Corrosion is a natural process, which converts a refined metal to a chemically stable state namely sulfide, oxide, or hydroxide. It is a gradual decay of metal by chemical or electrochemical reaction with the environment. Corrosion damage is massive and it can cause impairment of the metal function, losing its operational capability. Corrosion mainly occurs due to environmental conditions such as soil, air, and water. Corrosion protection is necessary, which minimizes the occurrence of repetitive maintenance. Corrosion protective coatings are used to avoid the degradation of metal due to environmental exposure, oxidation, moist air, and more. The corrosion protective coatings add a layer to inhibit contact between metal surfaces and chemicals. The most common method is the protective coating, which finds application in various industries.
Global corrosion protective coatings market size is projected to expand significantly and expected to register a CAGR of 7.45% during the forecast period (2019-2027). Growing demand for corrosion protective coatings from naval and ship sector, due to rising investment in ship repairing industries is expected to boost the market growth during the forecast period. Furthermore, growing demand from the oil and gas industry, owing to vast technical systems in the companies that require timely maintenance measure is expected to drive growth of the market in the near future. Moreover, rising use of protective coatings in the steel industry is expected to increase the demand for corrosion protective coatings, which in turn will propel the market growth in the near future. Epoxy-based paintings are also expected to exhibit significant growth, which in turn increases the demand for corrosion protective coatings and thereby drive growth of the market during the forecast period.
However, rising concerns regarding toxic nature of corrosion protective coatings chemicals are expected to restrain growth of global corrosion protective coatings market during the forecast period.
Market Regional Analysis
Asia Pacific is projected to account for major market share in global corrosion protective coatings market during the forecast period. This is owing to increasing demand for end-use industries such as oil & gas from emerging countries such as India. North America is also expected to witness significant market growth during the forecast period, owing to growing adoption of corrosion protective coatings in the region. The U.S. is projected to be the major contributor to the region. Europe and rest of the world (ROW) are expected to witness significant market growth during the forecast period.
Key players operating in the global corrosion protective coatings market are Metal Coatings Corporation, 3M, Daubert Chemical Company, AnCatt, Plasma Coating Products Arcoy Industries Pvt., Flosil Chemicals, Kaefer, and Carboline.