by The global Corrosion Protective Coatings Market offers a wide range of paints, coatings and primers which act as barriers between metal surfaces and their environment, thereby protecting them from corrosion. The demand for corrosion protective coatings is primarily driven by their ability to protect metal pipes, tanks, vessels and structural steel components used in oil & gas, marine, infrastructure and industrial applications from corrosion damage.
The global Corrosion Protective Coatings Market is estimated to be valued at US$ 25.25 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing construction industry is one of the key trends fueling the growth of the corrosion protective coatings market. Coatings play a pivotal role in protecting steel and concrete structures used in building, thereby increasing their service lifespan. According to International Trade Administration, the global construction industry is projected to grow at an annual rate of 3.2% until 2027. Growing investments in building new infrastructure and rapid urbanization across developing nations are driving demand for steel and concrete structures. This is expected to boost consumption of corrosion protective coatings for corrosion resistance and aesthetic appeal of buildings over the forecast period.
SWOT Analysis
Strength: Corrosion protective coatings provide protection against corrosion damage caused by environmental factors such as moisture, oxygen, and extreme temperatures, thereby increasing the lifespan of infrastructure.
Weakness: Strict environmental regulations around the use of solvent-based coating systems can restrain market growth. High cost of maintenance and repair of infrastructure also acts as a limitation.
Opportunity: Growing infrastructure development activities across regions provides major growth opportunities. Rising demand from end-use industries such as oil & gas, marine, construction also opens new avenues.
Threats: Volatility in raw material prices is a major threat. Availability of alternative corrosion protection methods like cathodic protection poses competition.
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$ 25.25 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Regional analysis comprises the Asia Pacific region dominates the market and is expected to maintain its lead position over the forecast period. Accelerated infrastructure development and rising construction spending, especially in China, India, Indonesia, Malaysia, and Vietnam provide impetus to market growth.
Key players operating in the corrosion protective coatings market are GTL , BI Incorporated (a subsidiary of GEO Group), Corrisoft, SuperCom Ltd., Spillman Technologies (a Motorola Solutions company), Tribridge (now DXC Technology), Appriss Inc., Northpointe Inc. (a subsidiary of Constellation Software), Tyler Technologies Inc., Capita PLC, IBM Corporation, Encartele Inc., Telmate LLC (a subsidiary of GTL), Keefe Group (a subsidiary of TKC Holdings Inc.), Securus Technologies Inc. (now part of Aventiv Technologies). Major players are focusing on expanding their regional presence through partnerships and strategic mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
