coatings. The large tankers that carry oil and gas need to be corrosion-resistant to prevent any chemical reactions from taking place. Hence, the tankers are coated with corrosion-protective coatings to avoid hazards. Oil and gas, industrial, and other applications are also expected to boost the growth of the global corrosion protective coatings market in the near future.

On the basis of technology, the corrosion protective coatings market is categorized into the following segments:

  • Water-Borne
  • Solvent- Borne
  • Powder- Based

Waterborne corrosion protective coatings accounted for the fastest-growing segment in 2015. Waterborne coatings make use of water as a solvent and are therefore known as eco-friendly coatings that are easy to apply. These coatings consist of almost 80% water, along with small quantities of other solvents, such as glycol ethers. They are known to be environmentally friendly coatings, as European and US regulations have set a standard for having a VOC content of fewer than 3.5 pounds per gallon of water. The advantages of waterborne corrosion protective coatings have led to high demand from various end-user industries in the market. Some of the advantages include low VOC levels and HAP emissions, good resistance to abrasion and heat, reduced air emissions, and the fact that less coating is required to cover the surface area. Therefore, waterborne corrosion protective coatings are anticipated to increase their market share and retain their position during the forecast period. Solvent-borne corrosion protective coating accounted for the largest market in 2015 and is expected to increase in the near future. These coatings contain about 25% solids and a high organic solvent content.

Solvent-borne formulations are widely used in industrial coatings, automotive coatings, and printing inks, among other coatings. These coatings are expected to generate demand for corrosion-protective coatings in the market due to growing demand from industrial and automotive applications in the global market. Powder-based coatings are also expected to experience high demand in the near future due to growing building and construction and other end-user industries in emerging economies worldwide.

On the basis of geography, the global market for corrosion protective coatings is segmented into the following categories:

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia Pacific
  • Latin America
  • Middle East and Africa

Asia Pacific accounted for a major share of the global corrosion protective coatings market in 2015 and is expected to retain its position in the near future. The growing construction industry in the region is one of the major factors boosting the growth of the global corrosion protective coatings market. Rising demand for corrosion-protective coatings in industries such as automotive and shipbuilding is also promoting the growth of the global corrosion-protective coatings market in the region. North America accounted for more than 27% of the global revenue share of the corrosion protective coatings market in 2015 and is expected to increase in the near future. Increasing demand for corrosion-protective coatings from the automotive sector in the region is expected to fuel the growth of corrosion-protective coatings in the region. Rising research and development activities in shipbuilding and other end-user industries to increase the shelf life of metals are expected to boost the high growth of the Europe corrosion protective coatings market. Other regions, such as Latin America and the Middle East, and Africa, are also expected to contribute to the growth of the global corrosion protective coatings market during the forecast period.

Frequently Asked Questions : 

The market for Corrosion Protective Coatings (CPC) Market is expected to reach US$ 27.9 Bn in 2023.

The Corrosion Protective Coatings (CPC) Market is expected to see significant CAGR growth over the coming years,at 7.1%.

The report is forecasted from 2016-2023.

The base year of this report is 2015.

Ashland Inc.,Axalta Coatings Inc.,BASF Coatings GmbH,Hempel A/S,International Paint Limited are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Oct 2016
Category:  Chemicals
Report ID:   58137
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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